Ex-Sanlam financial advisor ordered to repay clients he defrauded
Francois Martinus Labuschagne was arrested in 2017 following a lengthy investigation into fraudulent activities in the Ceres Sanlam branch between 2007 and 2010.
CAPE TOWN - A former Sanlam financial advisor has been ordered to repay more than half-a-million rand to clients he defrauded.
Francois Martinus Labuschagne was slapped with a ten-year suspended sentence in the Bellville Commercial Crime Court this week.
He was arrested in 2017 following a lengthy investigation into fraudulent activities in the Ceres Sanlam branch between 2007 and 2010.
He defrauded more than 30 clients of their savings, amounting to more than R650,000.
Hawks spokesperson Captain Philani Nkwalase says that Labuschagne convinced his clients to withdraw a portion or full benefit from their investment portfolio, promising them he’d re-invest it on their behalf.
Nkwalase says instead he used the money.
“The 10-year sentence is only suspended for a period of five months, on the condition he does not commit a similar offence. A further sentence of 36 months, in correctional supervision, was imposed on him.”
(Edited by Zamangwane Shange)