Thomas Stringfellow arrested – again
Former financial advisor Thomas Stringfellow has been arrested for not appearing in court relating to charges that he misappropriated millions of rands in client funds.
Stringfellow was first arrested on July 11, 2019, when he presented himself at the Honeydew police station. He was then released on bail of R20 000 and appeared in the Palm Ridge Specialised Commercial Crime Court on October 14, 2020. His case was scheduled to go to trial the following month.
His latest arrest was confirmed by SAPS Captain Troy Laas.
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Stringfellow charged with fraud
Well-known financial advisor Thomas Stringfellow arrested
Stringfellow, the CEO of the Stringfellow Group, was facing charges relating to the disappearance of millions of rands relating to the funding of Lorna Jane South Africa, a clothing chain he ran together with his wife Leigh.
It is understood that Stringfellow raised a substantial amount of money, supposedly to fund Lorna Jane, with the promise of paying monthly dividends at a yield of 14% per annum.
The Financial Sector Conduct Authority (FSCA) investigated the allegations against him and provisionally withdrew Stringfellow Financial Services’ operating licence on July 31, 2019.
Source: moneyweb.co.za