De Beer ‘Coin It’ scheme trio back in Court
The Coin It investment scheme made national headlines three years ago when hundreds of families were left penniless when the scheme collapsed.
The De Beer trio—Malcolm and Patricia, husband and wife, and Samantha, daughter—were back in the Specialised Commercial Crimes Court in Durban on charges of fraud amounting to R73.6 million.
The matter was postponed to December 2 to allow the accused to obtain certain documents, NPA spokesperson Natasha Ramkisson-Kara told the Courier.
The De Beers launched the now infamous Coin-It investment scheme, whereby hundreds of investors were lured into investing money that would give them a stake in trucks working on various mines.
The scheme later collapsed, leaving many penniless.
“In terms of the Financial Advisory & Intermediary Act and the Banks Act, Coin-It was not authorised to accept deposits from investors.
“The state alleges that the entity was not registered as a financial services provider and contravened legislation by not having the prescribed licence,” Kara-Ramkisson said.
“The trio are still on bail of R50,000 each; Malcolm and Patricia surrendered their passports.”
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