The Bellville Specialized Commercial Crime Court has sentenced Martin Smuts (48), to 10 years imprisonment for defrauding victims in an apparent bogus investment scheme of approximately R6 Million.
Smuts was arrested on 7 November 2014, by the #Hawks’ Serious Commercial Crime Unit after investigations revealed that in the course of 2010 and 2012, he claimed to represent a renowned investment entity, Russelstone EDI, which is listed on the Johannesburg Stock Exchange (JSE).
He deceitfully presented himself to prospective investors, as its’ broker.
On Monday, 11, December 2017 the accused was sentenced on 24 of counts fraud, contraventions of sections of the Banks Act and Financial Advisory and Intermediary Services Act.
Smuts was convicted to 10 years, suspended for 5 years on condition that he repay R2.5 million of which R1 million deposit is done on 15 December 2017, failure of which will mean effective jail term with immediate effect.
South Africa Today – South Africa News
