On Tuesday, the FSB issued a media release warning the public not to conduct business with Nava Shore Holdings, Nava Shore Trading, and David Wil- mot, who is acting on behalf of both companies.
At the time of writing Wil-mot had not responded to a request to comment on the FSB’s media release.
CitiBusiness was first alerted to David Wilmot and Nava Shore in February this year. A reader wrote to inquire about the company. The CEO David Wilmot had allegedly accepted money from an acquaintance of the reader.
A Nava Shore brochure claims: “We specialise in the trading of forex and with more than seven years of experience, have shown consistent and positive results through the period (sic).”
In the brochure’s FAQ section, Nava Shore provides an interesting answer to the question: “What is the maximum I can lose?” It answers: “Our maximum risk levels on any given day are 0.15%. The total number of possible days of trading are 20 days/month. This would mean that 20 consecutive days of loss would result in 3% loss on your total equity. In our years of experience this has never occurred.”
Nava Shore is not registered with the FSB. Thus it would be illegal for it to solicit funds from South African investors.
Nava Shore is a private company registered in Malta. On February 22, CitiBusiness alerted the FSB to Nava Shore. It promised to investigate.
CitiBusiness also contacted Wilmot and asked him what returns he had generated for investors and whether these were independently verified.
Wilmot declined to reveal the returns generated but stated that the company “is audited for the benefit of our shareholders”. Wilmot also denied soliciting funds from the public. He said: “We cannot offer investments to any people outside our own group of associates. We have had enquires from a number of people who wanted to join the group, however, this will not be possible. The company has been registered and the shareholders listed, so any further shareholders would mean that the company would need to go back to the registry office and be amended. This would be a costly and lengthy process, which we have since decided against.”
Wilmot’s activities were also brought to the attention of the Malta Financial Services Authority (MFSA). Wilmot agreed to shut down his website until the MFSA’s enforcement unit has investigated Nava Shore and reached a conclusion.
Dr Anton Bartolo, director of the MFSA’s enforcement unit confirms that the MFSA is currently looking into the nature of Nava Shore’s activities. He also confirms that Nava Shore is cooperating with the process.
“We have already received information and explanations, of information we are reviewing,” says Bartolo.
“On the basis of information available to the MFSA up to now we have not found it necessary to issue a public warning against Nava Shore at this stage. To date the MFSA has no evidence of fraudulent activities.”