65 years old defrauds victims of almost R 100 million

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A 65 years old man who had been disbanded as a financial advisor for almost 20 years has found himself on the wrong side of the law yet again.

Jacobus Stefanus Geldenhuis (65) made his first appearance before the Palm Ridge Specialized Commercial Crimes Court on Thursday, 04 December 2025, where he was charged for 21 counts of fraud and money laundering.

Geldenhuis was granted bail of R10 000, and the matter has been postponed to 26 January 2026 for copies of the docket.

It is said according to police report that he is facing charges of fraud and money laundering, after allegedly defrauding unsuspecting victims through his company by misrepresenting himself as a financial advisor.

Victims deposited money into different bank accounts provided by the suspect promising to invest in offshore markets.

However, through investigation, it was discovered that he never deposited the funds as agreed and that he was disbarred in 2009 as a financial advisor.

To add on that, the company was not registered with Financial Sector Conduct Authority (FSCA). As a result of the suspects actions, victims suffered a loss of R100 million.