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Former Liberty Life financial advisor nabbed for retirement fund fraud
2020/09/15

 

Media Statement from Directorate for Priority Crimes Investigation (HAWKS)
South African Police Service

GAUTENG – A 34 year old man appeared before the Palm Ridge Specialised Commercial Crimes Court facing charges of fraud and theft on yesterday.

It is alleged that Mbuso Goodwill Nyathi, a former Liberty Life financial advisor lured a pensioner to invest his retirement funds into Stanlib. He then fraudulently transferred the invested R450 000-00 into his business bank account without the complainant’s knowledge.

The Hawks’ Serious Commercial Crime Investigation received the complaint in September 2018. Further investigation revealed that Nyathi allegedly transferred approximately R200 000 back into the complainant’s bank account. He then handed himself in at the Hawks’ offices in Johannesburg on Monday, accompanied by his attorney.

Nyathi’s fraud and theft case is postponed to the 05 October 2020 for disclosure. He was granted bail of R3000-00. 

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