Fraudster given nine-year sentence for conning investors

An investment scheme fraudster was sentenced to an effective nine years’ imprisonment by the Ficksburg specialised commercial crimes court on Tuesday. 

The sentence imposed on Albert David Titus, from Ladybrand, was passed after he was convicted of fraud, money-laundering and contravening the Banking Act and Financial Advisory and Intermediary Services (FAIS) Act.  

“The state’s case is that between April 2020 and March 2021, Titus operated a fraudulent investment scheme that promised people high returns if they invested with his company,” said National Prosecuting Authority (NPA) spokesperson Mojalefa Senokoatsane. 

People invested more than R800,000, which the accused used for personal expenses instead of investing the money, he said. 

Titus was sentenced to 12 years’ imprisonment on 15 fraud counts, with three years suspended for five years on condition the accused is not convicted of fraud or theft during the period of suspension.

He was also sentenced to eight years’ imprisonment on 15 counts of money laundering, and two years for contravening the Banking Act and FAIS Act. 

The court ordered that the sentences for money-laundering and contravening the two laws run concurrently with the fraud sentence. 

“The NPA will continue to be at the forefront of the fight against fraud and corruption cases as these commercial crimes threaten the economic stability of the country, hence the NPA will channel all its resources to ensure that we adopt an aggressive stance in prosecuting them,” Senokoatsane said. 

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