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FSB: J Arthur Brown

19 April 2013 FSB

The Financial Services Board (FSB) has noted with satisfaction the conviction of J Arthur Brown on two counts of fraud, amounting to hundreds of millions of rand. This brings to an end a matter that has taken a number of years to conclude.

Throughout this time the FSB has maintained that Mr Brown had a solid case to answer, the details of which would be uncovered in a court of law. It is also worth noting that for the duration of this trial, the Regulator and some its officials were vilified; accused of things they have never done. In fact, so dedicated was this smear campaign that the Regulator was portrayed as one resembling a crime syndicate, among other accusations.

Yesterday's judgement serves to clear the FSB and its officials of these wide-ranging allegations. It also sends a message to the public that crime indeed does not pay, regardless of how long it takes to arrive at a conviction.

The Regulator has also noted Mr Brown’s reaction to the Judgement, saying he feels vindicated because he has been acquitted of seven other charges. The FSB would however like to note that these other charges were relatively minor, and that the two main charges for which he has been found guilty, are enough of an indictment.

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