KRION - Marietjie Prinsloo

The 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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Krion ' a Ponzi-type Scheme '

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 scheme allegedly grew rapidly from a small micro-lending business started by Prinsloo in her home in 1997 to a R1.6bn enterprise in which investors lost about R900m when it finally collapsed in 2002.    CLICK the above LINK in Red for the Full Article.
Prinsloo drew her family into her dealings, while she knew her conduct was unlawful, the judge said. “ Some investors lost everything and they were down and out to such an extent they had to move in with their families or some, for months, had to eat with the dog… It is clear that many victims, including pensioners, lost all. ”

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.
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