[gauteng] - Ponzi scheme pair sentenced to 15 years imprisonment for R64m fraud

  |   Sowetonews / Vereenigingnews / Johannesburgnews

Johannesburg - Two Ponzi scheme masterminds from KwaZulu-Natal have been sentenced to 15 years in prison after they were found guilty on 6024 counts of fraud, the Directorate for Priority Crime Investigation (known as the Hawks) said on Friday.

Hawks spokesperson Captain Lloyd Ramovha said 53-year-old Fakazile Mazibuko from Ladysmith, and 54-year-old Wilson Gazu from Newcastle operated a notorious Trade for Life (TFL) investment scheme in northern KwaZulu-Natal where investors lost more than R64 million.

"The Hawks’ Serious Commercial Crime Investigating unit arrested the pair in 2014 after investigations in consultation with the Reserve Bank revealed that Mazibuko and Fazi unlawfully enticed unsuspecting depositors to participate in their scheme with promises of higher earnings from 2011," he said....

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