A former manager of Pennypinchers has been sentenced to 12 years imprisonment by the Port Elizabeth Commercial Crimes court for fraud and theft.
Captain Anelisa Feni of the Hawks says 48-year-old Raymond Laredo was sentenced earlier this week.
He was found guilty in June on 13 counts of fraud and theft after being accused of having embezzled approximately R1 million from the company.
It is alleged that between 2006 and 2007, Laredo misappropriated funds of the business through unlawfully transferring the money into his personal account.
The Serious Commercial Crime unit of the Hawks began its investigation into the matter in January 2008 and arrested Laredo in September of that year.
