Who is JP Markets
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’.