Cape Town – A crowdfunding drive has been launched on Thundafund to gather funds to pay a R100 000 fine incurred by investor James Gubb for his Gupta ‘share price art’.
Gubb was fined by the Financial Services Board (FSB) for contravening the Financial Markets Act.
In a statement issued on Tuesday, the FSB said that in late March, Gubb had created a “false and deceptive appearance” of trading activity when he traded shares in Gupta-owned Oakbay between two of his accounts.
When plotted, the share-price graph created the outline of a clenched fist and a raised middle finger.
Now a drive has been started on crowdfunding platform Thundafund to pay Gubb’s fine.
“Our primary objective is to raise the R100 000 required to pay James Gubb’s fine, but [we] have agreed that should we succeed and exceed the fund requirements, we will identify worthy causes fighting to eradicate corruption and donate the balance to those organisations,” said the fund’s starters Linzy Mothusi and Gareth Moll. Read more