Pastor loses first battle in multi-million rand ponzi scheme matter

Pastor loses first battle in multi-million rand ponzi scheme matter
Pastor loses first battle in the multi-million rand ponzi scheme matter. Photo: SAPS

The Cape Town High Court has on Thursday, 20 April 2017 delivered a judgement in a matter pertaining to Colin Davids, a Pastor turned forex trader accused of running a multi-million rand Ponzi scheme in Cape Town.

In the ruling the Judge conveyed his sympathy to investors who had simply wanted a good return on their hard earned money; he further thanked them for their patience and warned the general public to be wary of similar schemes. The Judge also informed the gallery that the Asset Forfeiture Unit (AFU) had to be lauded for their efforts in seeking the action they took in respect of this matter.

It has been determined that out of over R300 Million that was initially invested in Platinum Forex, only approximately R100 Million remains, and the Court has appointed a Curator to oversee the process of distributing frozen funds to investors.

Meanwhile criminal investigations against Davids by the Serious Commercial Crimes Unit of the Hawks are currently on-going and investigations are at an advanced stage. He remains out on a R100 000 bail after he was arrested on the 22nd of June 2016 on charges of contravening the Financial Advisory and Intermediary Services (FAIS) Act and Banks Act. He is due to make a follow-up appearance in the Bellville Magistrate’s Court on 27 September 2017.

We would like to take this opportunity to urge members of the public not to fall victim to any investments schemes that promise to offer higher than usual returns.

South Africa Today – South Africa News

SOURCESouth African Police Service