LADYBRAND – The Ladybrand Commercial Crimes Court has ordered the owner of a bogus investment scheme to reimburse the victims. He defrauded them through his company, MTS General Trading. This follows his conviction and sentencing on multiple charges. The court order against Sebotso Washington Lepoqo (35) is significant. It is part of the hefty sentencing handed down during proceedings today – Tuesday, 30 September.
The court found Sebotso and his company guilty of numerous counts of fraud. They were guilty of money laundering. They also violated the Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002. The outcome was due to the Bethlehem Hawks’ Serious Commercial Crime Investigation team. The team uncovered the fraud committed through the scheme.
WO Fikiswa Matoti, provincial spokesperson for the Hawks, said the court acquitted the third accused, Faith Pontsho Lepoqo (61) – Sebotso’s motber. She was acquitted on all charges, although the investigation revealed that both mother and son managed the fraudulent scheme.
Matoti said Sebotso was sentenced as follows:
• On 31 counts of fraud, 12 years’ imprisonment;
• On 32 counts of contravening the FAIS Act, ten years’ imprisonment or a fine of R1 million; and
• On 124 counts of money laundering, ten years’ imprisonment.
Matoti said the sentences are each wholly suspended for five years. This is on the condition that Sebotso is not convicted of similar crimes during the period. “The company was sentenced to a fine of R1 million, wholly suspended for five years, for contravening the FAIS Act,” she said.
Matoti said the court took a hard stance against Sebotso, despite suspension of sentences. More than ten people were reportedly defrauded through the bogus investment scheme.
“He was further ordered to repay R960 000 to the victims. Several community members from Ladybrand invested in MTS General Trading as they were promised a 30% monthly return on money invested. When they failed to receive any dividends, the victims opened criminal cases. The matter was referred to the Hawks, which conducted a thorough investigation leading to the arrest of the duo,” said Matoti. They were arrested early in January this year.
