Ponzi scheme used to scam investors
Elderly man guilty of R9 M fraud
IN THE COURTS: The Parow Magistrates Court has found Andrew Paul Futcher (62) guilty of defrauding investors to the tune of over R9.2 million.
The court heard that Futcher engaged himself in an investment fraud scheme from 2010 to 2011.
He operated a Ponzi scheme under the name of Ablaze Trading CC whereby he solicited investments from the public to the amount of over R9.2 million and guaranteed the investors a monthly return of 10%.
He was trading on the stock market via a registered brokerage company DWT Securities.
The court further heard that the accused, after receiving the funds from investors, failed to invest the funds as promised, but he would pay back a portion of the victims’ money with money received from newly duped victims.
He was already sentenced for similar offences in April 2004 to 12 years imprisonment.
The matter was postponed to 2 June 2026 for sentencing and Futcher was released on strict bail conditions.
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