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CDSC employee steals 15m from investors
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hisah
#1 Posted : Friday, March 02, 2012 8:21:25 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Genghis Capital mentioned in this BD article. Please clarify the CMA claim.
Others mentioned include Apex Africa & SIB.

Quite sad that this is stemming from CDSC itself. Historically bear markets have a way of throwing up nasty spanners on the works.

http://www.businessdaily...0/-/55227xz/-/index.html
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Sure
#2 Posted : Friday, March 02, 2012 8:37:22 AM
Rank: Member

Joined: 9/9/2010
Posts: 546
Location: Garissa
Saw it on business daily.
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When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
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GenghisCapitalLtd
#3 Posted : Friday, March 02, 2012 8:41:56 AM

Rank: Bona-fide

Joined: 11/2/2011
Posts: 191
Location: Nairobi
hisah wrote:
Genghis Capital mentioned in this BD article. Please clarify the CMA claim.
Others mentioned include Apex Africa & SIB.

Quite sad that this is stemming from CDSC itself. Historically bear markets have a way of throwing up nasty spanners on the works.

http://www.businessdailyafrica....0/-/55227xz/-/index.html

Hisah I can assure you we had no part in this scandal, matter of fact the said offender should be severely punished..rogue traders are killing the trust that we spend eons building between us and our clients..reminds me of the Dry issue a few months ago. What happened to him btw? Anyone know?
Follow us on Twitter @genghiscapital
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  | | Edit by moderator: Friday, March 02, 2012 10:41 AM | Reason: quote corrected for user
dunkang
#4 Posted : Friday, March 02, 2012 10:24:00 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Sure wrote:
Saw it on business daily.


Should Genghis explained to us how their brokerage firm was used to facilitate this! Also my Standard Investment Bank!

I thought this died with Nyaga Stock brokers, now they have gone hi-tech!
Receive with simplicity everything that happens to you.” ― Rashi

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Jamani
#5 Posted : Friday, March 02, 2012 10:41:55 AM
Rank: Elder

Joined: 9/12/2006
Posts: 1,554
Have you tried logging on to your CDSC account today? is it working?
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Jamani
#6 Posted : Friday, March 02, 2012 10:49:31 AM
Rank: Elder

Joined: 9/12/2006
Posts: 1,554
GenghisCapitalLtd wrote:
hisah wrote:
Genghis Capital mentioned in this BD article. Please clarify the CMA claim.
Others mentioned include Apex Africa & SIB.

Quite sad that this is stemming from CDSC itself. Historically bear markets have a way of throwing up nasty spanners on the works.

http://www.businessdailyafrica....0/-/55227xz/-/index.html

Hisah I can assure you we had no part in this scandal, matter of fact the said offender should be severely punished..rogue traders are killing the trust that we spend eons building between us and our clients..reminds me of the Dry issue a few months ago. What happened to him btw? Anyone know?


Could you care to explain in detail what happened and how your company got to be "used" by the said culprit... would it be right to allude that your staffers could also be part of this scam?
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muganda
#7 Posted : Friday, March 02, 2012 10:55:36 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Really curious this incident. First I have both Thu and Fri Business Daily prints and I can't seem to find the quip anywhere.

Anyway, the article mentions NIC,s Apex Africa, SIB, Genghis, yet the culprit and breakdown of controls is clearly CDSC. How safe are our assets if regulatory bodies can be the harbingers of fraud?


I find it objectionable the attempt at misdirection - Nktt! Perhaps CDSC should also provide names of the banks who held account for the alleged fraudster....

...or similary for that matter, his parents for raising him, and the messenger and cleaner at CDSC who make his sitting place comfortable during the fraud.
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  | | Edit by user: Friday, March 02, 2012 10:57 AM | Reason: Not specified
Gordon Gekko
#8 Posted : Friday, March 02, 2012 11:14:24 AM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
@GenghisCapitalLtd, your response on this matter is very weak and disappointing. The shares were transferred to a CDSC account under you, someone issued an order to dispose of them. Are you telling us that there is no KYC at Genghis Capital and that unknown faces can place sell orders and your staff execute? Your best political response should have been "We are as much concerned about this as you wazuans, we are investigating this serious violation of customer trust and will leave no stone unturned to ensure that the perpetrators of this heinous act are brought to book"
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Jamani
#9 Posted : Friday, March 02, 2012 11:20:31 AM
Rank: Elder

Joined: 9/12/2006
Posts: 1,554
Echo@GG over to you Genghis capital Ltd..what say you?
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muganda
#10 Posted : Friday, March 02, 2012 11:35:10 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
@Gordon Gekko @Jamani, yes maybe @GenghisCapitalLtd can provide a better 'political' response.

But as it stands, if the 'devil' walked into any broker claiming to have shares, which CDSC fraudulently verifies as being authentic and domicile in a depository account, it is natural to expect a broker to transact.

Note the story says these shares were 'purchased' and so infringement happened against that different broker - NIC Capital. The only entity that can dispute their validity beforehand would be CDSC.

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  | | Edit by user: Friday, March 02, 2012 11:39 AM | Reason: Not specified
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