Velocity Trade Fraud and Theft Alert to Nedbank and Old Mutual

Open Letter to Nedbank and Old Mutual South Africa.

Thursday, November 27, 2014

Good Morning to y’all

You should all read:

It’s the story of Nick Leeson, Rogue Trader: How I Brought Down Barings Bank and Shook the Financial World.

Now read this:

It still looks good for you guys; you are still tops in South African Finance. You virtually own each other; the Old Mutual being the oldest life assurer, first established if my memory serves me correctly in 1846 under the Chairmanship of one Fairbanks of Freedom of the Press fame way back in South African History.

It’s still somewhat of a puzzle how Nick Leeson got started, much like the missing parts in the story of pending doom that you guys face if you don’t act right away but I think that I have the gist of it now.

I know the overall plan; what I still miss is how the snot-nosed young computer wizards at Velocity Trade work the computer programs to mislead you.

There is of course, a secure line between the JSE computer and the one at the external Trader. I am sure there is no problem with that.

What they are doing with the JSE Data once it is inside their system is what you must look for.

The customers are selected by a process currently unknown to me. I am however positively sure that it is a process of selection because the internal audits of large customers will pick it up on their computers, much like Leeson eventually shot himself in the foot but it was by then too late to save Barings.

I am chipping away on that and will locate it in the case that I am involved in.

What you guys at Nedbank and Old Mutual need to do is to uncover the entire mess before they bring you down.

Ignore this warning if you want to follow Barings down the tubes. The FSB can’t protect the public in this one because the Velocity Traders, decided to do it with CFD derivatives that are not within the regulation powers of the FSB; that was a brilliant move, I must hand it to them.

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