FSB exposes Lefika Securities Shares Manipulation scheme

Lefika Securities Shares Manipulation scheme was revealed by the Financial Service Board in South Africa, as the firm and managers were fined above $300K. Is your broker reliable?

27 October, AtoZForex – The Financial Service Board (FSB), South African non-banking financial service industry fined Lefika Securities Pty Limited $35,993 and the two of its managers $288,000.

Lefika Securities Shares Manipulation scheme

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FBS fined Lefika Securities and its managers for manipulating the prices of four shares between 5 January 2009 and 31 March 2010. Moreover, the mangers have already accepted their presence for this crime. In 2009, Nazeem Hendricks and Cheune Mohlaba, the portfolio managers of Argon Asset Management Company an FSB registered company, were also involved in a manipulative share transaction.

Between 5 January 2009 and 31, March 2009 they manipulated the prices of Metair Investments Limited (JSE: MTA), Palobora Mining company Limited and Afgri Limited (JSE: AFR). Also, the manipulation of the price of Comair Limited (JSE: COM) happened in the period between 3 March 2010 and 31 March 2010. These illegal actions have led the company’s shares to a sharp decline after the news leaked to the market.

In addition, two Directors of the company Ms. Tebogo Shakong and Ms. Yolanda Rebecca Boikanyo admitted their crime before Law enforcement agency to take action and agreed to abandon their trading licenses.

In choosing the assents, the FSB considered a few moderating elements including that Tebogo and Rebecca had no administrative points of reference and that they were not included in formulating the plan. Furthermore, the request takes note of that they did not profit fiscally in any material matter.

An important note from the South Africa regulator

The FSB reminds traders who wish to direct monetary services with an organization or individual to check in advance with the FSB on either a toll-free number or on the official website of the regulator.

The FSB is a free foundation, set up by statute to regulate the South African non-managing an account budgetary administrations industry in people in general intrigue, and completely supported by expenses and exacts forced on this industry.

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