ACM South African broker announced its negotiations with Financial Services Board to reach resolution and necessary requirements to receive its license back.
This August, ACM was stripped of its authorization to provide financial services due to some evidence of the clients and introducing brokers associated with Pastor Colin Davids’ Platinum Forex, which is linked to multi-million rand Ponzi scheme.
According to the latest news and FSB financial advisory press releases, some of Mr. Davids accounts were with ACM, making it a participant in the crime.
Based on South African legislation, ACM is responsible for full compliance of all of its traders and IBs. The questionable trades of Patinum Forex has cast some light on the unfulfilled obligations of the ACM broker to authorize Colin Davids and Platinum Forex.
ACM stated that the broker was not aware of Ponzi-scheme activity and would never endorse such mischief. At the moment the broker is in close contact with FSB to achieve a resolution and regain its position in the trading market.