By Nathan Adams 53m in the pastShare this text:ShareTweetShareShareShareE-mailShareCape City - Cape City businessman JP Paulsen threw a celebration
By Nathan Adams 
53m in the past
Cape City – Cape City businessman JP Paulsen threw a celebration this weekend as his legal professionals ready to enchantment the South Gauteng Excessive Courtroom in Joburg’s determination to liquidate his JP Markets foreign currency trading firm.
Paulsen posted movies on his Instagram account despite the fact that the court docket froze R2.58 billion in his firm’s financial institution accounts this week.
The Nationwide Prosecuting Authority (NPA) is contemplating investigating Paulsen, the chief government of on-line foreign exchange brokerage JP Markets, which is predicted to be liquidated.
The court docket this week permitted the Monetary Service Conduct Authority (FSCA) software to have JP Markets liquidated, its belongings to stay frozen and to work with the NPA if wants be to carry Paulsen personally chargeable for any wrongdoing. Paulsen is optimistic that justice will likely be served. His lawyer, Darren Hanekom, mentioned: “Our consumer want to inform all JP Markets purchasers that the battle is much from over.
“We’re suggested that our consumer has ample funds to pay out all withdrawals, nonetheless, this course of is now within the palms of the FSCA’s appointed liquidators. The corporate had been topic to a drastic treatment the place many alternate options existed.”
In June, the corporate’s buying and selling licence was suspended and whereas an investigation into their operations had been underneath manner, greater than R2.58bn was frozen in JP Markets’ financial institution accounts.
Following the liquidation judgment, the FSCA mentioned “the investigation towards JP Markets and its CEO, Justin Paulsen, has been accomplished…
“The FSCA can also be getting ready handy over the matter to the NPA for additional investigation and attainable felony prosecution.” For its half, the NPA mentioned it has not begun an investigation but.
Hanekom, mentioned: “Our consumer has not been aware about any so-called ‘proof’ gathered throughout the software for liquidation. Our consumer is resolute on setting the document straight and can co-operate with any investigations.”
Hanekom additionally confirmed that Paulsen would enchantment the liquidation of his firm. “We maintain directions to strategy the Gauteng Native Division for go away to enchantment the 82-page judgment handed down by Appearing Choose Barry Gilbert.”
He mentioned it was within the curiosity of all on-line foreign exchange merchants that the judgment be appealed. “This can be a novel case and the primary of its variety. “The FSCA has stumbled to a victory which has far-reaching penalties for the business at giant.
“Because it stands, a precedent has been set; that any solvent foreign exchange brokerage can now be liquidated on the election of the FSCA and earlier than the requisite investigation or inspection has been concluded.”
Former purchasers had been hopeful of getting their a reimbursement. Liesl Petersen from Cape City was one among a number of complainants who approached the FSCA to research “interrupted entry to buying and selling” on the JP Markets.
Petersen claimed that final 12 months, she was actively buying and selling on the corporate’s website when there was a server interruption and he or she misplaced R1.1 million.
A Joburg dealer and former JP Markets consumer, who wished to stay nameless, mentioned he had a declare of R215 000 towards the corporate in addition to R140 000 on his profile when the financial institution accounts had been frozen.
Weekend Argus