Cape Town ex-pastor and co-accused jailed for nine years for R329m Ponzi scheme

A DECADE after their Ponzi scheme ground to a halt, Cape Town ex-pastor Colin Davids, 58, of Platinum Forex CC and his co-accused, Derek Bredekamp, 59, were each sentenced to nine years’ imprisonment for financial fraud.

- MERCURY CORRESPONDENT

Davids and Bredekamp appeared at the Bellville Specialised Commercial Crimes Court this week, where they were sentenced after being convicted on a myriad charges, which included soliciting investments worth R329 million from the public.

Hawks spokesperson, Zinzi Hani, confirmed that the sentences were handed down following their conviction on June 10.

The case has been ongoing since 2015.

“In 2015, the Western Cape Division of the High Court in South Africa, Cape ‘Town, granted the preservation order to seize the assets of Platinum Forex and its sole member, Davids. It was due to the successful investigation of the Hawks Serious Commercial Crime Investigation team, together with Financial Intelligence Centre (FIC), and the police.