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Too often they have been unable to gather sufficient evidence to refer to the enforcement division or have been outgunned when trying to take on suspect parties.
Shakong and Boikanyo are both directors of Lefika and have resigned and handed in their trading licenses. The Financial Services Board FSB in South Africa has often been criticised for its inability to prosecute insider trading and market manipulation matters.
A further penalty of R2 million each has been imposed on two of its directors, Tebogo Shakong and Yolanda Rebecca Boikanyo. This was in relation to market manipulation carried out on behalf of two portfolio managers at Argon Asset Management. A quick look at the open matters under investigation would verify this with the most notable being an investigation into possible insider trading at Times Media Group dating back to February This was done in an attempt to create a false market for the shares and create the impression that demand was greater than it was in reality.
This changed on Wednesday when, in rapid succession, the enforcement division delivered two heavy judgments against errant traders.