FSCA sounds alarm as scammer impersonates its ex-enforcement boss in brazen bid to steal R2.7m
In a statement on Friday, the FSCA said it had received a complaint from an unnamed foreign national claiming that he had received notices purportedly from the regulator and apparently signed by its former divisional executive, Brandon Topham.
According to the scammer, the complainant needed to pay up $150 000 (around R2.7 million) for six surety bonds in order for the Reserve Bank to release $260 750 (some R4.6 million) it held for the complainant's benefit.
Topham, whose career has also crossed into politics, was formerly the regulator's head of enforcement. He worked and publicly commented on a number of high-profile investigations.
However, he left the FSCA four years ago.
According to the statement, he also confirmed he had no knowledge of the notices.
'[T]he FSCA is not involved with the issuing or processing of surety bonds. It is also not involved in the authorisation of the release of funds held by the South African Reserve Bank,' the regulator said. 'Mr Topham confirmed that he did not sign the notices.'
While the FSCA is probing the matter, the scammers are – for the moment – in the wind.
'The FSCA could not contact the impersonators. The FSCA is liaising with the representatives of the complainant,' the regulator said.
'The FSCA is investigating this matter and urges the public to be vigilant when approached with unsolicited offers involving large sums of money, especially when such offers require upfront payments.'
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