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FSB fines market manipulator trader R2m

Timotheus Pretorius, a derivatives trader and the sole director of Origin SA Limited, which traded as Cortex Derivatives Brokers, has admitted to manipulative trading practices.

According the Directorate of Market Abuse, between January 20 2009 and February 10 2009 Pretorius manipulated the share prices of Beige Holdings and Cape Empowerment Trust. A R2-million penalty has been imposed.

The full determination can be found on the Financial Services Board (FSB) website www.fsb.co.za, under “Enforcement Committee”.

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