After more than four years since his schemes first came to light, Jacobus Stefanus Geldenhuis (pictured) finally appeared in the Ridge Magistrate’s Court last week.
On 4 December, Geldenhuis reportedly handed himself over to the Hawks before appearing in court. He faces charges of fraud and/or theft, contravening section 11(2) of the Banks Act, and contravening section 7(1) of the Financial Advisory and Intermediary Services Act, according to the National Prosecuting Authority (NPA).
Phindi Mjonondwane, the NPA’s regional communication manager, told Moonstone that Geldenhuis’s bail was fixed at R10 000 with no conditions, and the matter has been adjourned to 26 January 2026 for disclosure of the docket.
Investors have long questioned delays in the police investigation.
In July 2023, the NPA confirmed that a criminal case had been opened at Kempton Park Police Station, with Captain SI Mothiba appointed as investigating officer.
Mjonondwane told Moonstone that 19 complainant statements are on file, which will inform the charge sheet.
The collapse of Classic
Classic Financial Services began unravelling in August 2022 when investor Nico Retief lodged a complaint with the Financial Sector Conduct Authority. Retief alleged that Classic’s director, Geldenhuis, was unlawfully soliciting public investments.
The FSCA’s subsequent investigation found that despite being debarred in 2009 for dishonesty, Geldenhuis continued to operate Classic as a Ponzi scheme, misusing client funds for personal gain.
According to an FSCA report released in May 2023, Classic took in more than R617 million from about 1 120 investors between January 2019 and May 2023, with R129.9m still unaccounted for.
During the FSCA investigation, Geldenhuis admitted that Classic’s sole purpose was to steal money, and no client funds had ever been invested.
The High Court in Pretoria issued a final liquidation order against Classic on 30 May 2023, appointing WJ Venter, JA Fisher, and SJ McKenzie as liquidators.
In a March 2024 media statement, the FSCA confirmed that Geldenhuis and Classic contravened FAIS and the Banks Act, operating without authorisation.
Following the FSCA investigation, Geldenhuis was debarred for 20 years and fined R143m.
Geldenhuis: still scheming
Even under investigation, with a 20-year debarment and hefty FSCA fine, Geldenhuis allegedly continued peddling investment schemes.
In February 2025, The Devi Show reported that Geldenhuis, now using the alias Pieter Pretorius and operating via Gorilla Unit Special Ops, was still soliciting investors.
Read: Still scheming? Cobus Geldenhuis caught in new fraud allegations despite debarment
Mjonondwane noted that although videos were submitted to the prosecutor, they cannot be used in court without supporting affidavits.
Liquidation update: first LDA lodged
Earlier this month, the first liquidation and distribution account for Classic was lodged for public inspection at the Master of the High Court in Pretoria and at the Magistrate’s Court in Kempton Park from 28 November to 11 December 2025.
The first LDA is a formal report of assets, liabilities, and proposed distributions, submitted to the Master and creditors. Its purpose is to provide transparency, court oversight, and a snapshot of the liquidation process. Once approved, distributions can begin and future accounts can be benchmarked.
The contents usually include liquidator details, assets, claims, estimated costs, proposed distributions, and any pertinent notes or issues. The account shows what has been realised from assets so far, how creditors will likely be paid, and serves as a reference for subsequent liquidation accounts.
After approval, creditors are notified, disputes can be raised, and distributions proceed according to statutory preference. The process continues with second or subsequent LDAs until all assets are realised and the company is formally dissolved.
Moonstone asked the liquidators for updates on further assets or creditor numbers but received no response.
Creditors had a final opportunity to submit claims by 31 January 2025. A letter from the liquidators dated 28 October 2024 warned:
“Any claims received after 31 January 2025 will not be submitted at the special meeting of creditors and ultimately not be included in the L&D account of the insolvent estate of Classic Financial Services One (Pty) Ltd.”
Grim financial picture
The section 402 report, required under the Companies Act, shows Classic faces a shortfall of R70.4m, with unencumbered assets of R30.7m and possible recoveries of R174m, bringing total estimated assets to R204.7m. Concurrent creditors are still owed R275m, while the South African Revenue Service remains the sole preferent creditor.
The first creditors’ meeting in August 2023 saw 118 claims submitted. A second meeting on 8 October 2023 verified claims and considered resolutions.
The liquidators also launched section 417 inquiries, investigating “various debtors associated with the insolvent estate” to recover funds misappropriated in the Ponzi scheme.
With the first LDA now lodged, Classic’s liquidation is moving into its distribution phase. Investors, who have waited years for closure, face a complex recovery process. Meanwhile, Geldenhuis’s court appearances and ongoing enquiries underscore that justice and restitution in the Classic saga are still a work in progress.
