PE man jailed for R13m fraud

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A Port Elizabeth man has been jailed for 15 years for defrauding investors of more than R13m.

John Claasen was sentenced in the city's commercial crimes court on Thursday.

He pleaded guilty to two counts of fraud. Two other charges were withdrawn.

Claasen defrauded dozens of people over a three year period, between 2000 and 2003, when he offered them loans through his business Finplus and another entity known as Celsum.