(AP Photo/Denis Farrell, File)
(AP Photo/Denis Farrell, File)

Owners of Durban-based Forex International jailed for fraud 18 years later

By Jolene Marriah-Maharaj Time of article published Sep 9, 2021

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DURBAN: The owners of Durban entity Forex International were sent to jail this week, after being found guilty of fraud they committed 18 years ago.

The National Prosecuting Authority said brothers Peter Henderson, 57, and Louis Henderson, 54, were sentenced to 15 and 12 years’ imprisonment respectively in the Durban Specialised Commercial Crimes Court.

Spokesperson Natasha Kara said the duo were convicted of fraud amounting to about R4.6 million and theft of about R1.6m.

“The brothers operated a Durban-based entity called Forex International which accepted deposits from the public, whilst not being registered to do so.

“They told investors that their investments were guaranteed.

“However, they lost the monies offshore and used about R1.6 million for their own benefit.”

Kara said the offences were committed between 2002 and 2003.

They also were convicted of reckless and negligent trading and contravention of Section 11 of the Banks Act of 1990.

“Peter Henderson was also convicted for failing to comply with a reserve bank instruction.”

She said they were arrested after an investigation by the South African Reserve Bank.

During the trial, 18 investors and a forensic accounting expert testified.

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