IRBA bans VBS audit partner, hits him with R10.8m penalties
IRBA imposes a lifetime ban, maximum fines and full cost recovery after finding the VBS audit was riddled with missed red flags and undisclosed conflicts.
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AFU restrains R43.9m in assets linked to alleged investment scam
The NPA says the order follows arrests in a fraud investigation targeting victims across multiple jurisdictions.
Steinhoff fraud cases: fourth conviction secured in South Africa
Former audit executive Hein Odendaal must pay a R2m fine or spend four years in prison following a plea agreement with prosecutors.
AFU secures R11m linked to Foschini impersonation scam
The National Prosecuting Authority says the forfeiture follows an impersonation scheme that led to payments exceeding R22m.
Former Steinhoff director jailed for 5 years in R376m fraud case
Iwan Schelbert admitted to his role in generating a fraudulent invoice that helped to inflate Steinhoff at Work’s accounts.
Customer’s retirement savings targeted in meticulous internal fraud
The consultant bypassed the bank’s two-factor authentication and fingerprint checks to manipulate digital records and drain a client’s savings.
Life sentence for man who killed farmer for insurance pay-out
The court found that Francisco Erasmus befriended an elderly Oudtshoorn couple before plotting a brutal murder to claim life insurance benefits.
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.
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.
