PE man gets jail time for pyramid scheme fraud

2016-06-17 14:48


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Money is not created out of nothing, someone is losing - expert on MMM

2016-04-14 13:04

Personal finance expert Maya Fisher-French rejects the notion that the now collapsed MMM pyramid scheme was about "community" and "Ubuntu". Watch.WATCH

Cape Town – A Port Elizabeth man who enticed people to invest a total of R5.5m in a pyramid scheme has been sentenced to 10 years in jail, the Hawks said on Friday.

Jacobus Viljoen, 55, was a co-owner of F&J consultants, which defrauded investors between 2006 and 2007, said spokesperson Captain Anelisa Feni.

He persuaded clients to invest money by assuring them they would get returns of between 20% and 30% every month.

The Port Elizabeth Specialised Commercial Crimes court handed down the sentence on Wednesday.

His 10-year sentence was suspended for five years subject to him paying R5.5m to the curator at PriceWaterhouseCoopers in Port Elizabeth, and around R533 000 to the firm, for curator fees, by September 30 this year.

Read more on:    port elizabeth  |  fraud  |  crime

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