AUCTION ACHIEVES ‘EXCEPTIONAL RESULTS’

18 Apr

Author: Hedda Mittner

Publications: Hermanus Times

Date Publiched: 18 April 2013

Bidding was brisk when the luxury seafront holiday home and nearby vacant erf of the late businessman Herman Pretorius was auctioned on site in Voëlklip on Friday 12 April.

Infamous for his involvement in the investment schemes that saw many South Africans, including locals from Hermanus, losing millions of rands, Pretorius first shot and killed his business partner Julian Williams before committing suicide in July 2012.

The properties that were auctioned are owned by one of Pretorius’s companies, Hentiq 1803, which was liquidated in the Western Cape High Court in December last year.

Situated at 79 Tenth Street in Voëlklip, the house came under the hammer along with its contents, followed by the auction of the vacant erf at 80 Tenth Street.

There had been a considerable amount of interest in the properties and the open days ……

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Financial Services Sector: get ready to relicense

15 May

Author: Jeanette Clark

Publications: MoneyWeb

Date Published: 15 May 2013

FSB to also have a say in FSP executive management appointment.

……… “Up to now we have ‘failed’ in areas where we actually don’t have jurisdiction,” Tshidi states, referencing Sharemax and Herman Pretorius. “But those things are not in the space of the FSB, at least for now. But, when we move into Twin Peaks, those things will be in our space. If we fail then, then we will indeed have failed,” he said ……….

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Fierce Bidding for Luxury Voelklip beach holiday villa of the late Herman Pretorius

26 Apr

Author: Property Wheel

Publications: Property Wheel

Date Published: 26 April 2013

“Our Group received joint instruction by Mr C F Bester of Progressive Administration and Ms S A M Daneel of Independent Corporate Recovery Advisors, to proceed to auction with this premier sea front designer home and all of its luxurious and décor appointed contents and the record crowd and highly competitive bidding on the day bears testimony to not only the notoriety of the previous owner but also the unique and desirable appeal of the home” says Group Chief Executive Officer, Jonathan Smiedt who conducted the auction.
“We had an unexpected turn out of over two hundred members of the public attending the auction as well as media journalists from various publications, one of …..

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Hermanus ‘Ponzi property’ goes for R16.5m at auction

15 Apr

Author:

The courtyard of the Hermanus property.

The courtyard of the Hermanus property.

Publications: iOL

Date Published: 15 April 2013

A motley group of high-rollers and curious onlookers gathered yesterday to watch – and bid – as the luxurious Hermanus holiday home of a man suspected of running a huge Ponzi scheme was auctioned off as part of efforts to recoup a fraction of the money owed to investors.

ClareMart Auction Group’s executive director, Andrew Koch, egged on prospective buyers before the liquidation auction for the seaside holiday mansion belonging to the late Herman Pretorius.

The Cape Town businessman shot dead his former business partner, Julian Williams, and then turned the gun on himself in a Foreshore office block in July last year, after which his billion-rand business empire came tumbling down.

The Cape High Court had recently found that evidence …..

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Herman Pretorius’s holiday villa fetches R16.5m

15 Apr

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 15 April 2013

Auctioned: luxury, architect-designed property, paid for by Ponzi victims.

JOHANNESBURG – The Hermanus holiday home built by the late Herman Pretorius has sold on auction for R16.5m. Pretorius was the mastermind behind the Relative Value Arbitrage Fund (RVAF), an unregulated Ponzi scheme that solicited an estimated R2.2bn from investors.

On July 26 last year Pretorius shot his former business partner before turning the gun on himself. Pretorius’s personal estate and various entities associated with him have been placed under sequestration or liquidation. One of these entities is Hentiq 1803, a private company which was the registered owner of the Hermanus beach home.

Hentiq’s liquidators, Sandra Daneel and Christian Bester, appointed ClareMart Auction Group to sell the property. The auction took place last week Friday. On Monday it issued a media release announcing the sale.

ClareMart CEO Jonathan Smiedt said: “We had an unexpected turn out of over two hundred members of the public attending the auction as well as media journalists from various publications, one of whom described the event as having a pleasant and festive atmosphere. The bidding on  the home was exceptionally fierce ………

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Pretorius se Tygerbergse kantore opgeveil

14 Apr

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 14 April 2013

KAAPSTAD. – Die kantoorkompleks in die Tygerberg waaruit wyle Herman Pretorius sy berugte beleggingskema bedryf het, word Vrydagoggend om 11:15 opgeveil.

Dié stap om Pretorius se kantore in die Tygerwaterfront in die noorde van Bellville op te veil, kom ’n paar dae nadat sy vakansiehuis op Hermanus verlede Vrydag vir R16,5miljoen opgeveil is.

Die kantoorkompleks is in die naam van een van Pretorius se maatskappye, Slipknot Investments 174, geregistreer. Pretorius was die enigste direkteur van Slipknot 174, en hy het sy sake só gereël dat sy besigheid, Abante Bestuursmaatskappy, die kantore in ’n onderlinge huurkontrak maandeliks teen R65000 …..

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‘Dis net geld…dit was wel nie syne nie!’

12 Apr

Sien die YouTube video

http://www.youtube.com/watch?v=ffRbGRP5iT8

Pretorius-spoghuis haal R16,5 miljoen

12 Apr

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 12 April 2013

HERMANUS. – Die beleggingswendelaar Herman Pretorius se spog-vakansiehuis in Voëlklip, Hermanus is Vrydag op ‘n veiling vir R16.5 miljoen aan ‘n onbekende bieër verkoop.

Nagenoeg 200 belangstellendes het Vrydagoggend by die seefrontwoning in 10de Straat saamgedrom. Ofskoon heelwat van die mense bloot nuuskieriges was, het 35 vooraf geregistreer om te bie om die kans aan te gryp vir ‘n moontlike winskopie.

Enkele van die teenwoordiges was beleggers wat vroeër deur Pretorius ingeloop is. Hulle het kom kyk of daar enige van hul verlore …..

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Goeie prys’ vir Pretorius-huis

12 Apr

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 12 April 2013

HERMANUS. – Wyle Herman Pretorius se luukse vakansiehuis hier in Voëlklip is gister teen ’n “goeie prys” opgeveil.

Neels Erasmus, die man wat bereid was om te bie tot ’n prys van R16,5miljoen, het sy wenkbroue gelig en geknik toe die bod toegestaan word.

Van die inhoud van die huis is deel van die kopie.

Erasmus wou nie met die media praat nie.

Die afslaer, Jonathan Smiedt, uitvoerende hoof van ClareMart, het gesê dit is ’n “lieflike huis” wat teen ’n goeie prys opgeveil is. “Hier gaan dit oor waar die huis geleë is.”

Die dag se gebeure het teen 11:30 in ’n besige gegons ontaard toe al hoe meer mense begin opdaag het by die vakansiehuis wat eens deel ……

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UNDER THE HAMMER

11 Apr

Author: Hedda Mittner

Publications:  Hermanus Times

Date Publiched: 11 April 2013

There has been a lot of interest,” says the executive director of ClareMart, Andrew Koch, in reference to the multi-million rand property of deceased businessman Herman Pretorius.

This luxury seafront home in Tenth Street, Voëlklip will come under the hammer on Friday. In addition, the vacant erf across the road from the house as well as the content of the house will be up for auction.

The property has been on show for the last two Sundays, and interested parties came from far and wide to attend the open house days.

The main house and the guest wing offer a total of five bedrooms, four bathrooms, three living areas, a state-of-art kitchen and various special features, fittings and finishes. Designed by Stefan Antoni Olmesdahl Truen Architects, the house was one of the national winners of the coveted 2011-2012 Corobrik-SASI (South African Institute of Architects) Awards.

According to court documents ……

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Pretorius se huis op Voëlklip lok talle

8 Apr

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 08 April 2013

KAAPSTAD. – Wyle Herman Pretorius se luukse vakansiehuis op Hermanus het ’n “uitsonderlike groot hoeveelheid” nuuskieriges én voornemende kopers gelok wat oor dié duur drumpel gaan loer het.

Die hele kaboedel van die vakansiehuis in Voëlklip – wat die huis en aangrensende woonstel, hul inhoud en ’n nabygeleë erf insluit – word Vrydag deur ClareMart opgeveil.

Jonathan Smiedt, uitvoerende hoof van ClareMart, het gister gesê daar is groot belangstelling in die Pretorius-eiendom.

Die huis is die afgelope twee Sondae vir die publiek oopgesluit en 150 mense het hulself as belangstellendes in die eiendom kom registreer.

“Indien ’n mens in ag neem watter ……

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Pretorius-huis: ‘n “droom met ander se geld”"

2 Apr

Author: 

Publications:  Die Burger

Date Publiched: 2 February 2013

Só lees die glassnybord in die ontwerperskombuis van wyle Herman Pretorius se vakansiehuis in Voëlklip, Hermanus.
Dié huis was Sondag op skou voordat dit op 12 April deur ClareMart opgeveil word.
Mense wat deur die oop deure van die huis in Tiendestraat gestroom het, sommige met kinders aan die hand en van die ander “net om te kom kyk of die matte intussen verwyder is”, was om verskeie redes daar.
’n Egpaar wat sowat R60miljoen ……

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Warning signs of Ponzi schemes: Part 2

22 Mar

Author: Malcolm Rees

Publications: MoneyWeb

Date Published: 22 March 2013

Lessons from Defencex: avoid schemes affiliated with religion, huge returns and friends’ advice.

JOHANNESBURG – The apparent collapse of the 2%-a-day scheme, Defencex, has left a very large, mostly poor, investor base out in the cold.

The Defencex bank account, held in the name of Net Income Solutions, contained R320m at the time it was frozen.

Although it remains unclear how much in total has been collected through the scheme, the sheer size of the account suggests a very large operation which has managed to attract thousands of members .

……… Ponzi schemes are often disguised as legitimate investment operations such as with the massive Bernard Madoff scheme in America or the tragic Herman Pretorius case locally. In an effort to help potential investors identify when they might be falling victim to such schemes Moneyweb asked experts to describe some of the typical red-flags that would be suggestive of a prohibited business practice.

……… Many of the more sophisticated Ponzi schemes are not as bold as to offer returns at levels in excess of 30% per annum. Instead such scheme, as with the Herman Pretorius case, may offer investors high but not extreme levels of profit. These sophisticated operations blend genuine investment or activities with a Ponzi type structure and can stay in operation for extended periods of time, says de Villiers.

 

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Vakansiehuis gou opgeveil

7 Mar

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 19 February 2013

KAAPSTAD. – Die luukse vakansiehuis wat wyle Herman Pretorius op Hermanus laat bou het, word in April opgeveil.

Andrew Koch, uitvoerende direkteur van ClareMart, het gister gesê hy het ’n finale opdrag van die likwidateurs gekry en die huis word op 12 April opgeveil.

Die huis is die eiendom van een van Pretorius se maatskappye, Hentiq 1803, wat op 11 Desember finaal in die Wes-Kaapse hooggeregshof gelikwideer is.

Pretorius het kort voor sy skietdood ……

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FPI probes advisers’ role in Ponzi scheme

24 Feb

Author: Laura du Preez

Publications: iOL

Date Published: 24 February 2013

The Financial Planning Institute (FPI), the body for professional financial planners, is investigating whether any of its members breached the organisation’s code of ethics in advising their clients to invest in the Relative Value Arbitrage Fund (RVAF).

RVAF was found to be a massive Ponzi scheme owing some 3 000 investors R3.1 billion and was placed in liquidation after its founder, Herman Pretorius, shot his business partner, Julian Williams, and then himself in July last year.

Prem Govender, chairperson of the FPI, says the FPI encourages you to use a professional financial planner who belongs to the FPI. The organisation therefore …..

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‘Goeie prys’ vir Pretorius-huis

19 Feb

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 19 February 2013

KAAPSTAD. – Die luukse vakansiehuis wat wyle Herman Pretorius op Hermanus laat bou het, word in April opgeveil.

Andrew Koch, uitvoerende direkteur van ClareMart, het gister gesê hy het ’n finale opdrag van die likwidateurs gekry en die huis word op 12 April opgeveil.

Die huis is die eiendom van een van Pretorius se maatskappye, Hentiq 1803, wat op 11 Desember finaal in die Wes-Kaapse hooggeregshof gelikwideer is.

Pretorius het kort voor sy skietdood ……

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Eers mens, dan wins?

19 Feb

Author: Prof. Dr. ERIK VAN DER STRAETEN

Publications: Landbou.com

Date Published: 19 Februarie 2013

Ek het die meeste artikels gelees wat in Landbouweekblad verskyn het oor probleme met werkers in die Wes-Kaap. Die meeste artikels het dieselfde inhoud, nogal ’n klaerige toon en min deeglike inligting. Dit is meer publisiteit vir die boere se standpunt.

Dit kom daarop neer dat die boere die werkers nie meer kan betaal nie. (Die boere in die Wes-Kaap het nie geld nie, maar genoeg om byna R2 miljard te verloor in die bedrogspul van Herman Pretorius. Al die werkers van Suid-Afrika saam het nie eens ’n tiende van dié bedrag ..…

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Weduwee het nie sê oor boedel

19 Feb

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 19 February 2013

KAAPSTAD. – Die weduwee van wyle Herman Pretorius se maande lange pogings om die bestuur van sy boedel te behou, is gestuit.

Regter Owen Rogers het gister in die Wes-Kaapse hooggeregshof gelas dat Pretorius se boedel voorlopig gesekwestreer word.

Pretorius se weduwee, Susan Ann Pretorius, was tot gister die eksekuteur van haar man se boedel.

Sy het nou geen seggenskap meer oor die R1,7miljoen waarvoor ……

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Dokumente dalk aan weduwee oorhandig

16 Feb

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 16 February 2013

KAAPSTAD. – Het wyle Herman Pretorius dalk graf toe gegaan en “niemand agtergelaat” wat geweet het hoe om miljoene rande wat in oorsese bankrekenings is in die hande te kry nie?

Dié vraag is eergister deur waarnemende regter Owen Rogers in die Wes-Kaapse ……

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Pretorius ‘sal huis nie verkoop’

8 Feb

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 8 February 2013

KAAPSTAD. – Die weduwee van wyle Herman Pretorius het ingestem om nié hul spoghuis in Welgemoed te verkoop nie.

Susan Ann Pretorius, in wie se naam die huis in Van der Graafstraat in Welgemoed geregistreer is, het ingestem om voorlopig nie die eiendom te vervreem nie, waarna regter Lee Bozalek gister ’n bevel hieroor in die Wes-Kaapse hooggeregshof uitgereik het.

Luidens die hofbevel het die voorlopige kurators ……

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Pretorius had spoggerige kantore

31 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 29 January 2013

KAAPSTAD. – Wyle Herman Pretorius se spoggerige kantore, toegerus met net die beste meubels, is nóg waardevolle eiendom wat op die lang lys bates van talle van sy maatskappye verskyn.

Een van Pretorius se maatskappye, Slipknot Investments 174, waarin agt kantooreenhede geregistreer is, is op 21 September verlede jaar voorlopig in die Wes-Kaapse hooggeregshof gelikwideer.

Pretorius se Abante Groep is vanuit dié kantoorkompleks in die South Gate-kantoorpark in die Tygerwaterfront bedryf. Die maatskappy besit ook talle parkeerplekke in die kantoorkompleks.

’n Ondersoek wat in opdrag van die kurators van die RVAF Trust gedoen is, het gewys Pretorius het beleggers se geld gebruik om dié kantore te koop, waarna hy dit as die eiendom van Slipknot Investments geregistreer het. Pretorius was …….

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Makelaars oor Pretorius bekyk

29 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 29 January 2013

KAAPSTAD. – Makelaars wat beleggers oortuig het om hul geld in wyle Herman Pretorius se beleggingskemas te “belê”, gaan deeglik ondersoek word.

Rynette Pieters, een van die kurators van Pretorius se Relative Value Arbitrage Fund Trust (RVAF), het gister bevestig die kurators is besig om die “makelaarskwessie” te ondersoek.

Pieters wou nie in dié stadium meer inligting verskaf nie.

Pierre du Toit van Mostert & Bosman Prokureurs, wat die kurators met hul ondersoek help, het gesê die meeste beleggers het hul absolute vertroue …….

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Eiendomme van R8m. gelikwideer

26 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 26 January 2013

KAAPSTAD. – Die twee ­huise wat Herman Pretorius teen meer as R8miljoen vir sy twee seuns ge­koop het, is nou uit hul hande.

Die finale likwidasiebevel teen die maatskappy in wie se naam die twee eiendomme in Oranjezicht en Claremont geregistreer is, RZT Zelpy 4005, is gister in die Wes-Kaapse hoog­geregs­hof deur waarnemen­de regter Owen Ro­gers toegestaan.

Dit het Pretorius slegs tien jaar – van 2002 tot sy selfmoord in Julie verlede jaar – geneem om sowat R2,2miljard van beleggers af te rokkel.

Bryan Shaw, een van die trus­tees …….

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Investors need to wise up to Ponzi schemes

24 Jan

Author: DAWIE DE VILLIERS

Publications: iOL

Date Published: 24 January 2013

With many South Africans – and retirees, in particular – struggling to make ends meet, they become easy pickings for fraudsters operating get-rich-quick investment scams, also known as Ponzi schemes.

In their search for high returns on investments, South Africans seem to repeatedly entrust their hard-earned savings to operations which, at best, have short-term track records and, at worst, knowingly sell promises that they are unable to deliver on.

Investors buy into these promises without fully understanding how these operators achieve their alleged returns.

Over the past five years, the following schemes – which have had traumatic consequences for unsuspecting investors – come to mind: Fidentia, Leaderguard, Sharemax, King Group, and the Herman Pretorius saga.

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FPI investigates RVAF investment scheme

17 Jan

Author: RISKSA

Publications: RISKSA

Date Published: 17 January 2013

The Financial Planning Institute (FPI) has launched an investigation into possible breaches of its Code of Ethics and Professional Responsibility by members who may have advised clients to invest money in the Relative Value Arbitrage Fund (RVAF) investment scheme.

In July last year, Herman Pretorius, who ran the scheme, fatally shot himself and an associate, Julian Williams, after the Financial Services Board (FSB) announced its investigation of the RVAF. Investors are reported to have lost hundreds  ……….

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Inflasie – Geslepe Sluiper

14 Jan

Author: Hannes Smuts

Publications: PSG Konsult

Date Published: 14 September 2013

Tydens ‘n onlangse gesprek oor hoe duur alles geword het, vertel ‘n kollega dat hy in 1981 R13 700 vir ‘n Mercedes Benz 200 betaal het. Vandag  kos ‘n soortgelyke motor sowat R550 000.

Veral ouer lesers sal waarskynlik elk hulle eie stories hê oor die vernietigende effek van inflasie op die koopkrag van geld. Ek kan byvoorbeeld terugdink aan my dae in standard vyf (1975) toe ek ‘n behoorlike worsrolletjie en ‘n koeldrank of ‘n tjoklit by die snoepie kon koop met 20c. Verder onthou ek dat my ouers in 1977 ‘n huis gekoop het vir R35 000 wat vandag oor die R3 000 000 sou kos.

Toegegee, ons kyk na ‘n tydperk van meer as 30 jaar, maar dis die soort termyn waarvoor diegene wat tussen 60 en 65 aftree, moet beplan. ‘n Angswekkende gedagte?

Daar is waarskynlik niks wat soveel welvaart vernietig soos die eroderende effek van inflasie nie. Welvaart word weliswaar ook vernietig deur opspraakwekkende kulskemas, soos dié van wyle Herman Pretorius, en ander swak beleggingsbesluite. Maar inflasie vernietig welvaart so skelm ….…

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Call for new measures to stop scams

13 Jan

Author: Bruce Cameron

Publications: iOL

Date Published: 13 January 2013

The Association for Savings & Investment SA (Asisa) wants all investment products sold in South Africa to be brought under either an expanded Collective Investment Schemes Control Act (Cisca) or the Long Term Insurance Act.

Adopting either approach is the only way that individuals and companies that have malevolent intentions can be forced out of the shadows, Asisa chief executive Leon Campher says.

Asisa’s recommendation follows ……….

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Moneyweb’s top ten stories of 2012

4 Jan

Mainly dominated by the events surrounding the death of Herman Pretorius

 

Read the full article

2012 in review

3 Jan

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

600 people reached the top of Mt. Everest in 2012. This blog got about 2,500 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 4 years to get that many views.

Click here to see the complete report.

Huis van R40m. word nou verkoop

20 Dec

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 20 December 2012

KAAPSTAD. – Die ultraluukse vakansiehuis wat wyle Herman Preto­rius vir sy gesin in Voëlklip op Hermanus ingerig het, gaan verkoop word.

Rynette Pieters, een van die voorlopige kurators van Preto­rius se Relative Value Arbitrage Fund Trust (RVAF), het in ’n omsendbrief aan beleggers gesê die vakansiehuis op Hermanus is die eiendom van Hentiq 1803, een van Pretorius se maatskappye.

Die kurators se ondersoek na Pretorius se geldsake het getoon dié maatskappye skuld minstens R7,186miljoen aan die insolvente boedel van Pretorius se Seca Trust. Hy het verskeie trusts en maatskappye bedryf en geld is ………..

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Pretorius’s widow responds to curator allegations

13 Dec

Author: Julius Cobbett

Publications: The Citizen

Date Publiched: 13 December 2012

Susan Pretorius, the widow of multibillion-rand pyramid schemer Herman Pretorius, denies that she and other family members are hiding assets.

The late Herman Pretorius’s RFAV Trust owes 3 000-odd investors an estimated R2.2 billion.

The fear that assets might be hidden was raised in court papers by Rynette Pieters, joint curator of Herman Pretorius’s failed R3.1bn investment scheme, the RVAF Trust.

Pieters and her co-curators applied to the Western Cape High Court for an order to freeze certain assets and funds associated with Pretorius and his family. The application ……….

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Herman Pretorius’s widow responds to curator allegations

11 Dec

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 11 December 2012

Susan Pretorius and lawyer deny wrongdoing, oppose application to freeze assets.

JOHANNESBURG – Susan Pretorius, the widow of multibillion rand pyramid schemer, Herman Pretorius, denies that she and other family members are hiding assets. The fear that assets might be hidden was raised in court papers by Rynette Pieters, joint curator of Herman Pretorius’s failed R3.1bn investment scheme, the RVAF Trust ………

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How to spot a ponzi scheme

10 Dec

Author: Dawie De Villiers

Publications:  Sake24

Date Publiched: 10 December 2012

Cape Town – With the global economic slowdown and interest rates at around 5% to 6% investment returns are looking bleak.

With many South Africans, particularly retired persons struggling financially, fraudulent investment schemes, or “Ponzi” schemes have become more widespread, says Dawie de Villiers of Sanlam.

Investors often buy into such schemes without full understanding how such schemes and their operators achieve the promised returns.

These schemes often assure investors of a return far greater to that of the financial market, at low risk.

In the past few years, Sharemax, Fidentia, Leaderguard and those of Herman Pretorius are some of the schemes many unsuspecting investors have been caught out by.

There are however ways for investors to prevent falling ….

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Do you need a financial adviser?

28 Nov

Author: Hamilton van Breda

Publications: MoneyWeb

Date Published: 28 November 2012

South Africans’ reluctance to pay for professional financial advice has a price.

Many investors approach financial service providers directly because they believe they can get a better deal by cutting out the ‘middle man’, the financial adviser. Getting appropriate financial advice is however essential to your financial wellbeing – it mobilises you to take action when needed and helps you manage risks. Why are so many investors hesitant to get professional advice? This disconnect can largely be attributed to a focus on the costliness of financial advice, instead of the actual value of the advice.

Financial advice plays a key role in retirement planning, which is very relevant to South Africa

One of the most critical benefits of sound advice is preparing for a comfortable retirement. South Africans generally save far too little to generate adequate retirement income. This unfortunate situation is fuelled by the knowledge ………

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FSB passes the buck on Ponzi scams

25 Nov

Author: Bruce Cameron

Publications: iOL

Date Published: 25 November 2012

The Financial Services Board (FSB) claims it is not the watchdog responsible for protecting you from scam Ponzi and pyramid investment schemes – and it also claims it is mainly the greedy rich who fall prey to scamsters.

The claims were made this week when the FSB was put on the carpet by the parliamentary finance committee against a background of ongoing scams and imploding so-called investment  schemes in which billions of rands have been lost by investors, many of whom are pensioners.

The losses have been in everything from property syndications to unlisted ……….

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Jurisdiction of the FSB

22 Nov

Author:

Publications:  MOONSTONE

Date Publiched: 22 November 2012

Was it coincidence?

I was working on this article on Tuesday, and on Wednesday saw an article in Sake24 entitled: Finansiële waghond ‘aan die slaap’. According to this report, the members of parliament felt that there was a lack of oversight on the part of the FSB as far as pyramid and Ponzi schemes are concerned.

Very often, the hands of the Regulator are tied, because the products that cause the problem do not fall under its jurisdiction. The most notable recent example was the Herman Pretorius saga.

In a media release on 10 August, in response to other, similar allegations in the media, the FSB reacted as follows:

During May 2011 it was brought ……………

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Finansiële waghond ‘aan die slaap’

21 Nov

Author: Jean-Marie de Waal

Publications:  Sake24

Date Publiched: 21 November 2012

Kaapstad. – Die Raad op Finansiële Dienste (RFD) het gister onder skoot gekom weens wat parlementslede beskou as ’n tekort aan oorsig oor piramide- en Ponzi-skemas.

Gerry Anderson, adjunkregistrateur van die RFD, sê egter die kritiek op die RFD is onregverdig. Op grond van die bestaande verdeling van magte in finansiële oorsig glo hy nie die RFD kon kulskemas soos wyle Herman Pretorius se Abante-trust of die Sharemax-eiendomsindikasie-debakel gereguleer het nie.

LP’s het laat blyk hulle glo die RFD was aan die slaap terwyl dié soort skemas wat ….

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Swierbol se talle paleise

21 Nov

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 21 November 2012

KAAPSTAD. – Wyle Herman Pretorius het spoghuise en ander ­eiendom van R116
miljoen gehad én hy het voertuie vir R4,6 miljoen gekoop.

Hy het
klaarblyklik baie goed vir sy vrou en twee seuns gesorg en ’n
eiendomsportefeulje nagelaat waar die lede van sy gesin in die mees gegoede
buurte van Kaapstad woon.

Dié inligting van die eiendomme en voertuie is
vervat in ’n e-pos wat Pretorius op 2 Mei vanjaar aan Absa gestuur
het.

Die e-pos met ’n lys van tien ­eiendomme en ses voertuie maak deel
uit van die stapel dokumente wat die voorlopige likwidateurs van Pretorius se
maatskappye en trusts by die Wes-Kaapse hooggeregshof ingedien het in die
aansoek om sy bates te bevries …….

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Verskeie trusts begunstig sy gesin

21 Nov

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 21 November 2012

KAAPSTAD. – Wyle Herman Pretorius het oor die jare verskeie trusts gestig om homself, sy vrou, Susan Ann, en hul twee seuns, Christopher en Andrew, te begunstig.

Die inligting oor dié trusts is uiteengesit in ’n beëdigde verklaring van Rynette Pieters, een van die voorlopige kurators van Pretorius se Relative Value Arbitrage Fund Trust (RVAF).

Dié trusts is:

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Weduwee baklei vir ‘haar’ geld

20 Nov

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 20 November 2012

KAAPSTAD. – “Die kontant is myne en ek het die reg om dit terug te kry.”

Susan Ann Pretorius, weduwee van wyle Herman Pretorius, voer aan R55350 wat die balju op 28 September uit haar huis in Welgemoed verwyder het, dui nié op geheime bates nie en sy wil dit terughê.

Sy sê in hofstukke wat verlede week by die Wes-Kaapse hooggeregshof ingedien is haar man het deurgaans in hul getroude lewe aansienlike hoeveelhede kontant in die huis gehou.

“Ek het dit gebruik, onder meer om ons huiswerker te betaal en ook vir ander huishoudelike uitgawes wat van tyd tot tyd opgeduik het.”

Daar is niks mee verkeerd dat sy kontant in die huis het nie. Die geld was in haar besit en behoort aan haar.

Sy noem ook dat sy ’n tuisteskepper is en 31 jaar met Preto­rius getroud was. Sy het sedert 1991 geen beroep beoefen nie.

Volgens haar was sy nie betrokke by die sakebelange van haar man nie. Hoewel sy ’n trustee van ’n aantal van sy trusts ……………

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‘FSB needs more powers to stop bad behaviour’

18 Nov

Author: Bruce Cameron

Publications: iOL

Date Published: 18 November 2012

…….. Momoniat also wants the FSB to be allowed to make on-site visits to unregulated entities that could be operating unlawfully.

(Recently, the FSB did not take pre-emptive action against asset manager, Herman Pretorius who ran a R1.8-billion Ponzi scheme, which has since collapsed, because the FSB  said it was an unregulated product and did not have the powers to intervene. Pretorius fatally shot himself and an associate, Julian Williams, when the FSB did eventually take action.)

Momoniat says he is particularly concerned about how people such as J Arthur Brown in the Fidentia case and Simon Nash (executive chairman of appliance company Cadac) “abuse the legal system to delay their trials”, and also attempt to discredit the regulators in an effort to reduce the charges against themselves……….

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Dwindling Sole Prop Numbers and Rent a KI

16 Nov

Author:  

Publications:  MOONSTONE

Date Publiched: 16 November 2012

Last week, we commented on the fact that there are only 2 492 sole proprietors in the industry, based on the latest FSB statistics.

One reader, speaking from personal experience, wrote as follows:

It is very possible that there has been a reduction in sole props, AND THERE WILL BE MORE. They have not disappeared, but are simply operating through, or off, the back of other intermediaries. This alleviates a lot of the admin and getting the required guarantees, etc. There are many that have merged their books but still manage their own portfolios.

Unless he requests a comprehensive compliance audit of the new business, he has no real idea of what transpired in the past. Even then, there are dangers, such as business transactions not declared in the audit, as we saw in the recent Herman Pretorius saga ……………

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Spog-vakansiehuis ‘met beleggers se geld gebou’

9 Nov

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 9 November 2012

AAPSTAD. – Wyle Herman Pretorius se weduwee en twee seuns sal nié vanjaar vir die feestyd in die gesin se luukse vakansiehuis op Hermanus kan gaan ontspan nie.

Hentiq 1803, die maatskappy in wie se naam Pretorius die eiendom geregistreer het, is gister voorlopig in die Wes-Kaapse hooggeregshof gelikwideer.

Dié spoghuis van minstens R30miljoen is spesiaal gebou vir Pretorius, sy weduwee, Susan Ann, en hul twee seuns, Andrew en Christopher, vir gebruik as vakansiehuis.

Pretorius het rojale betalings gemaak vir die spoghuis en in een geval, op 12 April 2006, ’n enkele tjek van R1,44miljoen aan die boukontrakteur uitgeskryf.

Die erf waarop die huis gebo ……………

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Herman Pretorius: curators seek to freeze family assets

5 Nov

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 05 November 2012

Curators of RVAF pyramid scheme accuse family and lawyer of trying to hide assets.

Curators for RFAV Trust, the scheme run by the late Herman Pretorius, are worried that his family members might be hiding assets. The curators have asked the Western Cape High Court to grant an order to freeze certain assets and funds. They argue that these assets are the rightful property of the 3000-odd investors who placed an estimated R2.2bn in Pretorius’s investment schemes.

Joint curator Rynette Pieters says that without the order “there is a very real fear that the assets will be secreted”.

The application to freeze assets is being opposed by Pretorius’s widow, Susan Ann Pretorius, and her ………

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See The Citizen Online

October 2012 Ponzi Scheme Roundup

31 Oct

Author: Kathy Bazoian Phelps

Publications: The Ponzi Scheme Blog

Date Published: 31 October 2012

South Africa
Investigations are underway regarding allegations that Sharemax Investments committed fraud and operated a Ponzi scheme involving about 40,000 people and R4.5 billion. It is alleged that The Villa, a partially completed retail development near Pretoria, was promoted to investors but that The Villa had no income other than investors’ money.
Herman Pretorius, who took his own life earlier this year, had run a large Ponzi scheme through the Relative Value Arbitrage Fund (RVAF). Curators for RVAF estimate the scheme received R2.2bn from about 3,000 investors. The curator has recently revealed that an Anton Piller order was granted by the High Court against Pretorius’ wife and her two sons to “protect and obtain information relating to the whereabouts of missing funds belonging to creditors/investors. The family is opposing the order

 

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Avoid risky investments

30 Oct

Author: Unknown

Publications: PSG Konsult

Date Published: 30 October 2012

During the last two months, I have had many emotional visits by investors, some of them hoping for some relief in the difficult situations they find themselves in, others looking for a shoulder to cry on.

Most of them lost money in Herman Pretorius’s Relative Value Arbitrage Fund (RVAF).  It was in fact never a fund, but only a private trust.

Some of my friends, who knew that I had investigated the scheme two years ago and recommended that investors should withdraw their money as soon as possible, sheepishly admitted they had not believed me and had invested more money in it.

Some investors had not yet made up the losses they had suffered in other property syndications and had now lost money in the RVAF as well.

After 21 years in the industry, I have seen the same story over and over again.  The same factors were present in every one of the investment schemes where .…

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Regstappe oorweeg oor RVAF-skandaal

29 Oct

Author: ALANI JANEKE

Publications: Landbou.com

Date Published: 29 October 2012

Beleggers wat miljoene ingeboet het weens die RVAF-skandaal oorweeg ’n groepgeding teen die Raad op Finansiële Dienste.

’n Belegger wat sowat R90 miljoen kwyt is weens die beweerde bedrog van wyle mnr. Herman Pretorius se Relatiewe waarde-arbitrasiefonds (RVAF-fonds) sê hy en ’n groep ander beleggers oorweeg ’n groepgeding teen die Raad op Finansiële Dienste (RFD).

Die RFD moes luidens ’n berig in Die Burger sedert Pretorius se skietdood bontstaan aangesien dit onder meer vir die regulering van beleggings aan die publiek verantwoordelik is. Die raad word daarvan beskuldig dat hy nie sy werk deeglik gedoen het nie, maar dit ontken dié aantygings ten sterkste.

Landbou.com het vroeër berig dat sowat 70 beleggers op Donderdag (18 Oktober 2012) in Bellville, Kaapstad ..…

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Fais-ombud besleg 9% van klagtes

28 Oct

Author: Nellie Brand-Jonker

Publications:  Sake24

Date Publiched: 28 October 2012

Kaapstad. – Die kantoor van die ombudsman vir finansiële adviseurs- en tussengangerdienste (Fais) het in die boekjaar tot einde Maart 8 821 nuwe klagtes ontvang, 11% meer as in die vorige boekjaar.

Pravin Gordhan, minister van finansies, het gesê die toename toon dat die publiek wel die diens gebruik, maar dit is ook ’n aanduiding dat finansiëledienstemaatskappye nie kliënte se klagtes oplos nie en hulle hulle gevolglik tot die ombudsman moet wend.

Meer as die helfte van die nuwe klagtes handel oor lang- en korttermynversekering. Sowat 20% het met beleggings te doen. Gordhan het gesê onlangse voorvalle van skurkagtige beleggingsadvies wat die ombudsman gehanteer het, toon watter gevare beleggers loop wat finansiële advies nodig het.

Die skuif na ’n nuwe regulatoriese stelsel sal hopelik ’n ….

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Sharemax-adviseur moet geld terugbetaal

28 Oct

Author: Adri van Zyl

Publications:  Sake24

Date Publiched: 28 October 2012 

Johannesburg. – Nóg ’n finansiële adviseur is deur die ombudsman vir finansiële tussengangers en adviesdienste (Fais) gelas om geld terug te betaal aan ’n afgetrede egpaar wat op sy aanbeveling geld in The Villa-ontwikkeling van Sharemax belê het.

Noluntu Bam, die Fais-ombudsman, het gelas dat Christoffel Johannes Nel R320 000 terugbetaal aan ’n egpaar van KwaZulu-Natal.

Dié egpaar, onderskeidelik 71 en 68 jaar oud, het in April 2010 op aanbeveling van Nel in The Villa belê.

Die bedrag verteenwoordig sowat 50% van hul aftreekapitaal en hulle is van die inkomste daarop afhanklik vir hul daaglikse bestaansuitgawes.

Luidens die klagte wat by die ombudsman se kantoor ingedien is, is The Villa aan hulle voorgehou as ’n “belegging met geen risiko nie wat ’n hoër maandelikse inkomste lewer”.

Bam het bevind dat Nel nie ge­lisensieer was om beleggings in die ongenoteerde aandele en skuldbriewe van The Villa te verkoop nie en ook nie die egpaar bewus gemaak het van die risiko’s van die belegging nie.

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‘Ek het R89 miljoen verloor…’

26 Oct

Author: Jacques Dommisse

Publications:  Die Burger

Date Publiched: 26 October 2012

KAAPSTAD. – ’n Belegger wat sowat R90 miljoen verloor het as gevolg van die twyfelagtige skemas van wyle Herman Pretorius, het pas gesê hy en ’n groep beleggers oorweeg ’n groepregsgeding teen die Raad op Finansiële Dienste (RFD).

Oor sy verlore miljoene sê Mike le Sueur, ’n sakeman van die Strand wat verskeie van sy sake verkoop het om beleggings op advies van ’n “agent” by Pretorius te doen: “Man, ek is nou moeg van die storie en sit vir eers en wag en kyk wat gebeur.”

Le Sueur meen die netto bedrag wat hy by Pretorius belê het, was waarskynlik rondom R60 miljoen, “maar met die rente word ek sowat R89 miljoen geskuld”.

Dit sluit egter ook ander gesinslede se geld in en “ons familietrust”, het hy gesê.

“Wat kan ek sê? Ek voel blerrie sleg daaroor. Tot ’n mate voel  ………

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