Tag Archives: Simon Morton

Failed fund claims hit R12.3m

20 Apr

Author: Roy Cokayne

Publications: iOL -The Mercury

Date Published: 17 April 2015

REPORT  
THE total amount that three financial advisers need to repay 22 investors they wrongly advised to place money in the Relative Value Arbitrage Fund (RVAF) has now escalated to more than R12.26 million. 
This follows several further determinations issued by the ombud for financial advisory and intermediary services (Fais) Noluntu Bam against these financial advisers. None of the three financial advisers have filed notices of appeal against the determinations. The fund collapsed after its manager and trustee Herman Pretorius committed suicide in July 2013 after shooting dead his business partner Julian Williams. The Fais ombud last year issued 16 determinations against financial adviser Michal Calitz and/or Impact Financial Consultants to repay investors more than RIOm. The ombud has issued a further six determinations to date this year against financial advisors to repay their investment clients a total R2.24m. Five determinations were issued ordering financial advisor Andrea Moolman and/or Vaidro Investments to repay five of her clients a total of more than R1.6m. In one further determination, financial advisers Simon Morton and Carol Louw and/or Catwalk Investments 592 cc trading as Pinnacle were last month ordered to repay a client R600 000. Bam has made similar comments in the determinations issued to date related to RVAF, including that the complaints were about being advised to invest in a scheme that was not above board. She said neither Pretorius nor the RVAF itself was licensed “in any way”, which was a clear contravention of the Fais Act. 
Risks 
In the determination made by Bam against Vaidro Investments and/or Andrea Moolman in regard to a complaint lodged by Leon van der Walt, who invested R206 000, Bam said the issues principally pertained to the failure of Moolman to understand the fund and the risks to which she was exposing her clients when advising them to invest in RVAF. Bam added that there were no financial statements for RVAF and without financial statements “or so much as a fact sheet” Moolman could not have understood the economic activity that generated the returns of the fund. She said Moolman was unable to explain why RVAF was nowhere to be found in the documentation she used in support of recommendations she made to investors. “The inescapable conclusion is that respondent (Moolman) knew nothing about the fund or its underlying investment and accordingly was in no position to advise her clients to invest in it,” she said. Bam said Moolman had breached the general code, which required that a provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests of the client and the integrity of the financial services industry. She said Van der Walt was in no position to understand the “any material investment or other risks associated with the product” as required by the code.

Dokters ‘moet aftrede uitstel’

20 Sep

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 20 September 2012

……… Vorster, finansiële raadgewer van Galileo Capital, het gisteroggend in Durbanville met ’n groep beleggers vergader en daarna gesê dit het hom opgeval dat daar mediese dokters rondom 60 jaar oud is wat gedink het hulle het “’n lekker neseier” opgebou met die doel om oor vyf tot sewe jaar af te tree.

Hulle sal dit nou moet uitstel, het hy aan die beleggers wat deur die finansiële raadgewer Simon Morton (direkteur van MyPinnacle- finansiële dienste in Durbanville) na Pretorius verwys is, gesê.

Morton bevind hom glo nou in Nieu-Seeland. Hy het sy kantoor en kliënte agtergelaat nadat dit op die lappe gekom het dat Pretorius se jare lange reëlmatige dividende-uitbetalings van tot 20% al die kenmerke van ’n piramideskema het.

Vorster het gesê die beleggers, onder wie senior  ………

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‘Dié oues sal weer moet werk’

14 Sep

Author: Marelize Barnard

Publications: Die Burger

Date Published: 14 September  2012

KAAPSTAD. – Mense wat hul aftreegeld by Herman Pretorius belê het, sal selfs op die ouderdom van 70 weer moet gaan werk én planne moet maak om deur familie gehelp te word.

Theo Vorster van Galileo Capital het gister vertel van “hartseer- gevalle”. Hy het verlede week met beleggers vergader wat voorheen kliënte was van Simon Morton (direkteur van MyPinnacle- finansiële dienste in Durbanville) om hulle te help. Van hulle het in Pretorius se skemas belê.

Vorster het gewaarsku mense moet besef: “Ouma gaan oor twee ………..

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Man vlug ná skema inplof

13 Sep

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 13 September 2012

KAAPSTAD. – ’n Makelaar van Durbanville wat glo tot R180 miljoen se beleggings
vir Herman Pretorius se geldmaakskemas gelok het, het glo uit vrees vir sy lewe
na Nieu-Seeland gevlug.

Simon Morton, direkteur van MyPinnacle finansiële
dienste, is in die laaste twee weke in die geselskap van mense wat hom moet
beskerm lughawe toe en landuit.

Dit het gevolg nadat hy in Suid-Afrika
met die dood gedreig is. Volgens Moneyweb het Morton vyf jaar gelede na
Nieu-Seeland geëmigreer ………

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“I am deeply sorry” – Herman Pretorius broker

4 Sep

Author: Julius Cobbett

Publications: MoneyWeb

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 ………

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