Who is JP Mar­kets

Sunday Observer - - NEWS - STO­RIES BY THEMBEKA DLAMINI Plan Pay­ments si­fiso@jp­mar­kets.co.za. *Not his real name

Apromise of 10 per cent re­turns per month turned to be­come a headache for a small busi­ness­man who wanted to have a pas­sive in­come when he joined JP Mar­kets.

Hav­ing been promised the healthy­look­ing re­turns, he de­posited E20 000 into an ac­count be­long­ing to JP Mar­kets and did not hear from the ‘sales agent’ he iden­ti­fied as Si­manga Mamba who had sold him the in­vest­ment op­por­tu­nity so glow­ingly a few months back.

This is the ex­pe­ri­ence of one client who says he was shocked as he had done all his in­ves­ti­ga­tions in or­der to as­cer­tain the le­git­i­macy of the com­pany.

Sa­belo Sime­lane* says he was at­tracted to the prospect of hav­ing his money earn him more after meet­ing a sales and mar­ket­ing em­ployee of the com­pany based in Mba­bane.

In­stead, he got false prom­ises, false proof of pay­ments and a headache to match.

He said he was at­tracted be­cause as a busi­ness per­son, he was too busy to learn about for­eign ex­change (FOREX) trad­ing and as such if it could earn him money while he was busy with other things, he would gladly em­brace it.

After be­ing sold to the idea of putting in the min­i­mum of E20 000, he was given the ac­count and ref­er­ence num­ber by the sales per­son who told him to ex­pect the earn­ings to start at the end of the month. This was on July 17.

He noted that there was noth­ing forth­com­ing at the end of Au­gust and tried call­ing Mamba who failed to re­spond to his calls.

It was only after some time that Sime­lane de­vised a plan to have an ac­quain­tance call Mamba on his be­half that he was able to get through to him at Dlanubeka.

To his shock, a wo­man who at­tended his query said there was no ac­count which could earn a client 10 per cent per month as trad­ing was not guar­an­teed to give that much money.

He said this re­sponse came about after much run­ning around as the pre­vi­ous de­meanour of wel­come had dis­ap­peared.

In­stead, he was told that the 10 per cent was guar­an­teed after six months of his in­vest­ment be­ing traded on his be­half.

With this new rev­e­la­tion, Sime­lane started dig­ging and try­ing to find out where his money went.

He was in­formed that the ref­er­ence num­ber he was given had noth­ing to do with him even though he had been told to use it and put his name as part of the seven dig­its. The ref­er­ence was said to be­long to a Dlamini per­son.

He re­turned to JP Mar­kets where he re­quested for his money see­ing as there was a breach of trust as that which was spo­ken of at the be­gin­ning prior to the money get­ting trans­ferred was no more. This is when his trou­bles started. In­stead of get­ting the money, he re­ceived proof of pay­ment for money which never re­flected in his ac­count.

Ac­cord­ing to the proof of pay­ment, he was ‘paid’ from a trans­fer from a First Na­tional Bank ac­count.

The proof of pay­ment was sent via an email from the wo­man who at­tended his queries on sev­eral oc­ca­sions.

This was on Oc­to­ber 9 whereas the pay­ment was made the day be­fore.

She seemed to have for­warded the email from the owner of the com­pany Si­fiso Dlamini as per the re­flec­tion of his email

With the as­sur­ance that the money was in his ac­count, Sime­lane said he felt bet­ter as he waited for it to re­flect.

Sadly, hav­ing waited a few days think- ing that per­haps it would take three work­ing days for the amount to re­flect, he was shocked to hear that no such trans­fer had been made to his ac­count.

He re­turned to the com­pany and was told to wait a few more days as there seemed to be prob­lems. This is de­spite that he had pre­vi­ously been promised that the money would re­flect within a week.

This re­porter vis­ited JP Mar­kets a week later and the MD was said to be in hospi­tal get­ting an op­er­a­tion as he would re­turn three days later. This past Fri­day, he was vis­ited and he agreed to an in­ter­view. He stated that he could not talk to the me­dia about his clients.

Dlamini stated that the need to de­fend one­self came about in the event some­thing wrong had been done and in this case; his com­pany had not. He would not be drawn into ex­plain­ing any­thing as he said he abided by strict ethics of pro­tect­ing his clients.

Ac­cord­ing to their web­site, JP Mar­kets is a global Forex pow­er­house. The com­pany be­gan op­er­a­tions a few months ago and have grown due to ex­cel­lent re­la­tion­ships with clients.

The web­site states that they started out small, with just a few peo­ple and a small of­fice, but to­day they have of­fices in mul­ti­ple coun­tries with sev­eral peo­ple work­ing in­side them. They say they achieved suc­cess be­cause of how suc­cess­fully they en­gage with clients. One com­plaint many peo­ple have about bro­kers is that they trade against their clients. “Our clients face no such is­sues. JP Mar­kets sets high stan­dards to its ser­vices be­cause qual­ity is just as de­ci­sive for us as for our clients. We be­lieve that ver­sa­tile fi­nan­cial ser­vices re­quire ver­sa­til­ity in think­ing and a uni­fied pol­icy of busi­ness prin­ci­ples.”

This is the ‘fake’ proof of pay­ment sent to Sime­lane by si­fiso Dlamini which failed to re­flect on his ac­count for weeks as they said the money was on the way. It was only on 30 Oc­to­ber that an­other pay­ment re­flected in his ac­count.

The real proof of pay­ment which re­flected 22 days after ini­tial fake pay­ment with a dif­fer­ent ref­er­ence was sent. (Right) The proof that Sime­lane trans­fered the amount to JP Mar­kets as well as the ref­er­ence he used which was not his ‘ac­count’.

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