Neo Makhokolo, the founder of a ponzi scheme called Black Child Billionaire, has finally paid for his past sins after he was sentenced by the Bethlehem Commercial Crimes Court.
Makhokolo, 29, was the mastermind behind the infamous ponzi scheme that fraudulently stole at least over half a million rands from unsuspecting investors.
During sentencing on Friday, the court said the Phuthaditjhaba-based fraudster was charged with money-laundering, fraud, contravention of the Banks Act and Financial Advisory and Intermediary Services Act.
He was also declared unfit to possess a firearm.
According to the Hawks in Free State, Makhokolo went on a rampage between 2018 and 2019 when he used Black Child Billionaire to convince Phuthaditjhaba residents to join the fraudulent investment scheme.
He promised his victims interest ranging between 25% and 100% in just a month if they invested in the scheme.
“Four known victims lost a cumulative amount of over half a million rands. They reported the matter when returns on their investment was not forthcoming,” said Hawks spokesperson Zweli Mohobeleli.
“The accused was sentenced to four years imprisonment suspended for five years on three counts of fraud, four years imprisonment suspended for five years on three counts of contravention of the Banks Act, four years imprisonment suspended for five years on three counts of contravention of the Financial Advisory and Intermediary Services Act, and five years imprisonment suspended for five years on three counts of money-laundering.
“He was also ordered to repay one of the victims R18 000 in instalments of R1 500.”
The police are also hunting for Makhokolo’s partner-in-crime Lebohang Maboea, who has since vanished into thin air.
Maboea, 27, is the co-founder of Black Child Billionaire and the police believe he is hiding between Free State and Gauteng.
Maboea skipped bail in July 2021 and has been in hiding ever since, failing to present himself in court on numerous occasions.
The police are pleading with anyone who might know his whereabouts to contact detective Warrant Officer Sidwell Mpholo on 082 372 0386 or Crime Stop on 08600 10111, or leave an anonymous tip-off on MySAPSApp.
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