File: A computer screen flashing the words "Scam Alert". AFP/Tony Karumba
JOHANNESBURG - The Financial Sector Conduct Authority (FSCA) has unleashed one of its largest penalties.
It has slapped trading platform Banxso with a staggering R2 billion fine.
Adding to this, the company's directors have been banned from operating in the industry for 30 years.
They have also been fined a R51 million.
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According to FSCA Banxso allegedly lured investors and promised them rich returns and then swindled them off fortunes.
The FSCA says Banxso provided clients with misleading information and contravened a number of laws.
The fine is based on the financial benefits the company and its directors derived.
FSCA has now referred the matter for criminal investigation and says it will work with law enforcement authorities.