Post by Sapphire Capital on Jul 18, 2008 6:01:58 GMT 4
2008/07/17
By SIBONGILE MKANI
Court Reporter
A CROOKED East London broker who defrauded six clients, including pensioners, of large sums of money was on Monday sentenced to seven years in prison. Three years of his sentence were suspended .
Louis Olivier was the owner of Louis Olivier Financial Services, which traded as The Brokerage.
Olivier was found guilty on six counts of fraud after misappropriating clients’ cheques worth between R30000 and R177000, The total amount of his fraud was R687000.
Instead of investing his clients’ money in Old Mutual and Sanlam as requested, Olivier used the money for himself.
Olivier, who has since relocated to Durban, was granted leave to appeal against his sentence by the East London Regional Court. His clients have since received their money back from various banks.
Among those who Olivier defrauded was a former Buffalo City police officer who gave him his pension money to invest in return for monthly instalments.
Olivier used the R330000 cheque to pay another client .
The Department of Correctional Services in Durban said Olivier was a fit candidate for correctional supervision.
By SIBONGILE MKANI
Court Reporter
A CROOKED East London broker who defrauded six clients, including pensioners, of large sums of money was on Monday sentenced to seven years in prison. Three years of his sentence were suspended .
Louis Olivier was the owner of Louis Olivier Financial Services, which traded as The Brokerage.
Olivier was found guilty on six counts of fraud after misappropriating clients’ cheques worth between R30000 and R177000, The total amount of his fraud was R687000.
Instead of investing his clients’ money in Old Mutual and Sanlam as requested, Olivier used the money for himself.
Olivier, who has since relocated to Durban, was granted leave to appeal against his sentence by the East London Regional Court. His clients have since received their money back from various banks.
Among those who Olivier defrauded was a former Buffalo City police officer who gave him his pension money to invest in return for monthly instalments.
Olivier used the R330000 cheque to pay another client .
The Department of Correctional Services in Durban said Olivier was a fit candidate for correctional supervision.