FPI probes advisers’ role in Ponzi scheme

24 Feb

Author: Laura du Preez

Publications: iOL

Date Published: 24 February 2013

The Financial Planning Institute (FPI), the body for professional financial planners, is investigating whether any of its members breached the organisation’s code of ethics in advising their clients to invest in the Relative Value Arbitrage Fund (RVAF).

RVAF was found to be a massive Ponzi scheme owing some 3 000 investors R3.1 billion and was placed in liquidation after its founder, Herman Pretorius, shot his business partner, Julian Williams, and then himself in July last year.

Prem Govender, chairperson of the FPI, says the FPI encourages you to use a professional financial planner who belongs to the FPI. The organisation therefore …..

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