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Cape Town – The State’s case against alleged Ponzi scheme operator Frederick Greyling, alias Frik Strauss, has been postponed to October 12 to allow him to consult with a new legal representative.
Greyling, whose case is set for the Bellville Specialised Commercial Crimes Court, is charged with 20 counts of fraud, contravention of the Banks Act and a count of money laundering.
NPA spokesperson Eric Ntabazalila said: “He ran a Ponzi scheme with more than R10 million involved.”
The charge sheet said that Greyling devised a scheme, A Million Up Financing (Pty) Ltd, as far back as September 2004. That business, in which his then wife Susanna Strauss was the only director, was registered in George.
Greyling would solicit funds from members of the public on the basis that the capital would be invested in livestock and other business ventures.
The NPA said Greyling offered…