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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.
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.
