FSB imposes administrative penalties for market manipulation

By Janice Roberts

The Enforcement Committee of the FSB has imposed an administrative penalties on four respondents, for contravening Section 75 of the Securities Services Act, No 36 of 2004 (the Act).

The Directorate of Market Abuse referred the respondents to the Enforcement Committee, for their involvement in an improper or manipulative trading practice in respect of Acc-Ross Holdings Limited shares.  (Acc-Ross Holding later changed their name to Pinnacle Point Group Limited)  Acc-Ross Holdings was and Pinnacle Point is a company listed on the JSE.  The manipulative trading practice was employed from November 2006 to November 2008.

During this period the four respondents, in a greater or lesser degree, participated in the manipulative trading practice.  The Enforcement Committee considered numerous aggravating and mitigating factors specific to the different respondents, and their degrees of participation.

The Enforcement Committee imposed the following administrative penalties on the respondents:

  1. Jacobus Frederik de Beer – R10 million
  2. Johannes Jacobus Verster – R3 million
  3. Mark Howard Weetman – R1 million
  4. Timotheus Pretorius – R1 million
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