J Arthur Brown consulting lawyers after SCA sentencing
The SCA yesterday sentenced the convicted fraudster to an effective 15 years in prison.
CAPE TOWN - Former Fidentia boss and convicted fraudster, J Arthur Brown, is taking legal advice after the Supreme Court of Appeal (SCA) yesterday sentenced him to an effective 15 years behind bars.
Brown was convicted on two counts of fraud related to the Fidentia scandal which blew open in 2007.
When asked whether her client will be handing himself over to serve a 15 year jail sentence, Brown's attorney Kerith Chetty said, "Our legal team is still currently assessing and going through the judgment handed down by the SCA and we are still considering our client's position."
Brown was first arrested in 2007 in one of the biggest financial scandals to hit the country.
He was accused of using investors' funds for his personal gain and faced a raft of serious charges related to the theft of over R1 billion, mostly from the widows and orphans of mineworkers.
But he was convicted on only two counts of fraud for misrepresentations he made in handling investments for the Transport Education and Training Authority as well as during Fidentia's takeover of the Mantadia Asset Trust Company.
The Western Cape High Court gave him a suspended sentence and a fine.
At the same time, the Financial Services Board (FSB) has said it's delighted with the SCA's decision to overturn Brown's original sentence.
The FSB's Dube Tshidi said both the National Prosecuting Authority (NPA) and FSB were not happy with the original judgment.
"If you look back, the FSB and the NPA were quite unhappy about the judgment that was given by the Western Cape High Court because we were convinced Mr Brown indeed misappropriated."
In June, the Western Cape High Court denied the NPA leave to appeal the case after which it lodged an application with the SCA.