The Financial Sector Conduct Authority (FSCA) has issued a public warning against individuals impersonating Magda Wierzycka, the CEO of Sygnia Limited and one of South Africa’s most prominent businesswomen.
FSCA warns about Magda Wierzycka impersonator
These impersonators have been using her identity on platforms like WhatsApp, Facebook, and Telegram to promote fake investment opportunities.
In a statement, the FSCA cautioned the public to be careful when approached online by anyone claiming to represent Wierzycka or Sygnia Limited.
“These individuals are not authorised to render any financial services and are misrepresenting themselves to be affiliated with Sygnia and Ms Magda Wierzycka,” the regulator stated.
Sygnia has confirmed that neither the company nor Wierzycka has any connection to the impersonators.
Impersonators using social media to scam victims
According to the FSCA, the impersonators have been contacting people online and asking them to invest money. These offers often come with promises of high returns and are presented as legitimate business deals.
However, offering financial services or investment products in South Africa without authorisation is illegal.
The FSCA stressed that it has tried to reach the scammers using the contact information they had, but all attempts were unsuccessful.
“The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers,” the FSCA warned.
Why Wierzycka remains in the UK
Meanwhile, Magda Wierzycka remains in the United Kingdom and has no intention of returning to South Africa. Her decision, according to previous public statements, is due to serious concerns for her safety linked to her outspoken stance against corruption in South Africa.
She has been a vocal critic of former President Jacob Zuma and the Gupta family, both central figures in state capture allegations. Wierzycka claims her anti-corruption efforts made her a target, prompting her to relocate permanently.
“I cannot return under current conditions,” she has said, pointing to ongoing crime and failures in governance as major reasons for her self-imposed exile.
Wierzycka is also currently involved in a legal battle concerning her tax status in the UK. She is fighting to maintain her “non-domiciled” or non-dom status, which allows wealthy individuals living in the UK to avoid paying taxes on income earned outside the country.
The UK government is now clamping down on this policy, potentially affecting Wierzycka and other South African expatriates. If she loses this status, she may face higher taxes or be forced to move her financial interests elsewhere.