简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Financial Sector Conduct Authority (FSCA) has revoked Basfour 3773 (Pty) Ltd's FSP license for operating under the name Oinvest (FSP 42020), prohibited Jane Engelbrecht, the company's sole director, for a period of ten years, and assessed Basfour an administrative fine of R 58,608,810 against it.
Prior to this, Basfour was permitted to perform intermediary services in relation to FX investments and derivatives by the Financial Sector Conduct Authority as a Category I financial services provider. From April 11, 2012, Basfour essentially functioned with a minimal presence in South Africa.
After receiving multiple complaints from the general public, the FSCA launched an inquiry, which showed that Basfour:
despite not having the proper authorization, gave clients financial advice;
without revealing that Basfour was the counterparty to the client transactions, traded as principal with its customers while recommending them to embark into such trades;
excessively coerced its customers into making deposits and trading on the site;
failure to timely process withdrawals;
omitted to disclose important details, such as the costs and hazards involved with the trade.
Basfour therefore flagrantly violated the FAIS Act's sections 7(1)(a) and 13(3), its license condition 3, sections 2 and 11 of the General Code, and sections 3(1)(b) through (e), I and (h) of the Forex Code. From 1 January 2018 to 30 August 2019, Basfour's clients experienced losses of at least R 58,608,810.
In accordance with section 167(1)(a) of the Financial Sector Regulation Act No. 9 of 2017 (the FSR Act), the FSCA has decided to: • Impose an administrative penalty of R 58,608,810 on Basfour; • Withdraw the license of Basfour (license number 42020); and • Debar Ms. Jane Engelbrecht, who is the sole director, Key Individual (KI), and a representative of Basfour, for a period of 10 years.
In accordance with section 167(1)(a) of the Financial Sector Regulation Act No. 9 of 2017 (the FSR Act), impose an administrative fine of R 58,608,810 on Basfour; • revoke Basfour's license (license number 42020); and
Debar Ms. Jane Engelbrecht for a term of ten years as the only director, Key Individual (KI), and Basfour representative.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
A Moroccan trader's encounter with repeated deposit demands and an inability to withdraw funds from Zenstox (VIE Finance Sey Ltd) exposes major concerns with the broker's transparency and highlights the importance of researching platforms before investing.
The rise of online trading has opened doors for many, but it has also led to an increase in fraudulent schemes that prey on unsuspecting individuals. One such case involves Ayaz, a 19-year-old from Pakistan, who has reached out for help after falling victim to a scam broker named Heritageoptiontrade. WikiFX has decided to bring this case to light in hopes of protecting other traders from similar experiences.
Join PU Prime's Halloween Black Friday promotion and earn up to $500 by becoming a Signal Provider. Share your trading strategies, attract Copiers, and boost your profits today!
NEWRGY IMEX prevents investors from withdrawing $2,000 in digital currency. Unlicensed broker disappears. Learn how WikiFX can help avoid these dangerous scams.