PUBLIC WARNING: Check your financial records if you used 80 Eight or Ela Asset Management

The Financial Sector Conduct Authority (FSCA) has taken action against 80 Eight South Africa, formerly known as Ela Asset Management, one of its key individuals, Faadil Moti, and a former employee, Mohammed Bashir.The regulator says its investigation found that 80 Eight failed to protect clients from financial losses caused by employee theft, fraud and other dishonest conduct. It said Bashir’s misconduct resulted in clients suffering “substantial financial losses”. The documents do not disclose how many clients were affected, how much they lost or whether they have been reimbursed.The FSCA imposed an administrative penalty of R2.5-million, including costs, on 80 Eight and Moti jointly and severally. This is one penalty for which they are jointly liable, rather than R2.5-million each.The penalty must be paid within 30 days of the 17 July order. Interest may be charged on any unpaid amount. Subject to the prescribed reconsideration or review processes, an unpaid order can be filed with a court and enforced as a civil judgment.The company was also directed to prepare and implement, within two months, a policy protecting clients, product suppliers and other parties from losses caused by theft, fraud and dishonest conduct.In a separate order dated Friday, 3 July, Bashir was debarred for 20 years. During this period, he may not provide or be involved in providing financial products or services, act as a key person at a financial institution, or provide services to one through an outsourcing arrangement or otherwise.The FSCA found material contraventions of the FAIS Act, the General Code of Conduct for authorised financial-services providers and representatives, and the Fit and Proper Requirements.What you can doIf you are or were a client of 80 Eight or Ela Asset Management:📝 Check every statement: Compare your investment statements with your bank records and confirmations issued directly by the product provider.🔍 Question missing money: Ask for a written reconciliation if any contribution, withdrawal, transfer or investment balance does not match your records.🏦 Verify payment details: Do not send investment money to a personal or unfamiliar third-party account. Confirm changed banking details independently.📁 Keep the evidence: Save emails, statements, payment confirmations, advice records and messages in case you need to lodge a complaint.☎️ Report concerns promptly: Contact the FSCA on 0800 203 722 or communications@fsca.co.za. Report suspected theft or fraud to the police as well. DM