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Pastor and associate sentenced for R329m Ponzi scheme
Cape Argus
|September 02, 2025
PASTOR Colin Davids and Mr Derek Bredenkamp have been found guilty of orchestrating a multi-million Rand Ponzi scheme by the Specialised Commercial Crime Court in Bellville, Western Cape.
The duo used Davids’ position of spiritual authority to gain the trust of congregants and community members, persuading them to invest in Platinum Forex CC, a forex trading company that was not registered with the Financial Services Board.
According to Christo Snyman, Managing Member at CS Forensics, the scheme began in 2009 when Davids promised investors significant returns. “Initially, while he lost the funds through the forex trading scheme, paying investors with other investors’ funds and enriching themselves,
This story is from the September 02, 2025 edition of Cape Argus.
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