Port Elizabeth pyramid scheme mastermind slapped with 10-year jail sentence

JUNE 17, 2016

Jacobus Viljoen (55) was sentenced to 10 years behind bars by the Port Elizabeth Specialised Commercial Crimes Court on Wednesday after it found him guilty of investment fraud amounting to millions.

"Viljoen was a co-owner of F&J Consultants, a pyramid scheme which between 2006 and 2007 defrauded its investors of a total of R6 million," describes police spokesperson, Captain Anelisa Feni.

"He enticed clients to invest money into the scheme with the assurance that their money would grow by between 20% and 35% every month. Viljoen was found guilty of Investment fraud which amounts to R5.5 million. 

"His ten-year sentence is suspended for five-years on condition that he pays R5.5 million to the Curator of Pricewaterhouse Coopers in Port Elizabeth."

In addition, he must pay approximately R533 014-91 on or before 30 September 2016 to Pricewaterhouse Coopers for Curator fees.