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The Financial Sector Conduct Authority has provisionally withdrawn the financial services license of Stringfellow Financial Services after its director Thomas Stringfellow was arrested by police on suspicion of fraud.
In a statement on Wednesday, the FSCA said Stringfellow allegedly raised funds from his clients to invest in women’s sportswear business Lorna Jane, where he serves as managing director, and his wife, Leigh, is also a director.
The scheme "collapsed in June 2019".
The authority is investigating allegations of misappropriation of investments and incorrect financial advice. It will make a final decision once the investigation is complete.
According to data from the Companies and Intellectual Property Commission, the financial services group was registered in 2005 and is headquartered in Fourways, Johannesburg.
The FSCA previously said that Stringfellow's clients may have lost up to R100m.
"As the market regulator, we look to maintain the integrity of the financial sector by ensuring that all regulated entities, their key individuals and representatives always act in the best interest of their clients," the FSCA said in a note. "We will keep the public updated on this investigation as more information becomes available."
