Jan Hendrik Van Zyl is the latest example in the Hawks’ efforts to clean out the scourge of fraudsters in South Africa’s Forex trading industry.
Bogus Forex trader convicted of fraud
The 59-year-old bogus investment broker was sentenced to 10 years imprisonment for fraud by the Durban Specialised Commercial Crime Court.
According to Hawks spokesperson Captain Simphiwe Mhlongo, Van Zyl, known affectionately to his friends and family as Henk, pillaged the finances of vulnerable investors between 2009 and 2014.
Using his shell company QPT Trading which had branches in Amanzimtoti and Ballito, Kwa-Zulu Natal (KZN), Henk convinced victims to invest their liquid assets in Forex trading, promising them monthly profit returns of at least 5%.
“The contracts were signed and he then paid out few monthly returns and abruptly discontinued paying. The matter was reported to the police and the case docket was allocated to Hawks members from Durban Serious Commercial Crime to investigate,” Capt. Mhlongo noted in a statement.
Hawks recover R4.5 million in stolen investment monies
Following the probe, an estimated R4.5 million was recovered and repaid to the swindled investors.
On Tuesday 6 October 2020, the commercial crimes court sentenced the 59-year-old to 10 years imprisonment.
Forex trader sentenced: A breakdown of Henk’s 10-year bid
Fortunately for Henk, the prison sentence has been suspended for five years “on condition that he is not found guilty of the same offence during the period of suspension.”
“Furthermore, Van Zyl will pay back the outstanding amount of R2.4 million in instalments of R 40 000.00 on monthly basis through the clerk of the court. He is further sentenced to perform community services,” Capt. Mhlongo added.