It was tata ma millions for two national lottery winners when they trusted an accredited Standard Bank financial advisor to invest their national lotto winnings of R27 million.
The two Lotto winners, whose names have been withheld, are in the process of filing papers against Standard Bank in a bid to get their lotto winnings back.
Standard Bank confirms that financial advisor Arno Döckel was in its employ at the time. But the bank claims the deal with the Lotto winners was made in Döckel’s private capacity and it cannot be held liable. The bank says Döckel’s deals fell outside the scope of his employment contract.
“The terms and conditions of his employment contract made it clear that he was only permitted to market a range of approved product categories, which consisted of life assurance policies, unit trusts and other collective investments,” the bank said in a statement.
“(Döckel) was precluded from acting as an intermediary in the sale of either listed or unlisted equities by his employment contract, FAIS and the Stock Exchange Control Act. At no stage did he request permission from Standard Bank to do so. Any such request would have been refused.”
The bank has not pursued any action against Döckel despite the fact that the same contract specifically prohibits its financial advisors from entering into private deals such as those concluded with the Lotto winners while in the employ of the bank. Read moreR
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