The name of a man who is accused of fraud – Jaco van Heerden (pictured) – has been linked with Oceanfront Financial Solutions (Pty) Ltd, whose licence was provisionally withdrawn by the FSCA this week.
On 13 May, the Authority issued a statement informing the public that the licence of Oceanfront Financial Solutions (FSP number 53826) has been provisionally withdrawn “due to concerns relating to the entity’s conduct”.
According to the FSCA, Oceanfront’s licence was provisionally withdrawn with immediate effect in terms of section 9(3) read with section 9(1) of the FAIS Act.
The effect of the provisional withdrawal is that Oceanfront may not operate as a financial services provider under the FAIS Act and may not render any financial services to clients, or on behalf of any FSP, as described in section 3 of the Financial Sector Regulation Act, until and unless the provisional withdrawal is uplifted by the FSCA.
The statement did not provide any further information about Oceanfront.
However, an internet search dug up two interesting postings.
The first is a company description posted to Oceanfront’s LinkedIn page about a month ago. According to the description, the company – “committed to building relationships based on trust, respect, and integrity” – was founded by “Jaco van Heerden, an experienced executive financial adviser”. Van Heerden’s personal LinkedIn profile confirms his position as managing director of Oceanfront (April 2024 to present). His other experience includes being a director of Medbond Insurance Brokers (August 2018 to April 2024).
In August 2021, the FSCA provisionally withdrew the license of Medbond Insurance Brokers and Medbond Markets (Pty) Ltd. In addition, the Authority warned the public against conducting financial services business with Medbond Fund Managers (Pty) Ltd and Masjamplan (Pty).
At the time, the FSCA stated it had launched an investigation after having received complaints from investors regarding the status of their investments with Medbond Markets and Medbond Insurance Brokers. The Authority further stated that Medbond Fund Managers and Masjamplan were not authorised to conduct financial services business.
Accused of running a Ponzi scheme, Medbond Insurance Brokers was placed under provisional liquidation by the High Court in October last year and underwent final liquidation on 22 January this year.
According to private investigator Sean Pierce of Coast to Coast Special Investigations, there are about 15 cases totalling more than R137 million against MedBond at present.
Out on bail
Van Heerden was arrested and charged on 16 October last year in connection with an allegation of fraud made by his friend, Pierre Scheepers.
According to an article published in the North Coast Courier, the case centres on an investment made by Scheepers in May 2023, following discussions with Van Heerden. Scheepers invested with an associated company, MedBond FX, based on promises of high returns within 30 international banking days. Despite transferring R2.364m, Scheepers has not received any returns.
He filed a fraud case with the South African Police Service at Umhlali on August 18 after his withdrawal request was delayed. The newspaper reports that court documents show that Scheepers’ money was not invested but transferred to various accounts, leaving only R28 659 within 24 hours.
Van Heerden, who denies all the allegations of fraud, was granted bail of R75 000 in November. He was ordered to report to a police station three times weekly and surrender his passport.
In February, amendments were made to his bail conditions. According to the North Coast Courier, he is allowed to travel within KwaZulu-Natal for business purposes, with the condition that he returns home by 9.30pm. However, leisure activities outside the iLembe district are prohibited.
In a recent post on Coast to Coast’s Facebook page, Scheepers wrote they were “in advanced stages with regards to the criminal cases being completed”.
“(We) have had multiple meetings with senior prosecutors and the South African Police. More arrests have been discussed and are in the process of being authorised, as well as multiple criminal cases (have) been put on the court roll soon to be prosecuted and those held accountable. There are many players involved,” the post read.
Van Heerden’s next court appearance is scheduled for 20 May.
