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Your statutory Consumer Rights are unaffected. One of the biggest South African brokers, ACM Gold and Forex Trading ACM , has taken a hit to its reputation and business with the provisional withdrawal of its trading license by the Financial Services Board FSB after a number of its clients and introducing brokers IB have come under scrutiny.

Platinum Forex solicited investor money for an apparent Managed Fund, despite not being a registered financial services provider as per South African law. After accepting deposits to the tune of R million, Mr.

Alas, court papers reveal that the deposits were siphoned off to fund his lifestyle, pay other investors, and the balance deposited into short-term investment accounts — some of which were with ACM, according to FSB financial advisory and intermediary services compliance head, Manasse Malimabe.

According to South African legislation, ACM has a responsibility to ensure the full compliance of all of its traders and IBs. The dodgy dealings of both Platinum Forex and Go Direct clearly shed doubt on whether the firm has fulfilled its obligations.

Malimabe to BusinessDay Live. Neither Platinum Forex nor Colin Davids are authorised. Finance Magnates reached out to ACM for a comment. The broker reiterated that the company had a relationship with Mr. We believe that by working with the FSB we will achieve resolution and regain our position in the market.

In the interim, existing clients have access to their accounts and all funds remain secure. They cannot claim that the existing clients funds are secure when i am an existing client and the funds I deposited before their license was withdrawn have not been allocated to my trading account. Please email me directly so I can look into this further — robyn acmgold.

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ACM Gold's Trading License Suspended Over Links to Dodgy Entities | Finance Magnates

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Sign me up for Finance Magnates News Updates. By signing up I accept Finance Magnates Terms and Conditions. Thank you for registering to Finance Magnates. Please open the email we sent you and click on the link to verify your account. News All News Retail FX Analysis Brokers Products Regulation Technology Bloggers. Exchanges Execution Prime Brokerage Regulation Technology Bloggers. Analysis Brokers Products Regulation Technology Bloggers.

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Share On Twitter Share On Google. So someone could invest money into a business without thorough research and investigation. Well I am not moved by those who claim to be Pastors because as a church secretary on whose table church budgets pass through, I have seen ministers padding budgets to wet and sustain their lifestyle and when I complained, nothing came out of it.

Is the Pastor going to refund all the money, where will he get the already spent part to repay.

Forex Trading In South Africa | ACM Gold & Forex Trading

Well, Doom has also happened to us people of Swaziland, as we have been defrauded almost 8 million by one of ACM IBs and Swane Bethusile Mabuza and her husband Thulane Silvestor Mabuza, which were mostly Pensions, The husband targeted from the company he was working for UBOMBO SUGAR ILLOVO He befriended the one employee and forced him to retire because of this one golden opportunity, two months later his money was all gone with not even his job this time.

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