{"id":318529,"date":"2026-04-30T12:35:41","date_gmt":"2026-04-30T10:35:41","guid":{"rendered":"https:\/\/novanews.co.za\/tygerburger\/?p=318529"},"modified":"2026-04-30T13:55:21","modified_gmt":"2026-04-30T11:55:21","slug":"man-guilty-of-r9-2-million-ponzi-scheme-fraud","status":"publish","type":"post","link":"https:\/\/novanews.co.za\/tygerburger\/man-guilty-of-r9-2-million-ponzi-scheme-fraud\/","title":{"rendered":"Man guilty of R9.2 million Ponzi scheme fraud"},"content":{"rendered":"\n<p>A 62-year-old man has been found guilty by the Parow Magistrate&#8217;s Court of running a Ponzi scheme that defrauded investors of more than R9.2 million.<\/p>\n\n\n\n<p>Andrew Paul Futcher appeared before the court on Tuesday 28 April, having operated the fraudulent investment scheme between 2010 and 2011 under the name Ablaze Trading CC. He solicited funds from members of the public with promises of guaranteed monthly returns of 10%, said Zinzi Hani, spokesperson for the <a href=\"https:\/\/www.saps.gov.za\/dpci\/\">Hawks<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-scheme-explained\">The scheme explained<\/h2>\n\n\n\n<p>Futcher directed investor funds into an Ablaze Trading&#8217;s Standard Bank account, claiming the money would be invested on the stock market through registered brokerage DWT Securities. Instead, he used the funds for extravagant purchases and paid earlier victims using money received from newly recruited investors, said Hani.<\/p>\n\n\n\n<p>Approximately nine victims lost a combined total of more than R9.2 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conviction-details\">Conviction details<\/h2>\n\n\n\n<p>Futcher was convicted on the following counts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>17 counts of theft amounting to R9 251 000;<\/li>\n\n\n\n<li>One count of forgery;<\/li>\n\n\n\n<li>One count of uttering;<\/li>\n\n\n\n<li>One count of contravention of the Financial Advisory and Intermediary Services Act (FAIS Act) 37 of 2002;<\/li>\n\n\n\n<li>One count of contravention of the Banks Act;<\/li>\n\n\n\n<li>One count of money laundering in terms of sections 4 and 8.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-previous-conviction\">Previous conviction<\/h2>\n\n\n\n<p>This is not Futcher&#8217;s first brush with the law for similar conduct. He was previously sentenced in April 2004 to 12 years&#8217; imprisonment for offences of a similar nature, Hani said.<\/p>\n\n\n\n<p>The matter has been postponed to 2 June for sentencing. Futcher was released on strict bail conditions in the interim.<\/p>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/novanews.co.za\/tygerburger\/hawks-arrest-family-over-alleged-r5m-fraud\/\">Hawks arrest family over alleged R5m fraud<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 62-year-old man was found guilty of a Ponzi scheme, defrauding investors of over R9.2 million, with sentencing 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