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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