Ledimar banned from doing business
Fin24

Ledimar banned from doing business

2013-10-17 07:42

Port Elizabeth - The court has ruled in favour of the Financial Services Board (FSB) in its application to prevent companies under the Ledimar banner from continuing to conduct business in the way it has been doing.

The FSB maintained that Ledimar has been operating outside the regulations in that they either solicited investments from the public or offered investment advice without being registered by the FSB.

It means, by implication, that their employees and agents are not qualified to give investment advice. Ledimar trades as Ledimar Financial Services, Ledimar Stock Trading Academy and Ledimar Investment Holdings.

Ledimar offered investors returns of up to 50% per month by investing and trading highly leveraged and risky foreign exchange markets.

Gerhard van Deventer, head of enforcement at the FSB, told Fin24 that the court granted the interdict against Ledimar, as well as an order for legal costs in the matter. Ledimar's counter claim - and urgent application that the FSB must return documents seized from their offices - were refused with a cost ruling in favour of the FSB.

Fin24 also deterimined that the Asset Seizure Unit, which normally sieze assets when it is the proceeds of criminal activity, secured a preservation order against Ledimar a few weeks ago.

Financial authorities in SA have launched a active campaign against illegal investment schemes and irregular investment schemes as these schemes ussually enrich a few individuals at the expense of less-informed members of the public.

- Fin24

*After chasing money on the JSE for 15 years, Adriaan Kruger is now living a relaxed lifestyle in Wilderness and lectures economics part-time at Nelson Mandela Metropolitan University.

Comments
  • Fanie Viljoen - 2013-10-17 08:00

    Well done FSB! My mom lost all her savings due to unscrupulous investors. Take these fly-by-nights out of society!

  • Cuthbert Chimbwanda - 2013-10-17 08:09

    Shame !!

  • Colin Traumatizer Zungu - 2013-10-17 08:32

    50% interest return! Ponzy.

  • JMaree - 2013-10-17 08:50

    Anyone believing they will get a 50% return within the first month should really not be playing on the stock exchange...

  • Tholakele Mngadi - 2013-10-17 09:06

    Whilst on the thorny issue of Get-rich-quick-skeems, just go to Commercial City building in Durban there is a huge scam that is taking place there. People are getting 100% on their 'investments'

  • Lebo Makgaledisa - 2013-10-17 22:51

    The way Ledimar and Ponzi schemes operate is different. As far as I know anyone who put his monies at Ledimar has never experience a problem of not being paid.

      Anthony Dienst - 2013-10-19 07:33

      Yes, except that an investment strategy with a possibility of earning 50% has a high probability of earning -100% (i.e. wiping out your capital). Ledimar were taken out because they did not comply with the Financial Advice and Intermediary Service (FAIS) Act.

  • Lerato Selaelo - 2013-10-23 13:01

    Am shocked by our goverment system that eriches the rich and taking away from the poor. ledimar has been doing business for us and trading on our behalf and we have had good returns. Its just that money is only supposed to go to whites not blacks, ledimar is black company teaching us how trade and the systems are fighting it caus the whites are the only ones to obtain such knwledge and not blacks,sorry for pulling out the race card but it is true

      Maxwell Mpungose - 2013-10-27 09:19

      im so disappointed about the court decision because Ledimar have been enriching black less fortunate people. im the living testimony of Ledimar Stock trading.

      Thabo Maimane - 2013-10-29 13:16

      If indeed fsb is looking after the interest of the public why are they stoping ledimar from refunding people or I they taking all the investments to the big party(cna)

  • Lebogang Magano - 2013-10-29 21:55

    It's so amazing how things turned out to be for Ledimar,however,Ledimar was really empowering a lot of people,and irrespective of the so caLled fsb inspection,ledimar has always been loyal to its clients and that proves entirely that so many people's lives were going to be changed.if FSB is really has people's best interest at heart why are they frustrating the efforts of ledimar in trying to refund their clients after claiming that the court ordered that clients should be refunded?it shows clearly that there is a hidden agenda,but the truth has its own way of coming out!

      Daniel Obed Seloga - 2013-11-06 20:02

      Indeed i agree with you Lebo

      Dekay Kele Moleme - 2013-12-10 13:46

      Realy ledimar was impowering us this is realy unfair, we learned so much since ledimar nd the court must consider our say

      Lerato Selaelo - 2013-12-18 09:22

      Lebo I agree with you , why did the FSB didturb the refunding of ledimar clients it is very simpel they just wanted to drag a good black empowering company into the mud, so tht their allegations that Ledimar is a ponsi scheme might look as if it is true, FSB just wants us to continue enriching banks by borrowing for our houses , cars and other major expenses so that we can repay their rediculose interest rates, with us being enriched by ledimar such things we bought for a shorter period and with low interest and some of our car finances we settled so Banks where no longer making money hence the unfair court case against ledimar

  • Daniel Obed Seloga - 2013-11-06 19:40

    The Financial Services Board is unable to deal with loan sharks that robs innocent citizens of this country.This loan sharks are all over the country and do not operate under the policies of FSB but FSB is very quiet. Why only LEDIMAR? With LEDIMAR our lives where changing unlike the FSB members who do not want peoples lives to change but only concentrating on themselves and their families. Seloga Dan

      Slambee Diane - 2014-01-13 09:32

      I so agree even with the banks they only care about themselves and don't care about they customers just imagine saving money for year with them and you only receiving R25 for interest.Ledimar made our lifestyle so much easier and productive so please fsb consider keeping Ledimar on board.

  • Mmami Mamzo - 2014-06-19 20:54

    wat happened about those who were already inversted on ledimar? did they get their money back?

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