Wealth Tech Misleading Clients

🚨 WARNING: Wealthtec Holdings – Misleading Practices and Unresolved Refund 🚨

I’m sharing my experience to warn others about Wealthtec Holdings (Brooklyn, Pretoria) — a company that claims to “improve your credit profile” and “settle your debts,” but in my experience has acted dishonestly and unprofessionallyIn September 2025, I was contacted by a consultant named Kabelo Monnye, who promised that Wealthtec Holdings would settle my Vodacom debt (R3,500) and repair my credit profile for a once-off payment of R2,900, after paying R785 for a “credit profile check.” I agreed, believing this was a legitimate financial serviceAfter the first debit, they debited my account again for R2,900 — without my consent or any signed agreement. When I questioned the charge, they said it was for “fees,” even though no such fees were ever discussed or disclosed.

I personally went to their Brooklyn offices, where I was met by a portfolio manager named Marius, who was rude, dismissive, and showed no concern for my complaint. He couldn’t explain why additional money was taken and offered no resolutionAfter repeated follow-ups, I received multiple emails from Kabelo Monnye and Koketso Mphahlele (***), stating that my refund had been approved and would be processed within 7 working days. The last confirmation was sent on October 16, 2025, saying“All has been resolved. Payment will be done within 7 working days. It has been approved and an email communication will be sent out.”

It’s now been nearly two weeks, and no refund has been made. This company has ignored follow-up messages and has shown no accountability or transparencyWealthtec Holdings seems to rely heavily on new client sign-ups but fails to deliver or retain existing clients — a clear red flag for any financial services provider.

Their conduct appears to violate multiple FAIS Code of Conduct rules, including:

Section 3(1)(a): Not acting honestly, fairly, or with due care in the client’s interest.

Section 7(1)(a): Failing to disclose costs and fees before an agreement.

Section 11: Making misleading or deceptive representationsPlease be extremely careful when dealing with this company. A legitimate credit report costs around R120 at Shoprite/Checkers, or is free from Experian, XDS, or Kudough — you do not need to pay thousands to anyone for this service.

THIS WILL now be escalating this matter to the FAIS Ombud and FSCA for further investigation. Companies that exploit people trying to rebuild their credit profiles must be held accountable Consumers protect your hard-earned money. Avoid Wealthtec Holdings at all costs