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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… LeapRate has learned that ACM Gold, one of South Africa’s leading retail forex brokers, has had its license reinstated by South African financial regulator, the Financial Services Board (FSB).
LeapRate was first to report that ACM had its FSB license suspended to ‘provisionally withdrawn’ by South African financial regulator the Financial Services Board (FSB) back on August 5.
We also provided exclusive coverage of the reason for the suspension – an investigation the FSB has been making (and is still ongoing) into ACM Gold’s introducing broker, Platinum Forex. Platinum is owned and run by popular South Africa pastor Colin Davids (pictured at right), whose assets have been seized during the investigation. South African authorities suspect Davids – who traded (at least some of) his clients’ funds at ACM – of using investor funds to pay for properties, motor vehicles for his wife, and household expenses. The South Africa press has dubbed him the ‘Pyramid Pastor’.
We expect ACM to be making a formal announcement about the reinstatement shortly. The FSB already has uploaded ACM’s new status to its website:
During the past two months ACM Gold was allowed to operate as normal with existing clients, but was unable to onboard new clients. We believe that the situation led to a mad scramble to try and poach ACM Gold IBs and affiliates.
We understand that, following a very extensive investigation, the FSB has been satisfied that ACM Gold was not involved in the Platinum Forex / Colin Davids situation, and it had been operating properly under the rules of its license.