Archive | 11:48

More woes for hedge fund adviser

4 Aug

Author: Angelique Arde

Publications: iOL

Date Published: 03 August 2014

The Ombud for Financial Services Providers has handed down another ruling – the fifth so far – against financial adviser Michal Calitz, who advised a number of his clients to invest in the Relative Value Arbitrage Fund (RVAF), which turned out to be a scam.

Calitz was paid R8.4 million in share profits from the RVAF before it collapsed in July 2012, the month the master-mind of the scheme, Herman Pretorius, committed suicide. The RVAF collected an estimated R2.2 billion from about 3 000 investors.

In the latest ruling, ombud Noluntu Bam ordered Calitz to repay Garvitte Herman Lombard R700 000.

According to the ruling, Calitz alleged that he did not introduce Lombard to the RVAF. He claimed that another of his clients who had invested in the scheme had. He also claimed that he told Lombard that the RVAF was an unregulated hedge fund, and that the fund manager, Abante Capital, was registered with the Financial Services Board. He contested that Lombard was satisfied with the risk and that the funds invested constituted about 10 percent of Lombard’s portfolio. The RVAF investment was to diversify the client’s portfolio.

In the latest ruling, ombud Noluntu Bam ordered Calitz to repay Garvitte Herman Lombard R700 000.

According to the ruling, Calitz alleged that he did not introduce Lombard to the RVAF. He claimed that another of his clients who had invested in the scheme had. He also claimed that he told Lombard that the RVAF was an unregulated hedge fund, and that the fund manager, Abante Capital, was registered with the Financial Services Board. He contested that Lombard was satisfied with the risk and that the funds invested constituted about 10 percent of Lombard’s portfolio. The RVAF investment was to diversify the client’s portfolio.

But in her determination, Bam refers to her first ruling against Calitz and the “key issues”: his failure to understand the entity and the risks to which he was exposing his clients, whose funds were transferred directly into the RVAF “without even the protection afforded by a nominee account”.

“Quite simply, no adviser would have recommended this product as a suitable component of any investment portfolio had they exercised the required due skill, care and diligence,” Bam says.

Lombard relied on Calitz’s advice, and Calitz failed to act in accordance with the Financial Advisory and Intermediary Services Act.

Calitz is the owner of Impact Financial Consultants, an authorised financial services provider in Bellville, Western Cape. He is a member of the Financial Planning Institute and is an accredited Certified Financial Planner.

Beleggers bekyk Pretorius se huis

4 Aug

Author: Marelize Barnard

Publications: Die Burger

Date Published : 04 August 2014

Foto: liza van heerden

KAAPSTAD. – Die swembad is nou groen en die gras is lank, maar die miljoenêrshuis se motorhuis het steeds die marmer­teëls waarop wyle Herman Pretorius sy Aston Martin kon trek.

Die ontwerpershuis van Susan-Ann Pretorius in Welgemoed, wat met die geld gebou is van beleggers wat R2,2 miljard by Pretorius belê het, is gister vir die publiek oopgestel. Die huis word op 15 Augustus deur ClareMart opgeveil nadat Susan-Ann gesekwestreer is.

’n Egpaar wat R1,7 miljoen by Pretorius belê het, was van die mense wat na dié moderne huis kom kyk het.

“Dit is maar deel van ’n mens se manier om dinge te verwerk. Dit is regtig ’n hartseersaak en tragies dat jy mense met jou hele lewe vertrou en dan gebeur dít,” het een vrou gesê terwyl sy voor die groot elektroniese hekke gewag het vir die afslaers om ’n volgende groep mense in die huis toe te laat.

“ ’n Mens belê vir jou oudag, en dan is daar boggerol.”

Mense kon tussen 14:00 en 17:00 die miljoenêrshuis besigtig. Sommige mense agter in die ry het omgedraai toe die wind snerpend geraak het.

Die huis het drie vlakke met ’n uitsig oor Welgemoed. Selfs uit die bad in die hoofslaapkamer is daar ’n uitsig op die Bolandse berge.

In die gimnasium is daar verskeie hoogs elektroniese oefenmasjiene en die een muur is net spieëls. Daar is ’n platskerm-televisie teen ’n ander muur.

Die fliekkamer het losstaande leermeubels. Hier het daar gister ’n DVD van Tiger Woods gelê. In een van die twee motorhuise is verskeie gholfstelle. Vier stelle word saam met die huis en inhoud opgeveil.

Van die huisware wat Susan-Ann opgeëis het en nie op die veiling is nie, sluit in ’n marmerlessenaar, ’n driestuk-sitkamerstel, ’n 46-duim-platskermtelevisiestel, 12 eetkamerstoele, ’n cappuccino-maker, ’n dubbeldeur-yskas, ’n koningingrootte bed, wasmasjien en tuimeldroër in.

Die huis is ook volgende Sondag tussen 14:00 en 17:00 op skou voor dit later vandeesmaand opgeveil word.