But he says those who fell for the company's stories are also gullible.
“Some of us were so gullible, so believing and had so much faith in stories that were crafted in London brought here to confuse us. It is a shame on us.”
He addressed the South African Communist Party (SACP)’s elective conference in Boksburg on Wednesday.
The UK company last week confirmed that its lead partner on the Gupta Oakbay Capital account was sacked and that three others were suspended.