The FSCA has fined Keenan Ebden R1 million and debarred him for 15 years after finding that he misappropriated “a substantial amount” of clients’ funds.
The Authority said Ebden contravened sections 7(1)(a) and 8(9)(c) of the FAIS Act from 1 January 2020 to 6 January 2022.
Section 7(1)(a) prohibits providing financial advice or rendering intermediary services without a licence.
Section 8(9)(c) prohibits a person from performing any act, making or publishing any statement, advertisement, brochure or similar communication that–
(i) relates to the rendering of a financial service, the business of a provider or a financial product; and
(ii) the person knows, or ought reasonably to know, is misleading, false, deceptive, contrary to the public interest or contains an incorrect statement of fact.
Some of Ebden’s clients have registered criminal cases with the South African Police Service (SAPS). The FSCA said it will provide the SAPS with support in its investigation.
In January and November 2021, the FSCA warned the public against conducting financial services business with Cape Town-based Ebden and Keenan Ebden Financial Services.
The Authority said Keenan Ebden Financial Services was using a lapsed FSP number that belonged to someone else.
According to the FSCA, Keenan Ebden Financial Services was encouraging members of the public to invest a minimum of R25 000 in Australian-based companies while promising that their money was guaranteed, with a 100% return over three months. Clients who disinvested within three months would pay 10% commission.
In 2022, the High Court in Cape Town granted a final sequestration order against the estates of Ebden and his wife.
More than 600 investors came forward with claims against Ebden, some exceeding R1 million each. The court papers show that Ebden managed more than R900m of investors’ funds.
Law firm Goliath & Co, which is representing some of the investors, told Moonstone this week that, according to the liquidators, no free residue assets or funds were available to pay creditors.
Do the creditors receive the R1million fine , if not where is it paid to ?
The fine is paid to the FSCA – assuming it will be paid.
This is so unfair ! This man gets a fine for scamming hundreds of people and just gets to walk away freely . Our justice system robbed all of those people that got scammed . It states he is debarred for 15 years who says he won’t continue what his doing . Why not sentence him to jail time and make him feel what he did.
This is not right ! 600 people suffering while he gets to walk away freely
This isnt justice. A R1million FINE is NOT enough!!!! After 15years he will continue. Him, his wife & his parents. Some people couldn’t afford attorney fees, lives are crippled, because Keenan has gained how much million?????? What justice system??? This is sickening.
This is utterly disgusting.Walking away freely while more than 600 people have to suffer financially.Our system failed us big time.He needs jail time period.
Guess what guys? He is paying the R1m fine from the money he stole from you. Not a cent is spent from his pocket
I feel so sorry for the people that he scammed. Its heartbreaking to lose your hard earned money. He should be sitting in prison. But how the hell can people be so daft in believing you are guaranteed a 100% return on your investment in 3 months. Seriously!!!! No man, he must be the greatest BS-er in history!!! What did he do with R900m? I dont think i can spend that amount of money in a life time if i tried.
Rather invest your money in a well known company and get 6% to 8% growth. You might not make millions but atleast you know you getting your money back.
So sad!! I hope they get some money paid back to them.
Ideally you’d get comfort from the fact that there’s a criminal case that has been opened but where are we? We are in RSA where police are non existent. Nothing will come out of these cases. It is really sad!!!
The Father was in on it he boasted about houses and cars they able to buy and said the lord has truely blessed them.
He even tried to get my funds and others at our church.
He then claims he has no knowledge of this.
All social media footage and adds was removed.
Buying house number 3 god is good…. was one of the titles.
He then walks back into a Financial advisor Role at his Previous Company Metropolitan life.
How did They employ h9m knowing there was an enquiry.
Knowing there was allegations.
A source that cannot be named says its an internal things at these offices and that his superior is also his pastor.
See the trend?
The same pastor whos sister was locked up for the exact same things many years ago and also worked at the Same company Metropolitan.
What is Going on who is covering up for who?
They use God’s name to fill their pockets while tipping off the innocent peeps. They might get away with it, but peeps never forget who and what they are.
Carma’s a bitch. Just watch how their lives are.
What vafgles me is that others, even family thought they were innocent. Really? They still think so. omg.
What they did was wrong, the punishment was not hard enough by far. It’s not the first time. They should be ASHSMED to still be preaching God’s word.
His dad still works for his Previous employer .. how he got hired knowing his involvement in the scheme is a mystery. He has bought homes and cars and boasted weekly on social media about it untill news broke and he deleted it all along with his accounts.