FSCA fines investment adviser R4.1 million after trading clients' funds without authorisation
The FSCA has imposed a R4.1 million administrative penalty and a 25-year debarment on Johannes Lodewicus Du Plessis over unauthorised share trading and documents that allegedly misrepresented his relationship with Sanlam Private Wealth.
The Financial Sector Conduct Authority (FSCA) has fined investment adviser Johannes Lodewicus Du Plessis R4.1 million for trading clients' funds without authorization and misleadingly representing his relationship with Sanlam Private Wealth. Du Plessis was found to have traded equities on behalf of clients through Sanlam Private Wealth's iTrade platform between June 2022 and November 2025.
Additionally, he distributed documents bearing Sanlam's branding, falsely implying his authorization as an SPW representative, when he had not been appointed to that role. The regulator concluded that Du Plessis provided discretionary intermediary services without proper authorization and provided false information during the investigation.
For these oversights, Du Plessis received an administrative penalty of R4.1 million and a 25-year ban from the financial services industry. The FSCA appointed an attorney, Aubrey Magerman, as curator over Du Plessis' financial services business, with the process nearing completion. Du Plessis' clients are urged to contact Magerman to have their claims assessed.
The FSCA plans to inform the South African Police Service (SAPS) about the matter and will provide assistance if required.
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