Cape Town - An alleged bogus JSE investment broker made his second appearance in a Cape Town court on Monday, on embezzlement charges involving six investors and R5.2 million.
Martin Smuts, of Melkbosstrand, appeared in the Bellville Specialised Commercial Crime Court before Magistrate Sabrina
Sonnenberg. The court specialises in serious theft and fraud matters.
Prosecutor Simone Liedeman alleges Smuts developed a fraudulent scheme to obtain money from unsuspecting investors, for his own benefit. According to the charge sheet he allegedly falsely informed investors he was a licensed JSE broker, and could invest in shares on their behalf.
He allegedly duped them into depositing their investments into a bank account in the name of EDI (Pty) Ltd, and then had the deposits transferred into his own bank account.
Smuts faces 21 fraud charges, one of violating the Financial Advisory and Intermediary Services Act, as well as the Banks Act.
At Monday’s proceedings, Liedeman said more charges were likely to be added. At her request, the case was postponed to November 11.
Sapa