Liberty Life financial advisor nabbed for retirement fund fraud

South African Police Service

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Liberty Life financial advisor nabbed for retirement fund fraud
Liberty Life financial advisor nabbed for retirement fund fraud

A 34 year old man appeared before the Palm Ridge Specialised Commercial Crimes Court facing charges of fraud and theft on 14 September 2020.

It is alleged that Mbuso Goodwill Nyathi, a former Liberty Life financial advisor lured a pensioner to invest his retirement funds into Stanlib. He then fraudulently transferred the invested R450 000-00 into his business bank account without the complainant’s knowledge.

The Hawks’ Serious Commercial Crime Investigation received the complaint in September 2018. Further investigation revealed that Nyathi allegedly transferred approximately R200 000 back into the complainant’s bank account. He then handed himself in at the Hawks’ offices in Johannesburg on Monday, accompanied by his attorney.

Nyathi’s fraud and theft case is postponed to the 5 October 2020 for disclosure. He was granted bail of R3000-00.

SAPS Newsroom

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