The FSCA welcomes the Port Elizabeth Specialized Commercial Crimes Court’s conviction of David Wilmot for money laundering and contravening both the FAIS Act and Exchange Control Regulations. This case stemmed from an FSCA investigation which was later handed over to the South African Police Service (SAPS).
In 2013, the FSCA looked into the affairs of Wilmot and his company Nava Shore Holdings Ltd and found that Wilmot took funds from clients under the guise that he would trade forex on their behalf. Wilmot had infiltrated a local church and used the relationships built up to misappropriate most of his clients’ funds. A notice was issued by the FSCA to the public against Wilmot, warning that he was not an authorised Financial Services Provider (FSP) or a representative of an FSP.
This case has been remanded to 9 October 2019 for sentencing. The FSCA notes the sterling work done by its own investigators and other law enforcement agencies involved in the matter. This conviction is encouraging in our efforts to ensure that the financial sector is not only efficient, but also treats its customers fairly.
We again remind consumers who wish to conduct financial services with an institution or person to first check with the FSCA whether or not such an entity or person is authorized to render financial services, and the exact services they are authorized to provide. This can be done on either the toll free number (0800 203 722) or the website www.fsca.co.za
Get the latest issue of FAnews