South Africa Forex Scam - Investors lose millions
More than 700 people stand to lose more than R200 million in investments after an investigation into the southern Cape-based Minne Trading investment scheme found it to be operating illegally.
The Registrar of Banks appointed auditing firm Deloitte to determine whether the company and two individuals, Graeme and Caroline Minne, were conducting the business of a bank, in contravention of the Banks Act. Investigators found that the business was receiving deposits from people and was thus operating as a bank. At the end of November, the business was told to stop taking investments and to repay all its investors.
The organisation had been promising investors returns of between 48 and 65 percent. The investigators found that while some investors were receiving these Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , "they never realised payments and were operating at a loss".
"In practice, this means that Investor B's investment was used to pay the return on Investor A's investment."
The company was apparently involved in training, and in the trading of foreign exchange. The inspection revealed that the company "did not nearly generate enough profits on the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi market to pay the returns promised to investors".
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More than 700 people stand to lose more than R200 million in investments after an investigation into the southern Cape-based Minne Trading investment scheme found it to be operating illegally.
The Registrar of Banks appointed auditing firm Deloitte to determine whether the company and two individuals, Graeme and Caroline Minne, were conducting the business of a bank, in contravention of the Banks Act. Investigators found that the business was receiving deposits from people and was thus operating as a bank. At the end of November, the business was told to stop taking investments and to repay all its investors.
The organisation had been promising investors returns of between 48 and 65 percent. The investigators found that while some investors were receiving these Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , "they never realised payments and were operating at a loss".
"In practice, this means that Investor B's investment was used to pay the return on Investor A's investment."
The company was apparently involved in training, and in the trading of foreign exchange. The inspection revealed that the company "did not nearly generate enough profits on the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi market to pay the returns promised to investors".
Read the rest here.