KZN man found guilty of defrauding forex investors

KZN man found guilty of defrauding forex investors

A KwaZulu-Natal businessman is paying the price for deceiving investors.

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The Durban Specialised Commercial Crimes Court has found Hendrik Van Zyl guilty of fraud.

He owns a trading company based in Newcastle - with branches in Amanzimtoti and Ballito.

According to the Hawks, the 59-year-old Jan Hendrik Van Zyl convinced some people to allow him to invest their money in forex and promised them a five percent return.

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After paying out returns on investments for a few months - he apparently stopped.

A case was opened and R4.5 million was recovered and given back to the victims.

He's been sentenced to 10 years imprisonment wholly suspended for five years - provided he's not convicted of the same offence during this time. 

He's also been sentenced to community service and will have to pay back an outstanding amount of R2.4 million in monthly instalments of R 40 000.

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