The Bloemfontein magistrate's court has sentenced a man to ten years behind bars, suspended for five, for running a bogus investment scheme and fleecing investors of thousands of rand.
Police spokesperson Lynda Steyn said the 29-year-old Lebohang Moopelwa pleaded guilty to conning investors over a period of three months.
She says during the time period from January to March 2016, Moopelwa operated a supposed investment scheme known as 'Piano Investment (Pty) Ltd t/a Binary 24 Investment'.
He operated in and around Bloemfontein and managed to recruit 15 depositors who invested a total of R421 000 after he promised them higher earnings.
Moopelwa disappeared with the money but was arrested by the Hawks in August.
The court convicted him of contravening the Banks Act in that he unlawfully conducted the business of a bank and Contravention of the Financial Advisory and Intermediary Services Act in that he acted as a financial service provider without being issued with the obligatory license.
The 10-year sentence was suspended for five providing he does not commit a similar offence in that period.
- African News Agency (ANA),
