The Registrar of Financial Services Providers at the Financial Services Board (FSB) has provisionally suspended JVN Asset Management from operating as a financial services provider with immediate effect, following an investigation into its affairs.
The FSB says the registrar received “concerning information” about JVN’s operations between March and June 2017. The registrar instructed an inspection into the affairs of JVN, and the FSB obtained a search-and-seizure warrant, which was executed on June 20 at JVN’s offices in Randburg, Gauteng.
The sole director, chief executive officer and shareholder of JVN, Levi Alex Nkosi, and the chief operations officer, Morrison Kwarayi, who were appointed as representatives of JVN, were authorised to operate only under the supervision of the key individual, David Lamb.
However, the inspection found that, for all intents and purposes, Nkosi was in control of all operations. At this stage, the FSB says, it appears that Lamb exercised neither the required management of and oversight over JVN’s activities nor the required supervision over Nkosi and Kwarayi.
The FSB says the inspection into the affairs of JVN is continuing, and it is working with the relevant law-enforcement agencies.
Be careful, the FSB warns, when you are offered investment products with unrealistic and guaranteed returns and products that are not explained properly. If you are still unsure, you should contact the FSB to verify whether what you have been offered qualifies as a recognised financial product and whether the product provider is registered. Visit the FSB’s website, www.fsb.co.za.