Given South Africa’s history of wealth acquired through diamond and gold bonanzas – and our mining town mentality, there are many of us who believe they can “get rich, quick”. That is why this country is a fertile ground for swindlers and Ponzi scheme promoters. The older among us will remember the “Kubus” scheme where punters bought milk cultures, cultivated them and then hoped to make a fortune selling them back to the original scammer.
Now, flamboyant Jacob Zuma supporter Louis Liebenberg is in the dock for, allegedly, his version of Kubus – but with diamonds. ALSO READ: ‘Lock me up, I won’t testify!’: Key witness in Louis Liebenberg case calls for probe into liquidators Another Ponzi scheme, Valorworx – which fleeced almost 90 people out of between R25 million and R35 million – is being probed by the Hawks. Forensic investigator Chad Thomas, who helped expose it, says “investors” were promised returns of between 30% and 50% within three months.
Those who lost money watched as those allegedly behind the scheme – Alessandra de Vito and Elmarie Ducas – boasted on social media about their life of luxury on stolen cash. Moral of the story: be careful with your money..