The FSCA is investigating CoCre8 Wealth (Pty) Ltd FSP 48408, CoCre8 Gold (Pty) Ltd, Mr George Fredrick Meyer, Mr Jacques Vernon Fox and Mrs Susanna Johanna Meyer
The Financial Sector Conduct Authority (FSCA) informs the public that it is currently conducting an investigation in respect of the persons mentioned below (the investigated parties):
- CoCre8 Wealth (Pty) Ltd (CoCre8 Wealth) and its sole director and key individual, Mr George Fredrick Meyer (Mr Meyer), and
- CoCre8 Gold (Pty) Ltd (CoCre8 Gold) and its co-directors, namely, Mr Jacques Vernon Fox (Mr Fox) and Mrs Susanna Johanna Meyer (Mrs Meyer).
CoCre8 Wealth is an authorised financial services provider (FSP) with FSP No. 48408. CoCre8 Gold is not authorised as an FSP.
The FSCA received complaints from clients of the investigated parties that investments were allegedly presented to them as low-risk investments with high guaranteed returns.
However, the complainants allege that they incurred losses on their investments. The purpose of the investigation is to establish whether the investigated parties contravened any financial sector laws, including section 7 of the Financial Advisory and Intermediary Services Act No. 37 of 2002. The investigation is on-going and the FSCA emphasises that it has not made any findings yet. The FSCA will update the public on the investigation in due course.
It has come to the attention of the FSCA that some clients have instituted proceedings for the liquidation of Cocre8 Gold. Furthermore, the FSCA has been informed that the same clients have laid criminal charges against Mr Meyer, Mr Fox and Mrs Meyer.
To avoid unnecessary risk, the public should treat any offer of unrealistic returns or any claim of guaranteed returns with suspicion
What is Fraud? “Fraud” is any activity that relies on deception in order to achieve a gain. Fraud becomes a crime when it is a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment” (Black’s Law Dictionary). In other words, if you lie in order to deprive a person or organization of their money or property, you’re committing fraud.