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Stay away from Blue Pointer/Baartman, warns FSB

23 May 2007 Financial Services Board

The Financial Services Board (FSB) has today, in terms of section 10(1)(a) of the Inspection of Financial Institutions Act, No. 80 of 1998 (Inspection Act), issued a warning to consumers to be cautious when doing financial services business with Blue Pointer and/or Lodewyk Petrus Baartman (Baartman).

The FSB's deputy executive officer for financial advisory and intermediary services and market conduct, Gerry Anderson, says Blue Pointer / Baartman has been the subject of an FSB inspection carried out in terms of the Inspection Act.

"From the inspection it emerged that Baartman represented Blue Pointer Business Administrators (Pty) Ltd ("Blue Pointer") and Propdotcom ("PDC") Property Consortium.  Blue Pointer is a company managed by Baartman, which marketed property syndication investments in PDC to the general public.  Blue Pointer made use of agents to sell shares in PDC to the public.

"The FSB's inspection into the affairs of these companies revealed that Blue Pointer acted as an unlicensed Financial Services Provider by providing advice and intermediary services in respect of the shares sold in PDC to the public.  The conducting of unauthorised financial services business is an offence in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002. 

"The inspector's found that the operations of Blue Pointer and PDC were managed by Baartman as one enterprise.  This resulted in PDC client funds being used to fund the operations of Blue Pointer.  Complaints were also received in respect of other investment activities of Baartman."

Blue Pointer has offices in Cape Town, Pretoria, Bloemfontein and Durban.  "The FSB has reason to believe that Baartman is still operating despite the investigation into the affairs of his companies.  In view of the findings contained in the inspection report, the Registrar deems it necessary to caution the public contemplating any business transactions with Baartman, his companies or any of his representatives."

 

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