Albert David Titus from Ladybrand has been sentenced to a nine-year effective prison term by the specialized commercial crimes court in Ficksburg. Titus was convicted of fraud, money laundering, and violating both the Banking Act and the Financial Advisory & Intermediary Services (FAIS) Act. According to Mojalefa Senokoatsane, spokesperson for the National Prosecution Service, Titus operated a fraudulent investment scheme between April 2020 and March 2021, enticing people with promises of high returns. His scheme swindled investors out of more than R800,000, which he instead spent on personal expenses. He received a 12-year sentence for 15 counts of fraud, with three years suspended. This suspension includes a conditional five-year period during which he must not be convicted of fraud or theft.
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