Duped investors to lose millions
WHILE hundreds of duped investors stand to lose millions invested in a Mossel Bay-based pyramid scheme, five Port Elizabeth investors, who were paid more than their initial capital in interest, have agreed to pay some of the money back to the liquidators.
The five, Etienne Prinsloo, Hester Prinsloo, Stanley Prinsloo, Gert Trytsman and Christo Herselman, who were first sued by the liquidators of Graeme and Erica Minne's estates, counter-sued for their investments but eventually agreed to pay back some of their interest.
The couple ran the scheme involving close to R300-million of investors' money for seven years from their palatial Mossel Bay home before they were shut down by the Reserve Bank.
By then forensic investigators found they were both hopelessly insolvent and had used their close to 700 investors' money to fund their own lavish lifestyle.