Jacobus Viljoen (55) was sentenced to 10 years imprisonment on Wednesday, 15 June 2016, at the Port Elizabeth Specialised Commercial Crime court for investment fraud. Viljoen was a co-owner of F&J Consultants, a pyramid scheme which between 2006 and 2007 defrauded its investors of a total of R6 million.He enticed clients to invest money into the scheme with the assurance that their money would grow by between 20% and 35% every month. Viljoen was found guilty of Investment fraud which amounts to R5,5 million. His ten-year sentence is suspended for five-years on condition that he pay R5,5 million to the Curator of Pricewaterhouse Coopers in Port Elizabeth.
In addition, he must pay approximately R533 014-91 on or before 30 September 2016 to Pricewaterhouse Coopers for Curator fees
VIA - saps.gov.za
PORT ELIZABETH - MAN CONVICTED FOR DEFRAUDING R6 MILLION FROM INVESTORS IN PYRAMID SCHEME
Reviewed by Hash
on
June 17, 2016
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Reviewed by Hash
on
June 17, 2016
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