Breaking: ACM Gold FSB license restored (updated)

AtoZ Forex has been informed that the South African regulator FSB (Financial Services Board), has today reinstated the trading licence of ACM Gold and Forex Trading (ACM) after two months of suspension.

ACM Gold FSB license was suspended initially back in August due to anti-regulatory activities carried out by a number of clients and IBs, the biggest troublemaker being the Pastor Colin Davids’ Platinum Forex.

According to our source at ACM Gold the broker itself was not the party carrying out any activity which would be against the FSB regulation. However, the trading license suspension was due to the corporate associated with an institution called Pastor Colin Davids’ Platinum Forex. FSB has Pastor Colin Davids’ Platinum Forex's assets frozen allegedly due to their multi-million rand Ponzi scheme.

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Seized goods and properties

According to AtoZ Forex South Africa sources South Africa’s Asset Forfeiture Unit (AFU) has confiscated goods worth approximately R138 million (more than USD $10 million) from the pastor on suspicion of a pyramid scheme operations. Inclusive in the seized property are: two upmarket homes in Plattekloof and Hermanus, frozen bank accounts and up to seven cars – including three top-of-the-range BMWs, two Jaguars, a Range Rover and a Volvo.

Furthermore, ACM Gold had confirmed their affiliation with Pastor Colin David but not the Platinum Forex.

‘Pyramid’ Pastor was not the only troublemaker. The FSB has also issued a warning against ACM Gold IB Go Direct, commonly abbreviated as GDSMI. The company is also ordered not to have any business dealings with Mr. Mgoxolo Bezu and Mbuso Mthethwa of GDSMI.

ACM Gold's CEO comments on the case

ACM Gold CEO, Dano Fotiadis commented the following regarding the challenge the company faced: “It’s been a tough two months. We were in contact with our compliance team and the FSB almost daily, submitting every document they requested."

Questioning further, Dano Fotiadis also stated that: "At the same time we were aware that we have over 11 000 customers with whom we’ve built strong relationships over the last few years and we knew we needed to give them answers”.

Stay tuned, more information will continue on this subject.

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