The case of a widow, Marisa Oosthuizen, in whose favour the high court in Bloemfontein made a ruling just last month, is one of many stories of people who lost everything because of Sharemax. In her case, there was at least some respite.
Oosthuizen was left to look after her two-year-old son alone after her husband, a Western Cape farmer, was killed in a shooting incident.
His life insurance policy paid out R3.4m, of which she chose to invest R2m for the future.
A few months after her husband died, Oosthuizen met with his broker, Jose Francisco Castro. He advised an investment in Sharemax, noting that negative news articles on the company were written by "jealous" journalists whose "criticism did not hold any water".
This was despite Oosthuizen making it clear, according to the judgment, "that she could not risk losing even two cents, as the money was earmarked for her son’s upbringing".
The judge ordered that the broker pay Oosthuizen R2.7m — her initial capital amount, plus interest.
Castro has professional indemnity insurance with Centriq, a Santam subsidiary. Centriq has been ordered to cover nearly R2.5m of the broker’s claim.
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