Former Standard Bank employee debarred after targeting clients and borrowing over R28,000
A former Standard Bank employee has been debarred from working in the financial sector after he sent a client to loan him R1,000.
A former Standard Bank employee has been debarred from working in the financial sector after it was discovered that he used clients' information to borrow over R28,000.
Thapelo Jan Baloyi was appointed by the bank as an independent contractor in October 2022. He worked as a financial planner at the Secunda branch in Mpumalanga.
Baloyi's problems began in July 2024 when a client, identified as TG, lodged a complaint with the bank's forensic department. TG reported that Baloyi had contacted her via phone and WhatsApp, requesting to loan R1,000.
Subsequently, he provided his personal bank account details for the transfer. TG, sensing the impropriety, refrained from making the deposit but was immediately concerned about Baloyi's potential access to her Stanlib Investment account held at Standard Bank.
An investigation was conducted, and the forensic department established that Baloyi contacted TG in July 2024 asking to borrow R1,000 and when TG told him she will report the matter to the police, he deleted the messages. In his defence, Baloyi said he had sent the messages to the wrong person.
Forensic auditors discovered further troubling incidents. Between April and June 2024, Baloyi asked for R2,500 and R1,000 from two other clients.
He also faced allegations of receiving R25,000 from another client in December 2023, which he promised to repay with R5,000 interest within six months—a commitment he failed to honour.
During the hearing, Baloyi confirmed that the R25,000 was paid into his account, and he hasn't repaid it.
In July 2024, Baloyi's activities escalated when he allegedly solicited at least R17,000 from a client with the promise that he will help her daughter to get a job at the bank.
Although attempts were made by Baloyi to have the daughter employed, the client's daughter remained unemployed, and the money has not been refunded.
It was also found that he was conducting a consulting business with some of the bank's clients and also failed to return the bank's laptop, effectively committing theft.
The culmination of these events led Standard Bank to terminate Baloyi's contract in August 2024.
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