Johannesburg - Neo Patrick Makhokolo, one of the infamous Phuthaditjhaba, Free State fraudsters, has been found guilty by the Bethlehem Commercial Crimes Court.
Makhokolo, 29, was sentenced for fraud, contravention of the Banks Act 94 of 1990, contravention of the Financial Advisory and Intermediary Services Act 37 of 2002, and money laundering.
He was also declared unfit to possess a firearm.
Hawks Free State spokesperson Lieutenant Colonel Zweli Mohobeleli, said Makhokolo went on a rampage between 2018 and 2019 using a fraudulent company called "Black Child Billionaire."
Mohobeleli said a number of Phuthaditjhaba residents joined an investment scheme through this company with promises of interest ranging between 25% and 100% in just a month.
Four known victims lost a cumulative amount of over half a million rand. They reported the matter when a return on investment was not forthcoming.
"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," said Mohobeleli.
He said the co-founder of Black Child Billionaire, Lebohang Ernest Maboea (pictured), is still being sought by the Hawks.
"The 27-year-old Maboea is on the run and believed to be hiding in either Gauteng or the Free State. He was arrested in July 2021, released on bail, but failed to appear in court on a number of occasions," he said.
Mohobeleli urged with anyone with information on the whereabouts of Maboea to call Detective Warrant Officer Sidwell Mpholo on 082 372 0386, or Crime Stop on 08600 10111. People may also leave an anonymous tip on the MySAPSApp.
The Star