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Accountant gets 12 years for R60m investment fraud, money laundering

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Petrus Louw was convicted of 49 counts of fraud, forgery and uttering, and money laundering involving R60.6 million, which resulted in some of the elderly complainants losing all their life and pension savings.

Cape Town – The Bellville Specialised Commercial Crimes Court has sentenced a 67-year-old accountant, Petrus Serdyn Louw, to 12 years’ imprisonment.

Louw was further sentenced to two years’ imprisonment for forgery and uttering, and three years’ imprisonment for money laundering. He practised as an accountant and financial adviser for several investors and entities who had been investing and entrusting him with their funds. Louw had advised them to invest in property developments or in companies like Tomlo Commodities Ltd, Staybond EC, Pholaco Ltd and Umoya Energy.

 

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Lots of cases like this one of late. Isn't there a similar case from somewhere in the North West province?

Starting to lose faith in humanity.

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