One of the complainants during the 1998 general investigation was Mr Sem (Sem). The BPC again received a complaint from him and on 7 September 1998 the BPC referred his complaint to Mr William Pietersen of FRF. On 23 September 1998 FRF (6) responded and said:

"Please obtain the information as a matter of urgency to enable us to finalize the audit as we had no response from the client".

The information required were the "... interest rates from 25 July 1996 to 23 March 1993, a copy of the granting of the loan, a copy of the first mortgage bond and a copy of the original contract". On 7 October 1998 the BPC wrote to G Friedman of FRF informing him that Sem alleged that he had already furnished the required information. Sem also stated in his letter that "... they told me that they could make my bank repay me for the bond money that they are owing me". On 23 October 1998 FRF was sent a reminder to respond to the complaint of Sem.

The directors of FRF were also informed on 7 October 1998 by the BPC that it resolved at its meeting on 1 September 1998 to undertake a section 4(1)(c) investigation (7) into the business practices of FRF. Since then the BPC received a steady flow of complaints against FRF.

Gro, in an undated letter, said: "Regarding Financial Research Foundation’s business practices, I myself am one of the people they conned in their recovery of so-called overcharged interests charged by our banks. Attached are copies of my dealings with this crowd. I am also including other information, such as telephone and cell phone numbers, I’m not even sure if all are still operational. As I understood they will open an office and not pay the rent and then move off to new premises". The crux of the complaint by Gro was that the contact agreement "... for solving my interest rate query was 3-6 months. It is now 8 months and you have not achieved anything. You have not kept your side of the contact and when I spoke to Mr Friedman earlier this week he threw the phone down". A complaint by Dav was received on 28 October 1998. He alleged that he paid R1 200 to FRF during 19% and received no results. Attorneys on the behalf of Bra alleged that their client paid R4 500 to FRF during August 19% but subsequently received no signs of finalisation of the matter. On 21 February 1999 Ms Her complained that she paid RI 500 to FRF during August 1997. Since then: "I have phoned them literally hundreds of times, written letters, sent faxes, supplied all the information they asked for and more. Over time I have come to realise that we have been defrauded out of our hard earned money. They keep changing their phone numbers, moving offices and even when I track them down they never return phone calls".