Denver is a retired financial advisor. Throughout his 20 years of working at a bank, he gained
Question:
Denver is a retired financial advisor. Throughout his 20 years of working at a bank, he gained the trust of many of his clients. After retiring, some of Denver's former clients reached out to him and requested that he safekeep certain amounts of money for them. Denver currently holds deposits from 10 of his former clients, the deposits amount in aggregate to R100 000.
Determine whether Denver is carrying on the “business of a bank”. Provide reasons for your answer. Refer to relevant legislation in your answer. (10)
2 Mark applied to a bank for a business loan. However, he used the loaned amount to purchase a holiday home. Identify and discuss the type of fraud committed by Mark, and explain other examples of fraud that may occur in the banking world. Refer to relevant case law in your answer.