The Western Cape High Court has placed CFD trading platform Banxso under provisional liquidation, with Judge André le Grange handing down a damning judgment that described the company as operating a fraudulent and predatory business model that preyed on vulnerable investors.
The application was brought by 60-year-old pensioner Carol Margaret Wentzel, who lost more than R500 000 of her retirement savings through Banxso’s trading platform. Wentzel argued that Banxso’s activities were unlawful and void under South African law, and that the company was a criminal enterprise masquerading as a financial service provider.
In his ruling, Judge Le Grange wrote: “On a conspectus of all the evidence, I am…