SA financial watchdog warns public against doing business with forex trader Themba 'Grootman' Selahle

Cape Town – The Financial Sector Conduct Authority (FSCA) has warned the public against doing business with popular media influencer and forex dealer Themba Selahle who is better known on social media as @xo_grootmanis.

In a statement, the South African financial watchdog said that Selahle, who regularly posts pictures of his luxury lifestyle to his 338 000 followers on Instagram, allegedly offers to trade in forex on behalf of members of the public and promises clients high and unreasonable returns.

He is also accused of ignoring his clients when they try to withdraw their funds or profits.

“The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when doing any financial services business with Themba Selahle (Mr. Selahle) also known on social media as @xo_grootman.

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“The FSCA wishes to inform the public that Mr. Selahle is not authorised to provide Financial Advisory and Intermediary Services in South Africa. 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,” said FSCA.

#FSCAWarnings

The FSCA warns the public to be cautious when doing any financial services business with Mr. Themba Selahle also known on social media as xo_grootman.

Read the full warning here: https://t.co/xvFLRERD6i #TCF #consumerprotection

— FSCA (@FSCA_ZA) July 19, 2022