Duped investors to lose millions
May 21, 2012 |
Estelle Ellis |
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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.
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eisleben
You cannot help but fall in love with South Africa. A land full of diversiy. Prostitutes, thugs, criminals, fraudsters, murderers, racists and absolute imbeciles all roam our streets disguised as human beings. People just never learn. Every six month or so there is a fraudulent church or a pyramid scheme that pops up and people always have money to throw at the owners of those schemes. How do I go to Moronville.Report Abuse
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