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Over R1m lost in ponzi scheme

Crime & Courts

Cape Town – An alleged fraudster has been hauled to court over allegations that he’s been running a ponzi scheme in which “investors” lost just over a million rand.

It is alleged between August 2015 and July 2016 Jaco van der Westhuizen, 35, lured unsuspecting members of the public to invest their money with him and promised them higher than normal returns, which never materialised. Investors lost R1 078 600.

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An alleged fraudster has appeared in court over allegations that he’s been running a ponzi scheme in which “investors” lost over a million rand.

Investigations by the Serious Commercial Crime Unit of the Hawks revealed that the accused was not registered in accordance with the Financial Services Board and was thus in Contravention of Section 7 of FAIS Act 2002.

Van der Westhuizen appeared in the Cape Town Magistrates’ Court last Tuesday, and the matter has been adjourned to April 7 pending further investigation.

He has been granted bail of R10 000.

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