CARMEL RICKARD: SA doctor off the hook for ‘Ponzi scheme’ — for now
Patients who lost money by investing in their doctor’s scheme will not get justice from the health professions council; the case is beyond its jurisdiction
Suppose a doctor were to give financial advice to patients, suggesting that they invest in his company when he secretly knows it is in a parlous state. Would this be an infringement of the discipline, according to the Health Professions Council of SA (HPCSA)? A recent case suggests not. Dr David Grieve, whose "investment advice" to many patients caused them significant losses, has just won a case testing whether he could be disciplined by the HPCSA. He was to face a complaint of unprofessional conduct for bringing "the good name of his profession into disrepute" by persuading patients or former patients "to invest in a company in which he was a director while he knew … the company was in financial distress". Further, he is alleged to have transferred funds invested in his company into his private bank account, and "conducted himself in a manner that caused financial prejudice to his patients … in that they were made to deposit large sums of money into accounts of companies that were...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.