Many investors fear they are going to lose their savings in an alleged Ponzi scheme
If you have invested money into the scheme and want to claim money back you can contact Maryna de Wall from Marais & Basson Inc on 013 690 1832.
An investigation into what seems to be a Ponzi scheme has raised some eyebrows.
Many residents have invested money into Classic Financial Services One only to have been disappointed when the monthly payments started weaning down.
In November 2022, the Financial Sector Conduct Authority (FSCA) warned the public “to act with caution” when conducting any financial services-related business with Classic Financial Services One.
FSCA said Classic was not authorised to provide financial advice or render intermediary services in terms of the Financial Advisory and Intermediary (FAIS) Act.
WITBANK NEWS reached out to Mr Kobus Geldenhuis from Classic Financial Services One after some complaints from local investors surfaced.
Geldenhuis said the liquidation process started recently and stated that nobody has lost money. “Investors still receive their monthly income. FSCA told me that they are not continuing with their investigation,” said Geldenhuis.
“Mr Geldenhuis is not correct and we certainly did not communicate to him that the investigation is closed. The investigation is ongoing and we have also brought the matter to the attention of the police and will assist them in their duties,” the Divisional Executive of Enforcement of the FSCA said in an email to WITBANK NEWS.
Co-operation between the FSCA and the Financial Intelligence Centre (FIC) led to the FIC issuing directives to Absa, First National Bank, and Nedbank to freeze the funds in Classic’s bank accounts.
Investors who believe they have a claim against the preserved funds must bring an application to the High Court for such funds not to be forfeited.
Local attorney, Mr Deon Venter from Marais & Basson Inc is handling the case against Classic Financial Services One locally.
If you have invested money into the scheme and want to claim money back you can contact Maryna de Waal from Marais & Basson Inc on 013 690 1832.
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