Author: Julius Cobbett
Date Published: 04 September 2012
Death threat and a summons for New Zealand-based, FSB-registered financial adviser.
JOHANNESBURG – In May last year, financial adviser Simon Morton got a new client. She was 61 years old. The client, Betty*, asked Morton to set up an investment portfolio for her retirement.
Morton’s advice was for Betty’s husband to withdraw funds of R1 150 000 from Stanlib. Morton recommended that half this money be placed in an unorthodox “hedge fund”. The other half was to be split between an unlisted company called SA Superalloys, a junior platinum company called Wesizwe, and a “new fund” called Abante Holdings.
Needless to say, this was bad advice. All of the above ………