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Fais Ombud orders Sharemax broker to repay R800 000
The Ombud’s finding will worry brokers who sold shares in Zambezi and The Villa.
- Failed to disclose that Sharemax Zambezi was a long-term, illiquid investment. His own documents revealed that Barnes would need her capital in one-three years;
- Failed to disclose the risk inherent in the Zambezi scheme;
- Failed to disclose the investment’s costs;
- Did not recommend a product commensurate with his client’s risk tolerance;
- Failed to act with due skill, care and diligence in the interest of his client and the integrity of the financial services industry.
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