Accountant Petrus Louw sentenced to 12 years for fraud
Louw forged bank statements and provided clients with falsified documents.
CAPE TOWN - An accountant and financial advisor from Porteville in the Western Cape was convicted and sentenced after pleading guilty to 51 charges of fraud.
Petrus Louw appeared in the Bellville Specialised Commercial Crimes Court on Thursday.
Louw, a director of Louw & Cronje Inc. Chartered Accountants and Auditors Trading, acted as an accountant and financial advisor for several investors between July 2017 to March 201.
Petrus Louw embezzled more than R60 million.
Louw told his clients their money would be invested for a better return.
He however forged bank statements and provided clients with falsified documents.
When investors failed to receive their returns, a case was opened.
Louw was arrested in November last year on 51 counts of fraud, forgery and money laundering.
Louw was subsequently sentenced to 12 years direct imprisonment.
He was also declared unfit to possess a firearm.