R100 000 loan scam carried out at Old Mutual
A FORMER Old Mutual Finance employee has admitted to defrauding several of the company’s clients – who had applied for loan consolidation to assist them with their debts – out of more than R100 000.
Shawn March, 34, of Palm Ridge in Port Elizabeth, yesterday pleaded guilty to 44 counts of fraud and one count of money laundering at the city’s Commercial Crimes Court.
During 2010 and 2011 March and Hyron Fredericks, who had both worked as loan consultants at Old Mutual’s Finance branch at the Cleary Park shopping centre, used their knowledge of the loan consolidation system to defraud 44 clients.
For his part in the scheme, Fredericks was convicted last February and sentenced to correctional supervision.
March pleaded guilty yesterday and Advocate Bongo Mvinjelwa requested a correctional supervision and a probation officer’s report be compiled ahead of sentencing, as March told the court he and his partner were expecting their first child.
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