Matthew Charles Dunn: Investment scammer out on bail
Matthew Charles Dunn has been charged with defrauding vulnerable investors to the tune of R40 million and on Monday, he was released on R20 000 bail.
Matthew Charles Dunn: How he defrauded investors of R40 million
The 34-year-old appeared before the Palm Ridge Specialised Commercial Crimes Court, in Katlehong, after he was arrested in his Mellville home on Saturday 17 October 2020.
According to Hawks spokesperson Captain Ndivhuwo Mulamu, an investigation of investment fraud and theft was launched against Dunn after multiple investors came forward claiming that they were swindled by the 34-year-old.
“It is alleged that Dunn lured complainants to buy shares at Anglo American, Khumba Iron Ore and Wesizwe worth over R1 million between December 2016 and January 2018,” Capt. Mulamu noted in a statement.
How much money has been recovered?
Of course, Dunn was, in no way, associated with the companies listed above. In fact, he did not hold a single share but his unscrupulous wit and his charm were all the tools he needed to pull the wool over his victims.
“Further investigation revealed that Dunn did not own any shares at the above entities, however, he allegedly fraudulently created certificates as proof of dividends to his clients,” the statement continued.
The Hawks followed the money and sure enough, financial records showed that between that two-year period, Dunn had received an estimated R40 million from potential investors.
At this time, it is not exactly clear how much of this total was found in his bank account. A warrant of arrest was issued on Friday and executed a day later, with little to no resistance from the suspect.
When is his next court appearance?
The Palm Ridge Specialised Commercial Crimes Court deemed that the 34-year-old was not a flight risk and granted him bail.
Dunn is expected back in court on Wednesday 18 November 2020.