Simply days after a advertising occasion was held in South Africa, the Monetary Sector Conduct Authority has issued a GSPartners securities fraud warning.
As per the FSCA’s November twenty second fraud warning;
It has come to the eye of the Monetary Sector Conduct Authority (FSCA) that GS Companions often known as GSP or Gold Customary Companions (GS Companions) are soliciting investments in South Africa.
GS Companions isn’t licensed below any monetary sector regulation to supply monetary merchandise or monetary companies in South Africa.
By failing to register with the FSCA, GSPartners and its promoters are committing securities fraud in South Africa.
Addressing GSPartners’ enterprise mannequin, the FSCA writes;
The FSCA is anxious concerning the unrealistic returns provided by GS Companions, and is conducting a preliminary investigation into its actions in South Africa.
The FSCA has contacted GSPartners and given them till November twenty fourth to answer. When the FSCA contacted GSPartners is unclear.
Of observe is numerous GSPartners insiders and executives are from South Africa. These embrace Bruce Hughes, Andrew Eaton and Antonio Euclides Menesis De Gouveia (aka Tony De Gouveia).
Another person of potential curiosity to the FSCA and US authorities is Schalke van der Merwe.
In violation of New York and federal US securities legal guidelines, Merwe is selling a GSPartners “reside enterprise presentation” in early December.
Final 12 months Van der Merwe and his spouse have been charged with conspiracy to commit homicide.
Along with South Africa, GSPartners has acquired a number of fraud warnings and regulatory lawsuits from the US and Canada.
Within the US these embrace Texas, Washington, Alabama, California, Wisconsin and Kentucky.
In Canada fraud warnings have been issued by British Columbia, Ontario, Alberta (G999, GSTrade and GSPartners), Quebec, and Saskatchewan.
The British Columbia Securities Fee has additionally taken motion in opposition to three GSPartners promoters, amongst them prime ranked Nitsa Nakos.
GSPartners is run by Josip Heit (proper).
Following the US regulatory fraud warnings final week, Heit did not personally attend the South Africa occasion over the weekend.
Together with different GSPartners prime brass, Heit is believed to be hiding out in Dubai.
Pending any updates on the FSCA’s ongoing investigation into GSPartners, keep tuned…