WEDNESDAY, 11.00AM
DAVID RICHTER, a former director of defunct stockbroking firm Ed Hern, Rudolf, was on Monday found guilty by the Johannesburg Stock Exchange committee of improper conduct involving R100 000 in investors’ funds.
Rudolf was suspended from the JSE broking community for 10 years, which would fall away if he paid a R150 000 fine. At a disciplinary hearing the committee found Richter guilty on five counts of “committing or attempting to commit an act which is dishonest, dishonourable or disgraceful” involving R100 000, with three of the counts also found to involve fraud.
The incidents took place between January 1994 and October 1995, when Richter was fired after the brokerage was absorbed into BoE Natwest and he was found out.
The punishment meted out is largely symbolic: Richter has not worked as a broker since he was fired, and is unlikely ever again to do so, so the 10-year suspension from the JSE is not likely to affect him, meaning he will never to have to pay the fine.