Ponzi couple pocketed millions
Law catches up with tricksters who fleeced hundreds of investors
Feb 6, 2010 10:51 PM | By PHILANI NOMBEMBE
The number plate of his black Lamborghini read "Unreal" - much like the way Graeme Minne and his wife, Erika, duped almost a thousand investors out of millions of rands.
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The Registrar of Banks has pounced on South Africa's latest Ponzi scheme, which has been running for almost a decade.
Last week, luxury cars, homes and furniture belonging to the Minnes were seized by the sheriff of the court in Mossel Bay.
Graham Dawes, risk advisory director at the auditing firm Deloitte, was appointed by the Registrar of Banks last year to investigate Minne's company, Minne Opleiding/ Training. Dawes and his team were also tasked with recovering money lost by investors.
It was found that Minne had contravened the Banks Act and had siphoned millions from almost 800 people since 2002. The Registrar of Banks then ordered Minne to stop operating his scheme.
Investors include pensioners, the disabled, the wealthy and overseas businessmen.
Most of the local investors are from Durban, Bloemfontein, Mossel Bay and George.
"Minne claimed to be involved in forex trading, and the investors' understanding was that they were earning interest of 65% over a year or 4% a month. The reason that was possible was because of the substantial profit he made in forex trading. What we found is that it was not the case," said Dawes.
"In other words, there weren't any serious profits from forex trading and Minne was reliant on getting new investors to pay the interest of the existing investors."
While Minne's operation was not conducted on same scale as Barry Tannenbaum's R12.5-billion Ponzi scheme, Dawes said the couple raked in a substantial amount. "Individual investments ranged from R10000 to R2.3-million - altogether over R220-million."
Assets totalling R12-million were seized, including R6-million in bank accounts.
The couple owned two homes on the Garden Route, one in Mossel Bay valued at R6-million and a R4-million pad in Hartenbos.
Minne's Lamborghini was repossessed at Christmas after his bank account was frozen and he could not pay the instalments.
Dawes said it was unlikely they would recover all the money lost by investors. Minne is expected to be sequestrated in a week's time.
Almost like the Egyptian Campaign - The pyramids!!
ReplyDeleteMinnie being Pharaoh...........
The slaves being the investors!
Some property sundication arrangements are as stable as desert sand
ReplyDeletePOES
ReplyDeletePharaoh never used that evil word you evil Ponzi Poes!!
ReplyDeleteTrue, so true. May he rot in hell!!
ReplyDeleteTrue, so true. May he rot in hell!! this would be to good for minne and his wife, He must become someone's bitch for the next 20yrs,
ReplyDeleteM3 CSL Found
ReplyDelete--------------------------------------------------------------------------------
Graeme Minne is a owner of one of two e92 csl's in the world. And it's for sale for R800 000-00
The poes would most likely not even go to jail!How much to take the asshole out?
ReplyDeleteDoes anyone have the name of the Bloemfontein law firm that also invested, maybe they can handle my case for me as well?
ReplyDeleteanother year passes , and this Poes is still roaming the streets with a certain amount of freedom. Please start paying back the money you allegedly would NEVER Steal you remorseless asshole , so that These people can start living again. I don't wanna hear about them borrowing you money - you built up and acted out a brilliant facade that would've fooled, and did fool , even some of the smartest investors , and elderly people alike. I hope they Ream out your anal cavity if you make it to prison. You profited by screwing every body with the one thing we all thought we could give you :trust . I hope you get what's coming to you.
ReplyDeleteDie Minne egpaar, so vroom, so Christelik, so vernaam, maar eintlik so skynheilig, so agterbaks en inderdaad albei van hulle het die krimenele meestersbrein! Erika met jou vroom gesiggie en skeinheilige voorkoms, jy is wat 'n mens sal noem die slang, die Delila waarteen die bybel mense waarsku. Van Graham Minne praat ek nie eers nie, hy is die adder!! Hoe slaap julle in die nag terwyl julle weet wat julle aan soveel onskuldige mense oud en jonk gedoen het. Hoe kyk julle, julle kinders in die oe? Of is hulle ook maar soos julle?
ReplyDeleteJulle kan maar voortgaan met julle lewens, asof daar niks gebeur het nie, en dit kan so aanhou. Maar glo vir my vandag, dat daar 'n belofte is was se "elke knie sal buig en elke tong sal belei" dan wil ek nie in een van julle se skoene staan nie. Want so seker as daglig julle twee "satans kinders" gaan brand verewig in die Hel!!!
Waar bly die sataniste nou?Hoop hulle het n hardlywige kak vir elke rand wat hulle gesteel het.
ReplyDeleteWill we ever have a return of our hard earned cash that was entrusted to this scheming pair after the lawyers and the government had their share? Why are no news forth coming, when the law firm/reserve bank went after the investors that had benefited from this scheme?
ReplyDeleteRotting in hell is to good for the couple they are the scum of the eartjh
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