Ponzi scheme fraudster sentenced

By Staff Reporter

QWAQWA-The Bethlehem Commercial Crimes Court last Friday sentenced Neo Patrick Makhokolo (29) to a suspended five years and an effective four years’ imprisonment for fraud, money laundering and contravention of the Banks Act 94 of 1990, contravention of the Financial Advisory and Intermediary Services Act 37 of 2002.

Makhokolo was also ordered to repay one of his victims R18 000 in instalments of R1 500.
According to Hawks spokesperson Zweli Moholobeli, four known victims lost a cumulative amount of over R500 000. They reported the matter to the police when returns on their investment were not forthcoming.

“Makhokolo went on a rampage between 2018 and 2019 using a fraudulent company called Black Child Billionaire. A number of Phuthaditjhaba residents joined an investment scheme through this company with promises of interest ranging between 25 percent and 100 percent in just a month.”

Moholobeli said the co-founder of Black Child Billionaire, Lebohang Ernest Maboea 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 Free State. He was arrested in July 2021, released on bail but failed to appear in court on a number of occasions.

“Anyone with information on the whereabouts of Lebohang Ernest Maboea is urged to call Detective Warrant Officer Sidwell Mpholo on 082 372 0386 or Crime Stop on 08600 10111. You may also leave an anonymous tip-off on the MySAPSApp” Moholobeli said.