W Cape financial planner faces fraud charges

2014-06-11 20:19


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Cape Town - A former financial planner at Nedbank faces fraud charges for allegedly duping clients into making investments for his own benefit.

Andrew Charles van Reenen, 46, is also charged with money laundering.

He made his first appearance on Wednesday in the Bellville Specialised Commercial Crime Court in Cape Town, where magistrate Sabrina Sonnenberg warned him to appear again on 7 July.

The charge sheet lists four alleged victims.

They are Victor Patrick Fraser, who allegedly suffered a loss of R576 696, Anthony Patrick Bowden who lost R495 000, Sarah Doubell who lost R250 000 and Siyakholwa Ngcambaza who lost R150 000.

According to the charge sheet, the sole purpose of Van Reenen's engagement with Nedbank was to place long term insurance and investments with Old Mutual, Liberty, Momentum, Sanlam and Nedgroup Life.

He was not allowed to receive any money from or on behalf of clients.

The charge sheet says he held two bank accounts with Nedbank, and a third with FNB.

Read more on:    nedbank  |  cape town  |  crime

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