A Wellington investment portfolio manager appeared in the Bellville Specialised Commercial Crime Court on Tuesday on a fraud charge involving R1.6 million.
Reginald William Lynton Rabie, 44, previously employed by Sanlam Private Investments (SPI), was not asked to plead when he appeared before magistrate Amrith Chabilall.
Prosecutor Ezmarelda Johnson told the court the State had no objection to Rabie's release on R14,000 bail.
According to the charge sheet, Rabie's responsibilities as portfolio manager included managing and creating wealth for SPI's clients.
Rabie apparently bought a de-registered investment company, iBear Global Investment Strategies (IGIS). He then allegedly falsely informed an SPI client, Albertus Vermeulen, that SPI permitted him to retain his own private clients and do business with them through IGIS.
Vermeulen wished to invest R1.6 million in shares on the Johannesburg Stock Exchange and Rabie apparently persuaded him to do so via IGIS rather than Sanlam.
Johnson alleges that neither Rabie nor IGIS were registered financial service providers, and that their dealings with Vermeulen were therefore unlawful.
She alleges that Rabie failed to invest Vermeulen's R1.6 million with the JSE and used the money for his own private purposes.
The trial will resume on October 20. - Sapa