South Africa's financial regulator has fined the directors of the Praesidium group of companies millions of rands and barred them from the financial services industry for offering investments"similar in nature to a Ponzi scheme".
It found that the group traded forex on behalf of clients without having a licence. It also did not have the correct licence to receive client funds to invest in forex instruments.Praesidium Advisory Services paid over the funds it received to two companies called Octox and Imagina FX, which were not authorised financial services providers. Both companies were linked to Praesidium director Craig Massyn.
It would therefore appear that Massyn was operating a scheme similar in nature to a Ponzi scheme... [The] positive trading returns Massyn declared could not be remotely possible.His two co-directors, Andrew Cunningham-Moorat and Brett Bukes, were fined R2.5 million and R6.5 million respectively. Both were barred for 10 years.
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