'Millions missing' at Fidentia

[mailman786]

Geez, is this what happens when you have access to these massive amounts if monies ?
Basically stealing from organizations like Living Hands trust ?

These kind of things should be regulated much more vigorously. I don't know how, but better "policing" should be put in place.

[Morticia]

No amount of "policing" is going to eradicate corruption - 1st there was Enron which left in it's wake an enormous amount of SEC rules and regulations and what not put into place to prevent this from ever happening again. And then there was Bernie Maddoff.........and inbetween there was Fidentia and Masterbond and and and....

Unfortunately the only way to avoid similar incidents is a change of mindset amongst individuals. And I had supper with Santa and the Tooth Fairy last night.

[IanF]

Unfortunately the only way to avoid similar incidents is a change of mindset amongst individuals. And I had supper with Santa and the Tooth Fairy last night.

How about a poll whether this would happen.
I seem to remember that JZ while still in office was in charge of "moral regeneration campaign" will he revive that

[Dave A]

No amount of "policing" is going to eradicate corruption

I have to agree - especially if ordinary, honest operations are still to be viable. There has to be some break-even point between cost of "policing" and losses to the unscrupulous. Some suggest the cost of satisfying the compliance burden is too high already.

Ultimately society needs to stigmatise corrupt practices to the point where people are seriously not willing to run the risk.

[Morticia]

Some suggest the cost of satisfying the compliance burden is too high already.

Yip, from personal experience - very frustrating to spend 5 "freebie" hours on risk management, crossing your t's and dotting you i's, and only 40 minutes on the actual assignment!!

[Frankincense]

@Mailman "Geez, is this what happens when you have access to these massive amounts if monies ?
Basically stealing..... should be regulated much more vigorously. I don't know how, but better "policing" should be put in place."...edited for point in case!

.....LMFAO...your "naivety" makes me laugh! That's the first thing any World company does with money - Destroy and control....at least on this planet I am from. It's the leaders of the Earths mandate to destroy..not build and hand over excessive wealth to the poor!


...If you can't beat them...you may just consider joining them and being the best at it!

"ordinary, honest operations" ....I don't see any of those prospering in this time....especially if they wish to advertise they are exactely that...."Old school honest, morale"..."Prime targets" that type of business would become in my calculations!!!!

bear with me...see if you get where we are moving already....

Words like "Honesty, Socially Responsable, Moral etc etc" are words of a passed epoch of religious "Fathers" of some "Dream like" economic democracy who used to have a say in the ruling of the earth....

In this time corruption has become popular ...If a youth wants to say "I think God is great"....they say "God is truelly wicked"....anything good is now called "wicked/sick"...when the world finally turns upside down...when bad has become good, and good , bad, it will only be those who are prepared to call bad good, who will catch the fish.....it's too late to for historic forms of complaining for restrictions on this movement or retrospective hopes for accountability apportioning........one really has to align one's business with the upside-down trend....unless it's not for you...when you lead the "wickedness of this time"...it bores clients to hear about "Good" things...the hearts of the generation are "wicked"...and it's what they want...so they get it...wasn't my original plan, but I have to adapt to what must be....

...so sad isn't it?

[d3wdr0p]

hi,

has there been further interesting happenings regarding the fidentia / ovation issue?
my dad was one of the 'lucky ones' that invested his money with them. his f/a sent him a message (sms nogal) last weekend to say that he will get some of his funds back, the sms did not say if it would be a portion of his capital investment or not.
i've been trying to follow the threads and news on this, i told him not to get his hopes up... at least until the outcome of the court appearance in august...

does anyone know if refunds were paid to some investors?

[Dave A]

Slow justice!

First post in this thread: 2nd February 2007.

Today's news, nearly 6 years later:

Cape Town - Former Fidentia boss J Arthur Brown deliberately created confusion with solicited investments in a network of illegal pyramid schemes, according to his indictment in the Western Cape High Court.

In pyramid schemes, investors are falsely promised unrealistically high returns on their money, which is not invested. Returns are paid out from investments other people make.

Brown faces four counts of fraud, two of corruption, two of theft and one of money-laundering.
full story from Fin24 here

Tell you what - reading the numbers gives a whole new meaning to "Go big or go home"!

[Dave A]

The wages of fraud

Disappointment as Brown walks free.
R150 000 fine for Brown fair, says judge.

You have to be kidding me!

[sterne.law@gmail.com]

An excellent rate of return thats for sure.

[AndyD]

I don't think the judge had too much latitude in sentancing after the rediculous plea bargin that was accepted by the NPA.

[Dave A]

I agree. It seems it's the prosecutors that need to do some explaining.

[sterne.law@gmail.com]

I believe that the prosecutors failed to properly present a case for jail

[wynn]

I have had the impression for a while now that although Brown did play fast and loose with the money he did not steal it, it was just not where it was supposed to be.
Once the curators got hold of what they could, which was not very much, they colluded to sell whatever assets they did find for bottom dollar to their friends.
Brown has offered to help recuperate this semi-legally stolen money for the pensioners.

My suspicion is that the bulk of the money is safely invested overseas and Brown will somehow arrange the return of only the capital and sail off into the sunset with the unknown interest and capital growth.

[Marq]

6 Years to try and nail him. Trial by Media and internet armchair critics. Incompetent prosecution activities. Curators FSB and others accused of theft, corruption, mismanagement and infighting......and not by Brown.

With all that going on since the story broke, perhaps it is true that Brown was just the patsy and fall guy that he has always said he was.
I dont know why everyone is so certain of his guilt and wants to ensure he continues life in prison. What ever happened to Innocent until proven guilty. Sure he did a deal - wouldn't you, given those circumstances. Maybe he is not that innocent, but I dont think he is that guilty either - certainly not as guilty as the host of individuals and organisations that have helped themselves to the 'spoils' which seemed to have been flitted away.

According to Machin, the Fidentia curators have spent R2m defending applications from the Antheru Trust, whose assets were managed by Fidentia. “All Antheru wants is access to their information. The statements of account that reflect the history of the funds invested, and current position of the funds that are available.”

from Moneyweb site.

Just one current example. Why are they so keen to defend the paperwork - something that should be an open book - not spend the funds intended for investors on keeping those same investors at bay?

Brown was just not as guilty as all the Loungechair Lizards would have him be. Mismanagement, naivety.....perhaps. Fraud, corruption and really bad stuff - prove it first.