A former financial adviser was convicted of theft after scamming a woman out of more than R1.8m.
Former financial adviser Stephanus Janse van Rensburg was convicted of theft in the Gqeberha Commercial Crimes Court for selling fake insurance policies worth R1.8m to a client.A former financial adviser was convicted of nine counts of theft in the Specialised Commercial Crimes Court in Gqeberha on Tuesday after scamming a woman out of more than R1.8m.
The Hawks arrested Stephanus Janse van Rensburg, 68, on February 8, 2020 after it was found he had sold fake second-hand Old Mutual and Momentum policies to one of his clients, Esther Adendorff. National Prosecuting Authority spokesperson Anelisa Ngcakani said Janse van Rensburg convinced Adendorff to buy existing policies of third parties.“He convinced Adendorff to sign the cessionary agreements and to pay the agreed amounts,” Ngcakani said.Ngcakani said Janse Van Rensburg furnished Adendorff with an annual summary of the value of her portfolio, and provided her with copies of the ceded policies and a summary of her investment values for tax purposes.
“Consequently, it was discovered the Old Mutual and Momentum policies were never transferred or registered in the Adendorff’s name, nor did the policies ever belong to the particular individuals as Janse Van Rensburg had informed Adendorff,” Ngcakani said. Senior state prosecutor Lise Keech accepted Janse Van Rensburg’s guilty plea and magistrate Nolitha Bara convicted him of theft.
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