Fraudster appeals eight-year sentence for R70m Ponzi scheme

‘INFLUENCED BY ANGER’

- NOMONDE ZONDI

NSIKAYOMUZI Goodman Goqo, a fraudster sentenced to eight years in prison for swindling investors out of more than R70 million, is seeking to appeal his conviction and sentence.

He claims the Pinetown Regional Court's decision was influenced by anger.

Gogo faced over 4000 charges, including fraud and contraventions of the Banks Act. Between 2009 and 2010, he lured over 4000 investors into a Ponzi scheme through his company, Ingede Mineral Holdings, which had offices in Hillcrest, promising a 30% interest over six months on stock exchange investments. Contracts were signed with investors. Before his conviction, he had been out on R50000 bail, which was granted in March 2014.