Pension fund fraudster to pay back money
A man who master-minded a massive pension scheme fraud has been ordered to pay an R18.6m fine by...
A man who master-minded a massive pension scheme fraud has been ordered to pay an R18.6m fine by the Johannesburg Specialised Commercial Crimes Court.
Peter Ghavalas who engineered the fraud involving Alexander Forbes was given a suspended jail term.
The court said it agreed to the plea-bargain as it needed the money to re-pay pensioners who had lost their life-savings through the scheme.
The Editor of Personal Finance Bruce Cameron said huge sums were involved.
“It is actually a fraction of the money involved and the total amount it was over a billion rand with interest this goes back to the early 1990’s,” said Cameron.