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CDSC employee steals 15m from investors
Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Genghis Capital mentioned in this BD article. Please clarify the CMA claim. Others mentioned include Apex Africa & SIB. Quite sad that this is stemming from CDSC itself. Historically bear markets have a way of throwing up nasty spanners on the works. http://www.businessdaily...0/-/55227xz/-/index.html$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 9/9/2010 Posts: 546 Location: Garissa
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Saw it on business daily. Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
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Rank: Bona-fide Joined: 11/2/2011 Posts: 191 Location: Nairobi
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hisah wrote:Genghis Capital mentioned in this BD article. Please clarify the CMA claim. Others mentioned include Apex Africa & SIB. Quite sad that this is stemming from CDSC itself. Historically bear markets have a way of throwing up nasty spanners on the works. http://www.businessdailyafrica....0/-/55227xz/-/index.html Hisah I can assure you we had no part in this scandal, matter of fact the said offender should be severely punished..rogue traders are killing the trust that we spend eons building between us and our clients..reminds me of the Dry issue a few months ago. What happened to him btw? Anyone know? Follow us on Twitter @genghiscapital
“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.” Steve Jobs,iGenius
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Sure wrote:Saw it on business daily. Should Genghis explained to us how their brokerage firm was used to facilitate this! Also my Standard Investment Bank! I thought this died with Nyaga Stock brokers, now they have gone hi-tech! Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Have you tried logging on to your CDSC account today? is it working?
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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GenghisCapitalLtd wrote:hisah wrote:Genghis Capital mentioned in this BD article. Please clarify the CMA claim. Others mentioned include Apex Africa & SIB. Quite sad that this is stemming from CDSC itself. Historically bear markets have a way of throwing up nasty spanners on the works. http://www.businessdailyafrica....0/-/55227xz/-/index.html Hisah I can assure you we had no part in this scandal, matter of fact the said offender should be severely punished..rogue traders are killing the trust that we spend eons building between us and our clients..reminds me of the Dry issue a few months ago. What happened to him btw? Anyone know? Could you care to explain in detail what happened and how your company got to be "used" by the said culprit... would it be right to allude that your staffers could also be part of this scam?
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Rank: Elder Joined: 9/15/2006 Posts: 3,906
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Really curious this incident. First I have both Thu and Fri Business Daily prints and I can't seem to find the quip anywhere.
Anyway, the article mentions NIC,s Apex Africa, SIB, Genghis, yet the culprit and breakdown of controls is clearly CDSC. How safe are our assets if regulatory bodies can be the harbingers of fraud?
I find it objectionable the attempt at misdirection - Nktt! Perhaps CDSC should also provide names of the banks who held account for the alleged fraudster....
...or similary for that matter, his parents for raising him, and the messenger and cleaner at CDSC who make his sitting place comfortable during the fraud.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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@GenghisCapitalLtd, your response on this matter is very weak and disappointing. The shares were transferred to a CDSC account under you, someone issued an order to dispose of them. Are you telling us that there is no KYC at Genghis Capital and that unknown faces can place sell orders and your staff execute? Your best political response should have been "We are as much concerned about this as you wazuans, we are investigating this serious violation of customer trust and will leave no stone unturned to ensure that the perpetrators of this heinous act are brought to book"
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Echo@GG over to you Genghis capital Ltd..what say you?
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Rank: Elder Joined: 9/15/2006 Posts: 3,906
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@Gordon Gekko @Jamani, yes maybe @GenghisCapitalLtd can provide a better 'political' response.
But as it stands, if the 'devil' walked into any broker claiming to have shares, which CDSC fraudulently verifies as being authentic and domicile in a depository account, it is natural to expect a broker to transact.
Note the story says these shares were 'purchased' and so infringement happened against that different broker - NIC Capital. The only entity that can dispute their validity beforehand would be CDSC.
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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muganda wrote:@Gordon Gekko @Jamani, yes maybe @GenghisCapitalLtd can provide a better 'political' response.
But as it stands, if the 'devil' walked into any broker claiming to have shares, which CDSC fraudulently verifies as being authentic and domicile in a depository account, it is natural to expect a broker to transact.
Note the story says these shares were 'purchased' and so infringement happened against that different broker - NIC Capital. The only entity that can dispute their validity beforehand would be CDSC.
@muganda your theory seems to holds some water but on this one let Genghis Capital ltd explain... they have the facts at hand
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Rank: Member Joined: 9/28/2007 Posts: 45
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We should probably invest in fraud prevention and governance before embarking on vision2030. Kenya is den of thieves... Our stock exchange has been at the centre of fraud and get rich schemes for many years.. From the principal stockbrokers, employees, agents. While the owners of the stockbrokerage firms defraud clients, their staff steal from both sides. You should ask people who asked some prominent firm to invest for them in the early 2000s. Ask a former director of KCB. Fraud and shortcuts is our biggest obstacle to becoming an economic hub. Unfortunately we have no insight 'Mtu anakulia penny anafanya kazi'
What if we devolved the operations of CDSC to the counties to make operators in the stock exchange 'representative of our country's population!!!' haha
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Does CDSC have an FB account or twitter handle? This needs to start trending asap. There is no way an authoritative body can treat this casually, yet they're the prime custodians. This is unacceptable... On twitter the big stick hash tag can be used to get this trending in KE - https://twitter.com/#!/search/%23TwitterBigStick$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Remember it takes two to tango..... and there is smoke at the end of the tunnel.. whats inside??
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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I strongly believe the named brokers have a case to answer too! One does not place an order (buy or sell) through CDSC. CDSC only engages in clearing and settlement of the orders. Therefore, those sons and daughters of b@#$^$#s must have colluded with someone to facilitate the buy/sell orders. Does this have any relationship with my inability to login to my CDSC account or my delayed/missing EA Cables dividends? Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Serious investigations will have some of the employees of the named brokers taken in "to assist police with investigations" ..... login to CDSC doesnt show ones holdings....iko story hapa
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Rank: Member Joined: 9/9/2010 Posts: 546 Location: Garissa
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@hisah How did you hijack this thread? I fear you are one of the experts who hijacked the CDSC accounts. Or can you explain how you did it here. Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
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Rank: Administration Joined: 11/19/2009 Posts: 679
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Dear @Sure, It is customary for us to merge related threads. You will note @hisah's post on this issue was made on a separate thread but earlier than your post, hence the new order. Sure wrote:@hisah
How did you hijack this thread? I fear you are one of the experts who hijacked the CDSC accounts. Or can you explain how you did it here.
The Wazua spirit
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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tajiri wrote:We should probably invest in fraud prevention and governance before embarking on vision2030. Kenya is den of thieves... Our stock exchange has been at the centre of fraud and get rich schemes for many years.. From the principal stockbrokers, employees, agents. While the owners of the stockbrokerage firms defraud clients, their staff steal from both sides. You should ask people who asked some prominent firm to invest for them in the early 2000s. Ask a former director of KCB. Fraud and shortcuts is our biggest obstacle to becoming an economic hub. Unfortunately we have no insight 'Mtu anakulia penny anafanya kazi'
What if we devolved the operations of CDSC to the counties to make operators in the stock exchange 'representative of our country's population!!!' haha Read the story again; right there in para 2 Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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Why is the Genghis guy mum about all this?
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