‘Black child billionaire’ company founder sentenced for fraud
Bethlehem Commercial Crimes Court finds Black Child Billionaire company founder guilty on charges of fraud and money laundering.
Authorities are still searching for the co-founder of “Black Child Billionaire” an investment company based in Phuthaditjhaba after the front man, Neo Patrick Makhokolo, 29 was found guilty for fraud and received a suspended sentence.
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Free State SA police service (Saps) said, the Hawks are searching for Lebohang Ernest Maboea, suspected of hiding in Gauteng or Free State. Maboea is said to be the co-founder of “Black Child Billionaire”.
FRAUD SUSPECT FAILED TO APPEAR IN COURT
“The 27-year-old Maboea is on the run and believed to be hiding in either Gauteng or Free State. He was arrested in July 2021, released on bail but failed to appear in court on a number of occasions,” Saps said.
His partner, Makhokolo was sentenced in the Bethlehem Commercial Crimes Court last week after the court found him guilty for fraud and money laundering.
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Makhokolo was sentenced to: four years imprisonment on three counts of fraud, four years imprisonment on three counts of contravention of the Banks Act, four years imprisonment on three counts of contravention of the Financial Advisory and Intermediary Services Act, and five years imprisonment on three counts of money laundering.
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Each of the sentences are suspended for five years. In addition Makhokolo was ordered to repay a victim R18 000.
FRAUDULENT COMPANY RESULTS IN LOSSES OF OVER R500 000
Saps said, “Makhokolo went on a rampage between 2018 and 2019 using a fraudulent company called ‘Black Child Billionaire’.
“A number of Phuthaditjhaba residents joined an invest scheme through this company with promises of interest ranging between 25% and 100% in just a month.
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“Four known victims lost a cumulative amount of over half-a-million rand. They reported the matter when return on investment was not forthcoming,” Saps said.