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I am a qualified Attorney. I specialise in Property Law, Commercial Law, Corporate Law and Trusts.
Please visit our website at www.prop-law.co.za for more details.
I am an elected Committee Member of the Property Committee of the Association of Pretoria Attorneys and through my involvement, I like to ensure that I am constantly at the "sharp-end" of Conveyancing Practice.

I am the elected Chairman on the Gauteng Council of SAPOA. The South African Property Owners Association (SAPOA) is the biggest and most influential institution in the property industry. SAPOA members control about 90% of commercial property in SA, with a combined portfolio in excess of R150 Billion (about $22 Billion). I am also on the National Council and the National Legal Committee of SAPOA.
Member of the Institute of Directors South Africa and Member of the Sirdar Governance Panel.

08 February 2013

FSB stands by Sharemax-tarnished official

Rinate Goosen was compliance officer for a company accused of Fais Act breaches.

The Financial Services Board (FSB) has stood by an official linked to the failed Sharemax investment scheme.

Rinate Goosen, wife of former Sharemax director Gert Goosen, is a manager in the Financial Services Board’s (FSB’s) FAIS enforcement department. This is ironic because Rinate Goosen used to be compliance officer for a company that has been accused by Fais Ombud Noluntu Bam of failing to comply with the FAIS Act.

Rinate’s husband, Gert Goosen, and three other Sharemax directors, have been accused by Bam of operating a Ponzi scheme. In a recent determination, Bam found Goosen and his co-directors directors jointly liable for the loss suffered by a pensioner who invested in two Sharemax products.

Rinate Goosen was the compliance officer of a company called Unlisted Securities South Africa (USSA). USSA has come under severe criticism by Bam in recent determinations.

USSA was established by Gert Goosen in 2004. Its purpose was to provide financial advisers with the licence necessary to sell Sharemax products.

... Click HERE for the link for balance of the article.  (The comments on Moneyweb are also interesting.)


Is it just me or has common sense completely dissapeared?

Although I don't have access to all the details, it appears to me to be utterly ridiculous that the FSB would re-hire a compliance officer so obviously tainted by the Sharemax scandal.  Do the words "conflict of interest" not clang out loudly here?  Is the FSB not just looking for trouble!

I then fail to understand Mr. Anderson's comment when asked if Rinate Goosen's position is being reviewed pursuant to the Ombud's Report that: “The FSB’s position is unchanged in this regard.”  A report confirming the existence of a Ponzi Scheme is irrelevant to the FSB whose position remains unchanged ... can it be?

The name "Mr. Anderson" always reminds me of the movie "The Matrix" and, much like that movie, I suspect that there are still many things that are not as they appear to be in the Sharemax Saga.

Gareth Shepperson

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