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Bloemfontein court sentences Ponzi scheme fraudster

───   09:13 Wed, 27 Feb 2019

Bloemfontein court sentences Ponzi scheme fraudster | News Article

The Bloemfontein Magistrate's Court has sentenced a man to ten years behind bars, suspended for five, for running a bogus investment scheme and fleecing investors of thousands of rand.


In a statement on Tuesday, police spokesperson Lynda Steyn said 29-year-old Lebohang Innocent Moopelwa pleaded guilty to conning investors over a period of three months. 

"During the time period from 2016-01-18 until 2016-03-25, Moopelwa operated a supposed investment scheme known as “Piano Investment (Pty) Ltd t/a Binary 24 Investment” in and around Bloemfontein, in which he managed to recruit fifteen depositors who invested a total of R421 000 after he promised them higher earnings on their capital," Steyn said.

Moopelwa disappeared with the money, but was arrested by the Hawks' Commercial Crime investigating unit last August.

"The court convicted Moopelwa of contravening the Banks Act – in that he unlawfully conducted the business of a bank and Contravention of the Financial Advisory and Intermediary Services Act – in that he acted as a financial service provider without being issued with the obligatory license," said Steyn.

The ten-year sentence was suspended for five providing he does not commit a similar offence in that period.


African News Agency (ANA)

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