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Martin Smuts sentenced to 10 years for running bogus investment scheme

Smuts was arrested in November 2014 after investigations revealed he claimed to represent a renowned investment entity listed on the Johannesburg Stock Exchange.

Picture: SAPS

CAPE TOWN - A fraudster has been sentenced to 10 years’ imprisonment for running a bogus investment scheme which swindled victims out of about R6 million.

Martin Smuts was arrested in November 2014 after investigations revealed he claimed to represent a renowned investment entity listed on the Johannesburg Stock Exchange.

The 48-year-old presented himself to prospective investors as the company's broker and convinced them to make deposits into an account he had with the business.

The Hawks Lloyd Ramovha says Smuts then diverted the funds into his own personal account from where he would pay the victims interest on their so-called savings, using their own funds without their knowledge.

“The sentence is, however, suspended for five years. Provided he pays back some of the money on Friday. Should he fail to pay back the money the full 10-year sentence will be effective with immediate effect.”

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