Ricochet News

License for brokers used by SA's youngest millionaire 'temporarily withdrawn'

Aug 27, 2015
License for brokers used by SA's youngest millionaire 'temporarily withdrawn'

ACM Gold, the preferred broker for South Africa's youngest millionaire, Sandile Shezi's Global Forex Institute, has had its licence temporarily withdrawn by the Financial Services Board. 

The Global Forex Institute's website mentions that ACM Gold was its broker of choice. 

However, on Wednesday both Shezi and ACM Gold confirmed the withdrawal of the licence to News24. 

The Global Forex Institute provides training, including free beginner classes, in the trading of currencies.

"They are under investigation and as a result we can't send new clients to them," the 23-year-old Shezi told News24. 

"Until the issue is resolved we are sending our clients to IronFX."

Iron FX is another forex broker and Shezi's site mentions that it is also one of the biggest in the world. 

ACM Gold's spokesperson Robyn Francis said the licence was temporarily withdrawn pending an investigation into a former client of theirs. 

"We are actively working with the FSB. We expect it [the investigation] to be resolved by the end of the week," Francis told News24. 

"As a precautionary measure and as a show of good faith we are not accepting deposits or trades from new clients. This has been the case since we received notice from the FSB. Existing clients have full access to their funds which remain safe and secure."

ACM Gold has several "best broker" awards.