Shaun Kenneth Dorning (49), the financial advisor at Momentum Group Limited, was arrested by the East London based Serious Commercial Crime Investigation team of the Hawks in conjunction with Priority Crime Specialised Investigation of the Hawks and National Prosecuting Authority on 29 November 2023 for allegations relating to 30 counts of fraud worth more than R4.7 million.
It is alleged that Dorning was appointed as an independent contractor to provide services to clients to canvass and procure applications for policies and products of Momentum. In the course of his duties, he is reported to have been appointed as a Financial Advisor for Aristopix PTY LTD.
It is further alleged that in 2020, Aristopix directors contacted Dorning seeking payment holiday on the investments held by Momentum. This was reportedly granted and Dorning is said to have advised the company to amend payment method to be cash not debit order to suite the changes of the circumstances where the company directors reportedly accepted the advice.
Dorning is alleged to have misrepresented the directors of Aristopix by sending emails to the financial manager of the company pretending that the bank account number provided by him belonged to Momentum and the payment of more than R4.2 million was paid to the insurer.
After a while, the client, Aristopix allegedly went for a claim with Momentum the insurer. That is when it was discovered that no investments were made whereas payment was made to the insurer as per the account details provided by Dorning. The actual prejudice including interest supposed to be accumulated during the period would have amounted to more than R4.7 million.
The matter was referred to the Hawks for probing that culminated in the arrest of Dorning on 29 November 2023. Dorning appeared in East London Magistrates’ court on the same day and was released on R10 000.The matter is remanded to 07 December 2023 for Regional Court date.