Archive | 15:29

RVAF adviser faces R3.5m repayments

13 Aug

Author: Roy Cokayne

Publications: iOL

Date Published: 14 August 2014

THE OMBUD for financial services providers has issued a seventh order against financial adviser Michal Johannes Calitz along with his consultancy, increasing to more than R3.5 million the total amount to date that they have been ordered to repay to investors for giving advice to invest in the Relative Value Arbitrage Fund (RVAF).

In her latest determination, the ombud, Noluntu Bam, ordered Calitz and/or Impact Financial Consultants to repay Johannes Matthys Coetzee R500 000.

Bam previously ordered Calitz and/or Impact Financial Consultants to repay Loredana Hansen from Durbanville, Cape Town R630 000; Garvitte Lombard of Ferndale, Johannesburg R700 000; Dr Craig Stewart Inch of Mpumalanga R500 000; Martha Jooste R165 000; Dr Johannes Hartshorne from Cape Town R460 000; and Robert Whitfield-Jones R600 000.

The RVAF is in liquidation. It collapsed after the fund’s manager and trustee, Herman Pretorius, committed suicide in July last year after shooting dead his business partner.

Coetzee said he was introduced to Calitz by a friend in 2007 and Calitz had invested his pension fund monies in unit trusts and a money market fund in February 2008.

He said Calitz had advised him a year later to disinvest R500 000 and place it into the RVAF Trust when Coetzee visited Calitz to discuss the performance of his unit trusts and money market fund.

Coetzee said he had relied exclusively on the advice and recommendation of Calitz when making this investment, stressing that he had no prior knowledge of the RVAF and neither the risks nor the product were explained to him.

He contacted Calitz on July 12, 2012 because of negative publicity surrounding the fund but was assured by Calitz that there were no risks and that there was no need for him to retrieve his investment.

Coetzee added that he had e-mailed Calitz on July 20, 2012 with an urgent request for the financial adviser to provide him with written feedback on the allegations against the RVAF and advice on the continuation of the investment but did not receive a response.

He said that Calitz did not properly apply his mind when advising him to switch a substantial amount of his investment to RVAF and as a professional adviser should have properly investigated and assured himself of the credibility of the fund.

Coetzee stressed that Pretorius was taking in millions of rand in investments but was not registered with the Financial Services Board, the RVAF never produced any financial statements, was not audited and did not have any third party verification of returns.

Calitz claimed he discussed alternative investments, such as hedge funds, and the workings of a hedge fund with Coetzee in 2008, regular statements were sent to Coetzee, there was no reason to believe the investment was not above board, and the option to invest in hedge funds was not in contradiction with Coetzee’s risk profile.

Bam in her determination referred to a previous determination, which dealt with key issues pertaining to the rendering of advice to invest in RVAF.

These included Calitz’s failure to understand the RVAF, the risks he was exposing his clients to when advising them to invest in this fund and the material deficiencies in the RVAF application forms.

Bam stressed that no adviser would have recommended the RVAF as a suitable component of any investment portfolio had they exercised the required due skill, care and diligence and in rendering financial advice, Calitz had failed to act in accordance with the Financial Advisory and Intermediary Services Act.

Makelaar sê verlies is nie sy skuld nie

13 Aug

Author: Marelize Barnard

Publications: Die Burger

Date Published : 12 August 2014

KAAPSTAD. – Die rede waarom beleggers die geld verloor het wat hulle by die oorlede swendelaar Herman Pretorius belê het, was die gevolg van Pretorius se bedrog en “nie die optrede van ’n makelaar nie”.

Dít is die verweer van die makelaar Michal Calitz van Impact Financial Consultants teen wie die ombudsman vir finansiële adviseurs en tussengangers (Fais) die laaste tyd ’n rits besluite geneem het.

Die Fais-ombudsman het Calitz gelas om van sy kliënte se geld wat by Pretorius belê was, terug te betaal.

Calitz het aangedui dat hy dié beslissings gaan betwis. Hy sal dus geen geld in dié stadium terugbetaal nie.

Jean Kotzé, Calitz se prokureur van die prokureursfirma Laäs en Scholtz, het gister gesê ingevolge die regulasies van die Fais-ombudsman het Calitz 30 dae tyd nadat ’n beslissing gelewer is om aan te dui of hy appèl wil aanteken.

“Calitz voer aan dat daar geen kousale verband is tussen die skade wat beleggers gely het en sy optrede as makelaar nie. Dit was nie Calitz se toedoen nie, maar die gevolg van Pretorius se bedrog,” het Kotzé gesê.

“Die skade wat deur beleggers gely is, is ook nie die gevolg van professionele nalatigheid of Fais-regulasies waarby daar nie gehou is nie.”

Volgens Kotzé is daar van die kliënte wat klagtes by die Fais-ombudsman ingedien het wat steeds sy dienste as makelaar gebruik.

“Dit wys hulle besef die skade wat hulle gely het, is te wyte aan Pretorius se bedrog en nie Calitz se betrokkenheid nie.”

Die moontlikheid bestaan dat dié beleggers hoop dat Calitz se versekering die eise teen hom sal dek.

Beleggers het op advies van Calitz meer as R86 miljoen in Pretorius se skema belê.

Calitz het ook ’n aansoek in die Wes-Kaapse hooggeregshof teengestaan waarin die kurators van Pretorius se gesekwestreerde Rela­tive Value Arbitrage Fund (RVAF)-trust en sy Seca-trust geëis het dat hy diensgeld wat aan hom betaal is, moet terugbetaal.

Die kurators het ’n aansoek by die hooggeregshof ingedien dat Calitz R6,54 miljoen aan die RVAF-trust en byna R380 000 aan die Seca-trust terugbetaal.

Calitz het op sy beurt aangevoer dat hy geregtig is op al die betalings aan hom. Volgens hom is dit geld wat in die normale verloop van sy sake met Pretorius se Abante-groep aan hom betaal is.

Regter Monde Samela het in Mei vanjaar uitspraak voorbehou.