PORT ELIZABETH, August 1 – A 46-year-old man appeared in the Port Elizabeth Specialised Commercial Crime Court this week on charges of fraud and money laundering amounting to just over R23 million.
David Wilmot was arrested by the Directorate for Priority Crime (the Hawks) on Tuesday and granted bail of R10,000.
Police spokesperson Captain Anelisa Feni said Wilmot also faces a charge of operating illegally as a financial services provider.
“It is alleged that between January 2010 and June 2015 Wilmot recruited investors through word of mouth to invest in his company and promised to invest the money in the Foreign exchange market. Investors responded and invested a combined value of just over R23 million. Wilmot allegedly promised a return of between two to three percent to the investors who were predominantly from the Port Elizabeth and Jeffreys Bay areas”, Feni said.
The accused is expected back in court on September 3. (ANA)