A former financial service provider at Accredinet Financial Solutions was debarred after she took R300,000 from her cousin’s investment account without her knowledge.
In August 2024, Accredinet made the decision to bar Danielle du Plessis from providing financial services due to her failure to demonstrate honesty and integrity.
She used previously signed documents to carry out a transaction on Mellisa Khan’s Stanlib investment account, transferring R300,000 into her own account and utilising the funds for her personal gain.
The company became aware of du Plessis’s scheme in August 2024 after Khan wrote an email to Accredinet employee, Christine Edwards asking that her cousin is denied access to her accounts.
“Please can you urgently stop any access by adviser Danielle du Plessis to my investments as I have become aware that she has been withdrawing funds from my investments without my knowledge or consent using my electronic signature…
“Danielle du Plessis is my cousin and I trusted her and her financial advice completely, but I have never given her my banking password or pin, nor have I ever used an electronic signature. I became suspicious when I asked her repeatedly for tax certificates that were not forthcoming.
“Furthermore, she advised me to move R300,000 on March 6, 2024, from my Stanlib investment to a new Sanlam Glacier through Accredinet, which I have subsequently confirmed with Sanlam Glacier that such an investment does not exist. I am using this email as I believe that she has hacked my email address as well,” read the email.
Without hesitation, Edwards called du Plessis informing her about Khan’s allegations and during the conversation, du Plessis confirmed that she was related to Khan and said the money was a loan which she intends to pay back.
She went on to explain that she was facing some financial challenges and was looking to purchase a car. Khan agreed to let her withdraw a portion of the R300,000 that was originally meant for investment in the Sanlam Glacier.
She explained that the agreement fell apart after a family matter arose, leading to Khan’s frustration upon discovering that she had taken all the money. Khan then demanded that all the funds be returned within two weeks, a request that du Plessis indicated she was unable to fulfill.
However, her explanation was not satisfactory as Khan never signed the documents releasing the money.
She explained that because Khan lives in Cape Town, she used a standard form which had her signature to make payments into her account.
Following an investigation, Accredinet debarred du Plessis, and she sought relief at the Financial Service Tribunal for reconsideration.
Frans Diale Kgomo, who presided over the hearing, stated that du Plessis was using familial ties as a shield for her claim that she had the right to withdraw R300,000 from Khan’s account based on an alleged verbal consent.
Judge Kgomo stated that du Plessis lacked honesty and integrity by using previously signed forms to carry out instructions on Khan’s account, and additionally, she transferred the funds into her personal account.
“This constitutes sufficient grounds for debarment as it constitutes dishonesty and is not in compliance with provisions of the Financial Advisory and Intermediary Services Act (FAIS Act),” said the judge.
Her application for reconsideration was dismissed.
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