Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
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VBS scandal: six convicted, 35 arrested – and more to come
Authorities have convicted six individuals in the VBS Mutual Bank fraud case, including former executives and municipal officials. However, with 29 accused still on trial and 43 more suspects under investigation, the case is far from over.
Victims of ‘investment’ scam to receive share of recovered funds
Victims of the Ant Ranch scheme will receive a share of the R475 000 held in terms of a preservation order. However, the money may not go far in reimbursing their losses.
Ramaphosa calls on private sector to end appointments of Bain and McKinsey
The Presidency is not happy with McKinsey’s appointment as a supporting partner to the B20 or Bain’s running the Energy Council’s project management office.
State capture: McKinsey reaches settlement agreements with US, SA authorities
McKinsey Africa has agreed to pay $123 million in a deferred prosecution agreement with the US Department of Justice for its role in a bribery scheme involving Eskom and Transnet.
State takes action against ex-SAA audit chair for irregular tender
Yakhe Kwinana has appeared in court charged with fraud for failing to disclose conflicts of interest in an SAA auditing tender.
Betrayal and greed: two chilling cases of insurance fraud-related murder
In one case, a woman orchestrated the killing of her cousin’s partner, and in the other, a couple lured and murdered a man, using his death to stage a life insurance scam.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
Deadline looms for Classic Financial Services’ victims: final call to claim
The liquidators of Classic Financial Services One are continuing with the collection of debts ‘to collect as much funds as possible for the estate’.
R3m fine and 10-year debarment for VBS-linked adviser
The former owner of Gundo Wealth Solutions has been fined R3 million and debarred for a decade for brokering investments into VBS Mutual Bank.
Banxso: FSCA suspends licence and FIC freezes bank accounts
The Authority says its investigation raises concerns about aggressive sales tactics, unrealistic returns, and significant losses by clients.
Former TETA CEO sentenced to 7 years for role in Fidentia scandal
Court finds that Pieter Bothma accepted bribes to facilitate unauthorised investments, laundering millions for Fidentia’s directors.
Steinhoff’s fall: former CFO Ben la Grange sentenced
La Grange was sentenced to 10 years in prison, with five years suspended contingent on his co-operation with the State in future cases involving Steinhoff’s executives.
Total of R5.3m frozen as court issues second order in ‘pyramid scheme’ case
The National Consumer Commission claims the scheme misled participants with false promises of grocery rewards and high returns.
Accidental confession leads to conviction in insurance pay-out murder
A woman and her accomplice were each sentenced to 26 years in prison for murdering her uncle so she could benefit from his life cover.
First Steinhoff conviction: insider trader avoids jail but must testify against accomplices
Dr Gerhard Burger, who travelled with Steinhoff directors to oversee their health, pleaded guilty to three counts of insider trading.
Court freezes R1.5m linked to alleged pyramid scheme targeting vulnerable consumers
Promising groceries in exchange for a once-off payment, WAPH is under fire for violating the Consumer Protection Act with deceptive promises and recruitment incentives.
