The South African man who promised to turn R300 into R1,000 has been hit with a R300,000 fine and a 20-year debarment

[Bianke Neethling]

The South African man who promised to turn R300 into R1,000 has been hit with a R300,000 fine and a 20-year debarment

A man named Joy Praise Kgaphola and his company, Datum RS, have been fined R300,000 and debarred for 20 years.

 

[EmmanuelGoldstein]

OK

 

[Bad Ballie]

how much did he defraud in total, is the 300 000 fine actual punishment or just a slap on the wrist?

 

[ISP cash cow]

how much did he defraud in total, is the 300 000 fine actual punishment or just a slap on the wrist?

This comes after an investigation by the Financial Sector Conduct Authority (FSCA) found that Kgaphola had solicited R129,000 in investments from the public without authorisation.

 

[ISP cash cow]

“The investigation found that Datum and Mr Kgaphola used Datum’s social media accounts to solicit investments from members of the public,” the regulator said.

Sounds like a legit business

 

[die_koos]

Lucky for him he only needs to find R90 000 to pay it.

 

[FiestaST]