The Financial Sector Conduct Authority (FSCA) has issued a public warning against Alpatoken and Ms. Gugu Sbahle Mdabe, urging caution when dealing with them for financial services.
The FSCA revealed that Alpatoken and Mdabe are soliciting investments from the public via WhatsApp groups, promising unrealistic returns of over 35% in just seven days. Minimum deposits range from R220 to R22,000.
“Unrealistic returns must be viewed with great suspicion,” the FSCA stated.
While the FSCA did not comment on the specifics of their operations, it confirmed that neither Alpatoken nor Mdabe are authorised to provide financial services in South Africa. Mdabe was unavailable for comment.
The FSCA strongly advises the public to avoid unregistered entities and verify authorization before investing. “Always check if a provider is FSCA-approved,” the regulator warned.
How to Verify Legitimacy:
✔ Call FSCA’s toll-free line: 0800 110 443
✔ Search authorized entities online:
“Do not fall for social media investment scams,” the FSCA urged. Verify before you invest!
