Registered users can save articles to their personal articles list. Login here or sign up here

Stringfellow charged with fraud

Granted bail of R20 000.

Financial advisor Thomas Stringfellow appeared in the Specialised Commercial Crime Court Palmridge on Monday morning, where he was formally charged with fraud. His lawyer, Johan Eksteen of BDK Attorneys, confirmed that a formal bail application was brought and Stringfellow was granted bail of R20 000.

Stringfellow faces accusations that he misappropriated large sums of money from clients who placed their money in unregulated investments that he was offering. They were guaranteed returns of 14%.

Read: Well-known financial advisor Thomas Stringfellow arrested

Eksteen said that the matter has now been postponed to September 3 for the state to conduct further investigation. He however declined to comment further on the allegations.

The Financial Sector Conduct Authority (FSCA) has confirmed that it is working with the police on the matter. The regulator has noted that more than R100 million may be at risk.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

AUTHOR PROFILE

COMMENTS   2

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

R 100 million at risk / missing, R 20 000 bail – less than his one way ticket to Australia. ?

Yup – the law really is an ass (or is that ars*). Disgusting doesn’t even come close…

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

SHOP NEWSLETTERS TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2