ARTICLES RELATING TO PONZI SCHEME

Investors may have lost R100 million in a scheme run by a prominent Joburg advisor, who warned them to prepare for a ‘coming crash’

2019-07-15 12:00

Thomas Stringfellow was convinced a global stock market crash was inevitable. Now he is under arrest as regulators are trying to figure out what he did with hundreds of millions in investor funds – and how much may have gone into the local version of sport-wear brand Lorna Jane.

'Africa’s most successful trader' Jacques Magliolo accused of fraud, running a ponzi scam

2019-02-17 12:35

“Africa’s Most Successful Trader" and "international bestselling author" Jacques Magliolo is being accused of fraud and running a Ponzi scheme.

Gorgeous women, Vladimir Putin, and fluffy buzzwords: 6 clues the blockchain project you're thinking about investing in is a scam

2018-07-06 17:41

"Sometimes they'll use models to make fake LinkedIn accounts. When you go to check out who's involved in the company, you'll see photos of all of these beautiful people."

Gauteng firm probed in R1bn crypto scam threatens to sue Hawks

2018-05-28 17:07

A Bitcoin company fingered for an investment scam has threatened to sue the Hawks to retract its statement, but the Hawks are sticking to their guns.

Warning: Ponzi scams still going strong

2018-03-25 22:00

A top official of the Financial Services Board unpacks the latest trends regarding Ponzi schemes, with many unsuspecting people still being conned into investing in these scams.

More MMM victims come forward as losses run into millions

2017-07-20 14:23

Stories shared by numerous Fin24 users tell a tale of loss, regret and disillusionment, with victims losing anything from R500 to a combined toll of R1.3m from a single family group.

MMM victim: I lost R35 000 after system 'froze'

2017-07-12 14:06

A Fin24 user, who wishes to remain anonymous, lost R35 000 between herself and her fiancé from the Ponzi scheme MMM after the account "froze" in April 2016.

Possible Ponzi scheme link in horror Kraaifontein shooting

2017-01-18 15:20

A Kraaifontein mother may have killed her eldest son and herself after losing all her money in an investment scheme that the Hawks are investigating.

WARNING: MMM makes comeback with new currency

2017-01-10 16:02

MMM, the Ponzi scheme that collapsed in SA and Nigeria in 2016, is attempting to reboot its scheme by offering a Bitcoin-based currency to all users around the world.

Sarb warns South Africans of scams

2016-09-06 20:13

The Sarb's new campaign "Easy come. Easy go.' seeks to fight illegal deposit-taking schemes and advance-fee schemes.

 

Furious investors burn alleged Ponzi scheme operator’s home

2019-07-11 16:16

Hundreds of people looted and set alight the family home of a man who operated what is believed to be a Ponzi scheme in Ladysmith on Wednesday.

How to lose $3 billion of Bitcoin in India

2018-08-10 11:41

Accusations of tax evasion and police corruption, a kidnapper who was kidnapped, a fugitive politician, and billions in bitcoin lost. This is crypto-trading Gujarat-style.

Guard your savings: Avoid scams promising to make you richer than Jeff Bezos

2018-07-04 09:48

The returns promised to investors by BTC Global were financially impossible. In fact, not enough money existed in the world for the weekly interest they were guaranteeing.

FSB to start scam adverts

2018-04-08 06:03

Despite the many investment scams that the South African public is falling for, in many cases the Financial Services Board (FSB) finds its hands tied when it comes to protecting the public.

Scores lose in Ponzi scheme

2017-10-23 13:57

Scores of Pietermaritzburg residents may have lost hundreds of thousands of rands in what appears to have been a pyramid or Ponzi scheme.

MMM: I lost R90 000 instead of becoming a millionaire in 6 months

2017-07-14 12:46

Disgruntled former members of pyramid scheme MMM have reported mounting losses to Fin24, with the current tally at R649 000 and set to rise.

SARB took on 27 scams in 2016 - report

2017-05-26 11:53

The South African Reserve Bank investigated 27 money scams in 2016 and resolved 63 probes from previous years, according to the Bank Supervision Department's Annual Report.

Video
The Ponzi Pastor: Who is Colin Davids?

Cape Town pastor Colin Davids, accused of being behind a Ponzi scheme, appeared in the Bellville Magistrate's Court on Wednesday after being granted R100 000 bail last June. Watch.

0 comments6362 Views

How to spot dodgy money schemes

2016-09-16 06:00

The South African Banking Risk Information Centre highlights ways one can spot a money scheme.

Another Belvedere victim: Invested in Kijani, cheated out of life’s savings

2016-07-25 06:49

A Biznews community member's desperate plea illustrates a very important lesson: when dealing with investment advisors, be very careful.

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