FSB withdraws FAIS License of JVN Asset Management (Pty) Ltd
The Registrar of Financial Services Providers (“the Registrar”) instructed an inspection into the affairs of JVN Asset Management (Pty) Ltd (“JVN”) FSP 45923. The FSB obtained a search and seizure warrant that was executed on 20 June 2017 at JVN’s offices in Johannesburg and an investigation proceeded.
The inspection has revealed that JVN and Messrs Levi Nkosi and David Lamb have contravened a number of laws, regulations and licensing conditions.
The Registrar reported the matter to the Asset Forfeiture Unit (“the AFU”), a division of the National Prosecuting Authority. The AFU successfully applied for preservation orders with reference to the funds in the bank accounts of JVN, JVN Harvest Investment (Pty) Ltd, Mr Nkosi and trading accounts in the name of Mr Nkosi. The AFU has jurisdiction in terms of what will happen to the funds that are in the accounts that are frozen. The FSB’s jurisdiction is only limited to the licence of JVN and the individuals’ conduct and not the funds.
In light of the findings of the inspection, the Registrar has taken a decision to withdraw the licence of JVN and debar Messrs Nkosi and Lamb. The Registrar will also report the matter to all the relevant authorities.
It has come to the Registrar’s attention that there is an entity called Vision Capital Consulting which has been contacting JVN clients. The entity claims to act as an intermediary who assists clients with recovering funds for a fee. Kindly note that the entity is not registered with the FSB and that the AFU has jurisdiction with regards to recovery of funds.
Enquiries: Ms Tembisa Marele
Financial Services Board
Email address: Tembisa.Marele@fsb.co.za
Telephone: 012 428 8025