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Financial News

The Financial Services Conduct Authority has fined an unregistered person R143 Million for tricking consumers into a Ponzi scheme.

Jacobus Geldenhuis and Classic Financial Services got into trouble for offering to invest client’s money (which they didn’t actually do, it seems) while not registered with FAIS. Apparently, Mr Geldenhuis got himself disbarred back in 2009 for dishonesty and was operating illegally ever since.

It appears that since 2019 Mr Geldenhuis conned people into “investing” over R495 million through his company Classic Financial Services.

He has been reported to the criminal authorities.