Too much Forex for pastor – updated*

Times Live reports…

“Cape Town millionaire pastor Colin Davids swapped the pulpit for the dock yesterday to answer to fraud charges for allegedly duping close to 2000 people into investing in a pyramid scheme.

The Asset Forfeiture Unit seized the flamboyant clergyman’s assets, worth R138-million, in July last year.

Davids, who founded the New Direction Grace Church in Parow, allegedly spent investors’ money on upmarket homes and cars for his wife and, according to the authorities, splurged at Woolworths, Checkers and Pick n Pay.

Among his seized assets were homes in Plattekloof and Hermanus, several bank accounts and seven cars, including three BMWs, two Jaguars, a Range Rover and a Volvo.

He asked the Cape Town High Court to grant him access to R290,000 of his funds to cover his legal fees and monthly household expenses.

The court refused and said that he was yet to explain how R500-million disappeared from his company’s account, as claimed by the unit.

The Hawks arrested him yesterday following a four-year investigation and he appeared in the Bellville Magistrate’s Court.

According to authorities, Davids, a sole member of Platinum Forex, allegedly lured unsuspecting victims with promises of as much as an 84% return on their foreign-exchange investments. He is alleged to have collected more than R100-million.

He used his Facebook account to post long religious speeches and claimed he studied Hebrew at the University of Jerusalem.

One of his favourite quotes was: “Don’t wait for things to happen – make it happen.”

Davids was released on R100000 bail and the matter was postponed to January 18 for further investigation.”

From http://www.timeslive.co.za/thetimes/2016/06/23/Flash-pastor-in-court-for-running-Ponzi-scam

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2 thoughts on “Too much Forex for pastor – updated*

  1. I am an adviser and had a potential client(who wasted my time)who swore by this scheme.Obviously laughed at the mimimal returns i could offer him.Well,he has lost his capital now

    Like

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