My e-mail box has been flooded with investors that have invested in the various Sharemax Property Syndication schemes. To save time on replying to each mail this is the process to get your investment back:
1. The Broker that sold the investment should be FSB licensed
2. The broker is responsible under the FAIS Act to give proper advice and should have conducted a
Financial Needs Analysis with you and to insure your risk profile i.e. conservative, moderate or
aggressive and he/she should have given you the investor a record of advice.
3. Sharemax Shares are high risk therefore only investors with aggressive risk profiles should have been
advised to invest in such an investment.
4. Retired Investors in general are normally conservative or moderately conservative investors.
5. Your broker is personally liable for bad advice and under the FAIS Act carries personal indemnity
insurance.
Under the FAIS Act you can approach the FAIS Ombudsman and lodge a complaint against your broker, should the Ombudsman find that your broker did not give proper advice then the Ombudsman will order the broker to repay the investment. This process takes 3 months for the FAIS Ombudsman to investigate and a further 3-6 months for the matter to be addressed.
If you would like assistance I will gladly assist you as follows:
1. Draft up documents for complaint and gather information
2. Assist in lodging the complaint to the FAIS Ombudsman
Fees:
1. Once complaint has been lodged with the FSB an administration of R1000,00
2. 5% of the amount recovered from the broker.
Should you want to proceed I will need the following:
1. Exact date and amounts of investment/s
2. Date of failure to pay income
3. Correspondence between broker/yourself
Alternatively you can lodge a complaint directly to the FAIS Ombudsman contact number:
0860324766
