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Jpmarkets ; Jpmarkets Liquidation ;
FSCA on the 10th of September, 2020 issued a warning to the entire public. This warning goes majorly to clients of jpmarkets. The broker has been liquidated. However some individuals has been sending messages to the clients of jpmarkets. Asking them to pay certain amount of money; In other to withdraw their money. On this note, FSCA made public announcement.
If you have been keeping your money in the bank; That’s not a good option. Do you want to multiply your money in a legitimate manner; That’s a fantastic idea. However, you have to be careful because the forex, binary options and crypo currency industry is full of scammers.
BUT DON’T PANIC BECAUSE WE ARE HERE TO GUIDE YOU.
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Brief history of jpmarkets.
Recall that this broker is previously a reputable forex trading plartform in Johannesburg; South Africa. It has offices in different parts of South Africa as well as beyond. There offices are in Johannesburg, Polokwane, Bloemfontein, Cape Town and Pretoria; As well as in eSwatini, Kenya, Pakistan and Bangladesh.
This broker was established in 2016. Meanwhile it has one Justin Paulsen as the founder and CEO.
The financial services conduct authority (FSCA) says that following completion of investigations against Jpmarkets; Their license is automatically withdrawn.
Therefore, investors are taking a big risk while doing anything with them.
Why this Jpmarkets liquidation?
The action against Jpmarkets is in accordance with the
statutory power in section 38B of the FAIS Act. According to FSCA, this is the first time of implementing this act. The section allows the Authority to launch liquidation proceedings. Especially if it considers that the interests of the clients of a financial services provider; Or of members of the public so require.
In the case of jpmarkets, the liquidation order was by Gauteng High Court.
The liquidation application was granted on September 7. After the Financial Sector Conduct Authority (FSCA) had filed an urgent application with the High Court to liquidate JP Markets; And its bank accounts frozen.
What’s the current situation.
The essence of this public warning by FSCA is because; Scammers are asking clients of jpmarkets to provide some money in other to recover their money. However, we encourage everyone to be calm. If anyone wants to request refund; You should do it in a reliable company like mychargeback.
Moreover, FSCA promises to do everything possible to ensure that these clients recover their money.
And if you do; We hope you invest in a broker with good reputation; And regulations like pocket options
Justice Gilbert, who heard the application, appointed Corné van den Heever and Tebogo Malatjie as JP Markets’ joint liquidators. This is in terms of the Financial Advisory and Intermediary Services (Fais) Act.
“The respondent is placed under final winding-up in the hands of the Master of the High Court; Johannesburg in terms of the Fais Act. The applicant’s costs, including any previously reserved costs, are costs in the winding-up of the respondent,” he said.
In addition, Justice Gilbert pointed out that JP Markets only filed its application for a licence on the eve of the FSCA’s liquidation application; While it had 16 months to do so.