Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
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Deepfake deception and social media scams: the seductive face of investment fraud
From impersonating financial institutions to AI-generated videos of trusted figures, fraudsters are exploiting technology and social networks to steal investors’ hard-earned money.
Still scheming? Cobus Geldenhuis caught in new fraud allegations despite debarment
Despite a 20-year debarment, a R143m fine, and even losing a leg in a motorcycle accident, Cobus Geldenhuis is allegedly still defrauding investors under a new alias.
Victims of ‘investment’ scam to receive share of recovered funds
Victims of the Ant Ranch scheme will receive a share of the R475 000 held in terms of a preservation order. However, the money may not go far in reimbursing their losses.
Deadline looms for Classic Financial Services’ victims: final call to claim
The liquidators of Classic Financial Services One are continuing with the collection of debts ‘to collect as much funds as possible for the estate’.
MTI liquidation: a global effort to recover crypto funds from a Ponzi scheme
Leveraging the Model Law on Cross-Border Insolvency, the liquidators co-ordinated with courts in the US, UK, and Australia, setting a precedent for future international crypto claims.
Two ‘enablers’ of BHI Trust Ponzi scheme hit with 30-year debarments
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
Grim outlook for Classic’s creditors – shortfall exceeds R70 million
The second creditors’ meeting will be held on 3 September.
Investors demand justice as alleged ‘Ponzi mastermind’ remains free
Victims of the Classic Financial Services scheme express dismay that director Cobus Geldenhuis remains at large amid accusations of defrauding investors.
Forensic audit traces Classic Financial Services’ missing millions
The joint liquidators have auctioned Cobus Geldenhuis’s residence and taken control of all movable assets belonging to him and his ex-wife, Jackie.
Classic Financial Services director and wife’s R66m gambling spree
The estates of the son and former wife of the director of Classic Financial Services have been sequestrated.
FSCA imposes R143m penalty on Classic Financial Services director, creditors unaffected
Jacobus Geldenhuis misused clients’ funds instead of investing in shares, FSCA finds amidst Ponzi scheme investigation.
