The FSCA has imposed an administrative penalty of R4.1 million on Johannes Lodewicus du Plessis and debarred him for 25 years after finding that he traded clients’ funds without the required authorisation and misrepresented himself as a representative of Sanlam Private Wealth.
The Financial Sector Conduct Authority (FSCA) announced on 26 October that its investigation into Du Plessis had been finalised. The findings relate to conduct between June 2022 and November 2025, during which he collected funds from clients and traded equities on their behalf through the Sanlam Private Wealth (SPW) iTrade trading platform.
According to the FSCA, Du Plessis prepared and distributed welcome letters and investment statements that purported to come from SPW. The documents were produced on SPW letterhead and included its financial services provider (FSP) number, creating the impression that Du Plessis had been appointed as an SPW representative. He had not been authorised to act in that capacity.
The regulator found that Du Plessis rendered discretionary intermediary services in respect of listed shares without the required authorisation. It also found that he furnished investigators with false and misleading information during the investigation.
The FSCA concluded that Du Plessis had materially contravened several financial sector laws, including section 7(1)(a) of the Financial Advisory and Intermediary Services Act (FAIS Act), section 139 of the Financial Sector Regulation Act, provisions relating to the furnishing of information and the FAIS Regulations, and section 8A(a) of the FAIS Act read with the fit and proper requirements for financial services providers.
From public warning to regulatory action
The latest announcement follows a public warning issued by the FSCA on 18 November 2024, when the regulator said it was investigating allegations against Du Plessis and JLD Investments CC.
The FSCA had received information that Du Plessis, through JLD Investments, allegedly offered financial services to members of the public and promised returns of up to 36% a year. It also raised concerns that he had intentionally misrepresented himself as a representative or broker of SPW.
SPW informed the FSCA that Du Plessis was not authorised to act as its representative. The regulator also stated in November 2024 that neither Du Plessis nor JLD Investments was an authorised FSP.
Sanlam confirmed at the time that Du Plessis was not authorised to represent the company in any capacity.
Read: FSCA warns against unlicensed financial services providers
“The FSCA will now formally bring this matter to the attention of the South African Police Service (SAPS) and will provide active assistance to the SAPS, if requested,” the regulator stated.
Curatorship to protect clients
The regulatory action follows the appointment of a curator over part of the financial services business of Du Plessis and JLD Investments.
On 17 March 2026, the FSCA appointed Aubrey Magerman of Magerman Attorneys as curator, by agreement with Du Plessis and JLD Investments and without court intervention. The appointment was made under section 5(10) of the Financial Institutions (Protection of Funds) Act.
The curatorship formed part of the FSCA’s investigation into the collection of funds from the public and the trading of those funds in equities. The regulator said the objective of the appointment was to protect the interests of clients who had invested with Du Plessis and JLD Investments.
The curator’s powers are subject to the FSCA’s control, and he is required to provide the regulator with written monthly updates or reports on the progress of the curatorship.
In its latest announcement, the FSCA said the curatorship was ongoing and nearing completion. It encouraged all affected clients to approach the curator to have their claims assessed.
Investors who placed funds with Du Plessis or JLD Investments, as well as anyone with information relating to their financial services business, can contact Magerman at aubrey@magermans.co.za or on 083 461 5294.
