Twins jailed for $2m stock scam

2010-10-23 07:50

Identical twin thieves from New York are headed to prison after scamming more than $2 million (R14 million) from dozens of people by making phoney promises of can’t-lose stock investments.

Makara and Tsele Nkhereanye were sentenced yesterday to between three and a half years and 10 and a half years behind bars. They pleaded guilty last month to grand larceny and other charges.

The twins are American citizens born in California to parents from Lesotho.

Prosecutors say the 39-year-old brothers promised their 40 victims high profits and guaranteed they wouldn’t lose money. But then they lost big and covered it up by using victims’ original investments to pay bogus profits.

Makara Nkhereanye’s lawyer says the two were hoping for a turnaround and “got trapped in their own lie”.

Tsele Nkhereanye’s lawyer didn’t immediately return calls for comment.

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