Hawks arrest debarred financial advisor for orchestrating R100 million investment fraud scheme

In spite of being barred from practising as a financial advisor for more than 15 years, a 67-year-old Gauteng man defied the order and sweet-talked unsuspecting clients into collectively parting with more than R100 million in investments.

Jacobus Stefanus Geldenhuis' sales pitch was the promise of dividends from offshore investments, but those promises held no water.

Geldenhuis' scam came unstuck when the Directorate for Priority Crime Investigation, also known as the Hawks, began to circle.

He appeared at the Palm Ridge Specialised Commercial Crimes Court on Thursday, where he was charged with 21 counts of fraud and money laundering.

According to the Hawks, Geldenhuis allegedly posed as a financial advisor and convinced victims to deposit money into several bank accounts under the pretext that he would invest the funds in offshore markets.

Investigators later established that none of the money was invested and that Geldenhuis was disbarred as a financial advisor in 2009.

His company was also not registered with the Financial Sector Conduct Authority.

“As a result of the suspect’s actions, victims suffered a loss of R100 million,” Hawks spokesperson in Gauteng, Warrant Officer Thatohatsi Mavimbela, said.

She added that Geldenhuis had “misrepresented himself as a legitimate financial advisor” and used this deception “to lure unsuspecting victims into trusting him with their money.”

Mavimbela confirmed that Geldenhuis voluntarily surrendered to authorities on Thursday morning before appearing in court. During his appearance, Geldenhuis was granted bail of R10 000.

The case has been postponed to 26 January 2026 for the defence to receive copies of the docket.

DAILY NEWS