Former Sanlam financial advisor gets suspended sentence for fraud
Francois Martinus Labuschagne was arrested in January 2017 following a six-year investigation into fraudulent activities in the Ceres Sanlam branch.
CAPE TOWN - A former Sanlam financial advisor Francois Martinus Labuschagne has been slapped with a 10-year sentence for fraud and forgery.
The 51-year-old man was sentenced in the Bellville Commercial Crimes Court this week, where the sentence imposed was wholly suspended for a period of five years on condition that he's not found guilty of similar offences.
He was arrested in January 2017 following a six-year investigation into fraudulent activities in the Ceres Sanlam branch between August 2007 and January 2010.
The Hawks' Philani Nkwalase says the man defrauded more than 32 clients of their savings amounting to over R650,000.
“Added to his sentences, the court has ordered him to repay over R500,000 from his pension and the balance of the misappropriated funds to be paid in instalments.”
(Edited by Shimoney Regter)