While the KPMG Audit was being undertaken, the Directors of Leaderguard Securities (The marketing half) and Leaderguard Spot Forex (the currency trading half): Notably
Stephan Pretorius
Basie Venter
Juan Venter
and
Renso du Plessis
all knew that their record of trading contained a false, deceitful and misleading set of results. They claimed that their trading record began in 1997. But as we know Leaderguard Securities (which did some trading) began activities in 2001 while Leaderguard Spot Forex only came into existence in 2003. (There were thus 5 years of generally fake, false, misleading figures).
After the collapse of LSF the principals in a Mauritius court pleaded guilty to the falsification of these records over virtually the entire period of operation 2003-2005.
While the KPMG audit was being undertaken
The Mauritian Financial Services Commission insisted that LSF had exceeded its authority and demanded that investors be repaid their funds. First lists of repayments made were submitted to the commission.
In court Directors Pretorius, Venter and Renso du Plessis pleaded guilty to the charge that some investors on this list had in fact never been repaid.
While the KPMG audit was being undertaken
The Leaderguard swindlers had produced a second list of investor repayments for commission approval. In the Mauritius court in 2005 they, for a second time, pleaded guilty to fraudulently claiming that investors had been paid out, when in fact they had not.
Stephan Pretorius
Basie Venter
Juan Venter
and
Renso du Plessis
all knew that their record of trading contained a false, deceitful and misleading set of results. They claimed that their trading record began in 1997. But as we know Leaderguard Securities (which did some trading) began activities in 2001 while Leaderguard Spot Forex only came into existence in 2003. (There were thus 5 years of generally fake, false, misleading figures).
After the collapse of LSF the principals in a Mauritius court pleaded guilty to the falsification of these records over virtually the entire period of operation 2003-2005.
While the KPMG audit was being undertaken
The Mauritian Financial Services Commission insisted that LSF had exceeded its authority and demanded that investors be repaid their funds. First lists of repayments made were submitted to the commission.
In court Directors Pretorius, Venter and Renso du Plessis pleaded guilty to the charge that some investors on this list had in fact never been repaid.
While the KPMG audit was being undertaken
The Leaderguard swindlers had produced a second list of investor repayments for commission approval. In the Mauritius court in 2005 they, for a second time, pleaded guilty to fraudulently claiming that investors had been paid out, when in fact they had not.
A last comment:
While the KPMG audit was being undertaken
A group of South African brokers visited Mauritius to find out whether KPMG had enquired about the LSF mandate guarantee – that a client could never lose more than 20% of his/her/ investment. A KPMG official reportedly said that they “would close down Leaderguard Spot Forex (should the audit) establish that the company in its trading had exceeded its stop loss mandate.”
Had KPMG so acted, the investors would not have eventually lost 80% of their investments.
KPMG owes every investor an apology.
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