Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
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Life insurer debars rep who ‘went off-script’ during sales call
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
Tribunal upholds FSCA’s sanctions for unauthorised advice
FSPs must ensure their representatives operate strictly within their authorised product categories and according to the client’s mandate.
FST ruling reinforces need to follow due process in debarments
The Tribunal finds the FSP skipped critical steps, including notifying the representative and giving her an opportunity to respond.
Tribunal upholds debarments for misusing client information
The decisions show that even thwarted attempts to breach confidentiality signal a critical lapse in integrity.
Still scheming? Cobus Geldenhuis caught in new fraud allegations despite debarment
Despite a 20-year debarment, a R143m fine, and even losing a leg in a motorcycle accident, Cobus Geldenhuis is allegedly still defrauding investors under a new alias.
PA report contradicts Ithala and KZN Treasury’s solvency claims
A PA-commissioned solvency report questions Ithala’s financial health, raising concerns about its equity, loan book, and potential shortfall in repaying depositors.
Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
Common pitfalls in succession planning for small FSPs
The assumption that heirs will smoothly take over a small FSP is often unrealistic. KI requirements, leadership gaps, and legal delays can threaten business continuity.
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
BHI Trust: R12.4 million recovered, R1.5 billion still at stake
The joint trustees have managed to recoup R12.4m, but R1.5bn remains in claims. The efforts to recover funds through settlements, asset recovery, and legal action continue.
Ithala hits back: sharp criticism of Reserve Bank’s liquidation move
Ithala accuses the appointed repayment administrator of overstepping his authority, while the Prudential Authority moves to liquidate the entity.
FSCA slaps R2.1m fine and 20-year ban on unauthorised forex operator
An investigation found that Greyshore Investments solicited deposits while promising to trade on behalf of investors, without the necessary authorisation.
FSCA crypto licensing update: more than 240 CASPs approved
Of the 420 CASP licence applications received, nine were declined, while 106 applications were voluntarily withdrawn.
Repeat offender hit with R1m fine and 15-year debarment
Mareo Nel resumed unauthorised forex trading despite signing an enforceable undertaking in 2021.
Even serious misconduct requires a fair and lawful debarment process
The Tribunal’s ruling highlights that following the correct process is as important as addressing misconduct in the financial services sector.
