Hawks

Pyramid Mastermind Found Guilty

East London – Jacobus Viljoen, who is in his 55, was sentenced to 10-years imprisonment yesterday (Wednesday) at the Port Elizabeth Specialised Commercial Crime court  for Investment Fraud. Viljoen was a co-owner of F&J Consultants, a pyramid scheme which between 2006 and 2007 defrauded its investors of a total of R6 million.

He enticed clients to invest money into the scheme with the assurance that their money would grow by between 20% and 35% every month. Viljoen was found guilty of Investment fraud which amounts to R5,5 million.  His ten-year sentence is suspended for five-years on condition that he pay R5,5 million to the Curator of PricewaterhouseCoopers in Port Elizabeth.

In addition, he must  pay approximately R533 014-91 on or before 30 September 2016 to PricewaterhouseCoopers for Curator fees.