Many of its members lost a great deal of money to the fraudulent scheme. We'll Contact You! Members Lose Money Members were eventually able to register claims to the money they invested and lost in the scheme for a limited period of time. Already a client?
This field is for validation purposes and should be left unchanged. Need help getting rid of your debt? We are currently experiencing technical difficulties with our telephone lines. While our technicians are working on the issue, you may contact us on It has been promoted as a way of lifting people out of poverty.
This report was made to the Financial Intelligence Centre. Furthermore, the activity suggested that Net Income Solutions and Chris Walker were not reinvesting the funds deposited and outflows from the accounts did not appear to be into investment accounts. What this means….. But it will take more than just facing a handful of investors who invested up to Rm in the alleged scheme. Investors were up in arms when news broke that the bank account of Net Income Solutions had been frozen on February There was Rm in the Standard Bank account at the time.
According to Gavin Came, chairperson of the Financial Intermediary Association of South Africa, Walker can only soothe investor fears by appearing at the court return date on March He said the only institutions authorised to take deposits are banks, collective investment schemes unit trusts and stock broking firms through stock broking accounts.
If he can convince the court on March 26 that he is not a bank, the scheme could be in business again, which is unlikely. They could enhance these returns by earning commission on the amounts invested by people they in turn introduced to the scheme. Another worry is the level of financial literacy of investors, judging from the posts on Facebook and Twitter.
Further browsing of the site brings up a Financial Opportunity which outlines how Defencex works and the navigation button Getting Started instructs investors how to deposit money.
Defencex punts itself as an online investment company that allows you to "grow your profits by learning to compound your daily profits". It goes on to encourage clients to "invest their money for cash-flow as opposed to invest for capital gains. Cash-flow investing is the best because you enjoy your account returns for a lifetime," the company says.
Although the Defencex website is still there, members have vented their frustration that they cannot enter the Member login. Can't even get into the website ," sic another said.
Walker calls for calm and support, following a vague, brief explanation. To this the crowd murmured in support. Defencex does not pay tax, he said, but Net Income Solutions does.
Support was clearly granted. Net Income Solutions, or Defencex, is a scheme that has attracted hundreds of millions of rands from a yet-unknown, but certainly large, number of people.
When the freezing order was granted, the account held about Rm. The total amount deposited by Defencex members has not yet been revealed. This means it is not clear whether Net Income Solutions has enough money to repay all of its members. The contact email is a g-mail address. Defencex website Defencex punts itself as an online investment company that allows you to "grow your profits by learning to compound your daily profits".
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