MAN FOUND GUILTY OF LURING UNSUSPECTING VICTIMS INTO BOGUS FINANCIAL SCHEME
The Taung Regional Court convicted Hlomelang Manare (32), on one count of the Contravention of Section 7(1) of the Financial Advisory Intermediary Act 37 of 2002 and five of fraud. On count one he was sentenced to 10 months or R20 000, and on the five counts of fraud he was sentenced to 18 months imprisonment, suspended for three years. The accused acted as a financial services provider without having a license in that the lured members of the public, particularly the elderly, to take insurance policies from his company Omolemo Funerals whilst he knew his company is not registered.
Between 2019 and 2020, the accused registered five complainants on cashback policies in his company (Omolemo Funerals) in that he will pay them after the death of the insured, whereas he knew his company was not underwritten by any insurance company and will not be able to pay the claims lodged.
In aggravation of the sentence, the state prosecutor, Rebaona Mokgopa, argued that the accused preyed on vulnerable people who lived off social grants and they relied on the services of the accused in the unfortunate event of death. Magistrate Kwena Letsapa agreed with the state and remarked on the loss suffered by their complainants, as they had to borrow money to bury their loved ones, incurring debts in the process.
The Director of Public Prosecutions in the North West, Dr Rachel Makhari lauded the state prosecutor Mokgopa, Captain Bantseke Partition from the South African Police Service, and all other role players who ensured that the accused is convicted. She further urged members of the public to be extra vigilant and do due diligence when dealing with financial advisors and institutions.
