KRION - Marietjie PrinslooThe Krion pyramid scheme took more than R1.5 billion from about 14 000 investors over nearly four years, leaving many investors in poverty. Judge Pretorius said she had taken into account that 75 percent of the investors had been older than 40 years, while 28 of them were between the ages of 50 and 97, which confirmed that many of them were pensioners who had invested their retirement packages in the scheme. Investors were promised interest rates of 10 % or more per MONTH ! Click HERE + HERE to read Full Articles.
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The State's case was that Prinsloo and her family had between 1998 and 2002 operated an illegal Ponzi-type money multiplication scheme under various names, ending with Krion Investment Services.
The judge said the scheme had a devastating influence on the economy of Vanderbijl Park as schools and churches had to start feeding schemes and in many instances investors had to be treated for depression. “The impact of the collapse of the scheme did not only affect the investors, but the whole community who had to emotionally and financially assist the victims.”
The judge said Prinsloo’s excuse that the investors chose to become involved in the scheme, made it clear she preyed on the naivety and greed of many unsophisticated people.