A Johannesburg-based intermediary, Paul Rigden, whom the
Financial Services Board (FSB) has warned investors to steer clear of, has
appeared in the Randburg Magistrate’s Court in connection with fraud of more
than R600 000.
Rigden is not a FSB-approved investment manager in terms
of the Stock Exchanges Control Act or the Financial Markets Control, was granted
bail of R10 000.
In terms of the Acts, no one may conduct business as an
investment manager or as an intermediary to buy or manage any securities (listed
shares, bonds, future contracts, options or unit trusts) on behalf of individual
clients either in their own name or the name of their company. They may also not
solicit such business.
“Rigden appeared in court for allegedly defrauding two
investors of more than R600 000. The case was postponed until the 25-th of this
month (July) when formal charges will be put to him, or the case postponed for