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FSB fines market manipulator trader R2m

02 July 2010 FSB

The Enforcement Committee of the Financial Services Board, established in terms of section 10(3) of the Financial Services Board Act, No 97 of 2090, considered allegations of contraventions of section 75 of the Securities Services Act, No 36 of 2004 (market manipulation) against Timotheus Pretorius.

The Directorate of Market Abuse alleged that Pretorius, a derivatives trader and the sole director of Origin SA Limited, which traded as Cortex Derivatives Brokers, knowingly used manipulative, improper, false or deceptive trading practices between 20January 2009 and 10February 2009. He thereby created false or deceptive appearances of the trading activity, or artificial prices, for Cape Empowerment Trust Limited shares and Beige Holdings Limited shares.

Pretorius admitted the allegations and the Committee imposed a penalty and a contribution to the cost of the Financial Services Board in the total amount of R2million.

The full determination can be found on the FSB website http://www.fsb.co.za/, under “Enforcement Committee”.

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