JVN Asset Management loses licence after FSB investigation
THE FINANCIAL Services Board (FSB) has withdrawn the financial services provider licence of JVN Asset Management, an investment company based in Randburg.
On instruction from the Registrar of Financial Services Providers, the FSB searched JVN’s premises on June 20 last year.
The FSB says the investigation found that JVN and its key individuals, 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, which successfully applied for preservation orders for the bank accounts of JVN, JVN Harvest Investment, Nkosi’s bank account and trading accounts in his name.
In light of the findings of the inspection, the registrar decided to withdraw the licence of JVN and debar Nkosi and Lamb.
The registrar also says it will report the matter to the relevant authorities.
The FSB says an entity called Vision Capital Consulting has been contacting JVN clients. Vision Capital, it says, claims to act as an intermediary in assisting clients to recover their investments.
The FSB says Vision Capital is not registered with the FSB, and the Asset Forfeiture Unit has jurisdiction with regard to the recovery of funds. – Staff Reporter