Andrew Paul Futcher, 62, has been sentenced to 15 years in prison for orchestrating a Ponzi scheme that defrauded investors of over R9.2 million, promising unrealistic returns while misusing their funds for personal gain.
A 62-year-old Ponzi scheme fraudster will serve 15 years behind bars after being sentenced by the Parow Magistrate's Court on Tuesday.
Andrew Paul Futcher was sentenced to a total effective term of 15 years' direct imprisonment for what is described as a “get rich quick” or “Ponzi” scheme, in which he defrauded investors by making extraordinary guarantees about investment returns and then used the money for extravagant purchases and to pay off other victims.
Hawks spokesperson Zinzi Hani confirmed from court documents that Futcher engaged in an investment fraud scheme from 2010 through 2011, and operated the Ponzi scheme under the name of Ablaze Trading CC.
“He solicited investments from the public to the amount of over R9.2 million. He promised and guaranteed the investors a monthly return of 10%. He traded on the stock market through the registered brokerage company, DWT Securities.
