The Financial Sector Conduct Authority has confirmed that 80 Eight discovered and reported its own 2021 fraud. The clarification follows a recent penalty but leaves sanctions unchanged.
The Financial Sector Conduct Authority issued the update on 22 July after a request from 80 Eight, formerly Ela Asset Management. On 17 July the regulator had announced a R2.5 million administrative penalty against the firm and its chief executive Faadil Moti. It also debarred former employee Mohammed Bashir for 20 years.
The authority stated that the contraventions were self-discovered and reported by 80 Eight in November 2021 before any investigation began. The company said it immediately protected clients, notified banks and insurers, and started remediation while cooperating with the regulator over several years.
80 Eight disputes parts of the findings and the penalty. Its legal advisers are reviewing the decision under the Financial Sector Regulation Act, though the business continues to operate. The FSCA confirmation places the self-reporting on record but does not withdraw or amend the sanctions.
