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Investor claims victory in alleged Ponzi scam

Church leader David Cupido Picture: African News Agency (ANA) Archives

Church leader David Cupido Picture: African News Agency (ANA) Archives

Published Aug 30, 2018


Cape Town - The victory of a Kraaifontein investor over an alleged Ponzi scheme mastermind, Touws River pastor David Cupido, may spur more to come forward, the Hawks said.

Kraaifontein resident Christopher Martin took Cupido to court and was awarded over R16 000 by the small claims court in Bellville.

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Martin invested in Cupido’s 4th Power Investments in 2016, but had received no dividends and upon consulting with experts on forex trading, was informed he had been duped.

Hawks spokesperson Philani Nkwalase said investors in Cupido’s 4th Power Investments were located far and wide, and Martin's victory could mean more investors opening cases.

The Hawks themselves were considering subpoenaing investors, he said. “The case is ongoing and far from closing, but our investigators have found that investors were far and wide in the Western Cape, also in the Eastern and Northern Cape.

"This has meant we are unable to ascertain the exact amount accumulated and we don't want to exclude any potential victim from the investigation.”

Cupido had promised to pay investors interest as high as 440%, but stopped paying after his offices were raided by the Hawks in December 2016, freezing his bank accounts for accepting cash deposits while not being licensed with the Financial Services Board.

De Doorns and Touws Rivier residents held marches to demand the Hawks drop its investigation and that 4th Power Investments' assets be unfrozen for their dividends to be paid out in time for the holiday season.

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Martin said he had no other choice but to take the pastor to court, as the ordeal had caused strain in his marriage, having sold his wife’s car to raise the capital for the investment.

“I believed they were people of faith and the more I questioned, the more deadlines changed, the more I was avoided.

"I have won my case and over three months Cupido must repay me my investment and my legal costs.

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"The commissioner also said that if one payment is skipped I should approach the clerk of the court for a summons to have his personal items, including his car seized by the sheriff of the court,” he said.

Attempts to contact Cupido, his wife or 4th Power Investments spokesperson Ronel Pullin were unsuccessful by deadline.

[email protected]

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Cape Times

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