Fraud Scheme Exposed Financial Adviser and Partner Extradited and Jailed for Multi-Million Rand
In a recent judgment from the Belleville Commercial Crimes Court, a financial adviser and his life partner have been sentenced to direct imprisonment after being found guilty of orchestrating a sophisticated fraud scheme that defrauded their company of millions of rand.
David Erasmus Marais, 55, and Brian Wilson, 49, faced charges of theft and money laundering, leading to their conviction and extradition from Georgia in Eastern Europe.
Marais served as the Financial Manager at Soma Initiative (Pty) Ltd from 2008 to 2019, with Wilson working for the same company under his supervision between 2008 and 2012.
Marais, entrusted with handling the company’s finances, exploited his position to embezzle funds between April 13, 2018, and April 9, 2019, totaling over R15.4 million from the company’s bank accounts.
According to the National Prosecuting Authority (NPA), Marais manipulated the company’s bank accounts, making it appear as if payments were being made to creditors and service providers.
Instead, he funneled the funds into his and Wilson’s personal bank accounts.
The couple then engaged in extensive gambling activities to conceal the illicit origin of the money, resulting in money laundering charges being brought against them.
Fraudsters sentenced
Following the discovery of the fraudulent activities, Marais and Wilson fled to Ireland and subsequently relocated to Georgia, attempting to evade justice.
However, the long arm of the law reached them, leading to their arrest, extradition, and eventual trial in South Africa.
David Erasmus Marais received an effective 12-year imprisonment for theft, with an additional four years for money laundering.
The court suspended six years on the condition that he remains free of convictions for fraud, theft, or attempted offenses during the suspension period.
Brian Wilson, sentenced to an effective six years behind bars, also faced 12 years for theft, with six years suspended under similar conditions. Additionally, he received a concurrent four-year sentence for money laundering.