FREE STATE – Suspects arrested for contravention of the FAIS Act

FREE STATE – Limpho Namane and Joseph Galiboe both aged 25 appeared in the Welkom Magistrates Court following their arrest for the Contravention of the Financial Advisory and Intermediary Services Act.

On 23 January 2018, the Financial Service Board received a complaint alleging that a company represented under the name, Billionaires Matrix Club, was operating as an investment trading company. The complainant was approached by the accused persons to invest in stock trading.

On 30 August 2018, the complainant deposited an amount of R20 000-00 into JP Markets account as advised by Billionaires Matrix Club. The turnover was scheduled to be paid out on 25 October 2018 to her. Upon trying to contact the accused for her due payment, she was unable to reach him despite the Billionaires Matrix Club operating.

On 05 October 2020, the Hawks Serious Commercial Crime Unit served summons on the accused persons to appear in Welkom Magistrates Court on Wednesday, 21 October 2020 on charges of contravening of Section 7 of the FIAS Act. The case has been remanded to 11 November 2020 for legal aid.

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