Mandla Lamba FSCA 12

Photo: FCSA / Twitter

‘Be wary of this man’: FSCA warn South Africans about social media hustler

Who is Mandla Lamba? Well, he’s been using social media to promote his financial services – but the FSCA say clients must ‘tread with caution’.

Mandla Lamba FSCA 12

Photo: FCSA / Twitter

It’s not every day you see this. The Financial Sector Conduct Authority of South Africa (FSCA) has issued a warning about one specific person, advising citizens to ‘tread with caution’ if they come across Mr. Mandla Lamba.

Who is Mandla Lamba?

The FSCA on Thursday said it had received information that Lamba was conducting unregistered business and offering shares to members of the public on social media and other broadcasting platforms, promising them unrealistic returns.

Flagged companies linked to Lamba include the Mandla Lamba Billionaires Club, Agilitee (Pty) Ltd, Verityhurst Academy (Pty) Ltd, Verityhurst Capital (Pty) Ltd. Anyone dealing with these businesses must take note that Lamba is not authorised to render ANY financial services, and that they should contact the FSCA for further advice.

“The FSCA points out that Mandla Lamba is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services.”

“Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services, and what category of advice it is that the entity is registered to provide.” | FSCA

South Africans warned about ‘social media hustler’

Mandla Lamba became adept at promoting his business interests through social media. But his criminal past and ongoing shady operations make him a very high-risk individual in the industry. The FSCA, via the statement they issued earlier this week, has explained that the alleged ‘hustler’ has been misrepresenting the products he sells to customers:

“There are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature. Lamba has previously had run-ins with law enforcement agencies.”