Forex conman gets 15 years
David Wilmot (47) was sentenced to fifteen years imprisonment for swindling unsuspecting investors of more than R23 million at the Specialized Commercial Crime Court in Port Elizabeth. Wilmot pleaded guilty to 153 counts of fraud last week Wednesday.
The fraudulent scheme was a Ponzi scheme wherein the accused fraudulently led the complainants to believe that he would invest their money in the Forex markets, after pretending to be very successful in making large profits for and on behalf of investors who invested through him.
“During the period of 2010 to 2015, he utilised at least four bank accounts belonging to him, his company and relatives, to which funds were deposited and the said funds would be utilised to trade on the forex markets. He only invested R2.4 million of the R23.2 million of the funds he received from investors,” said Luxolo Tyali, spokesperson for the National Prosecuting Authority in the Eastern Cape.
Tyali adds that the court found that R20.8 million was used to fund Wilmot’s extravagant lifestyle. He provided ‘investors’ with fictitious documents as proof that their money was growing, until he could not sustain the lies anymore.
Nicky Martin, an investor, who lost R1 million testified that she lived in Australia with a child who suffers from Asperger’s Syndrome.
The child could not get any specialised schooling in Australia. They decided to return to South Africa and took the proceeds of the sale of their house and pension money to invest with the scheme. She lost everything.
Cherise Milne testified that her husband and herself lost more than R 2.5 million through Wilmot’s scheme. Her husband had to find work on the oil rigs outside South Africa in an effort to make up the amounts lost. He spent the last four years away from home and Wilmot’s actions robbed them of their family life together.