The Durban Forex Scam Brothers Have Been Sentenced To Twenty Years In Prison.

Two Durban fraudster brothers were ultimately convicted of defrauding investors out of R6.2 million almost two decades later. Last Thursday, the Durban Specialised Commercial Crimes Court sentenced brothers Peter (57) and Louis Henderson (54) to 15 years and 12 years in prison, respectively. They were found guilty of R4.6 million in fraud, R1.6 million in theft, R4.6 million in reckless and irresponsible trading, and a violation of the Banks Act of 1990.

These crimes took place between 2002 and 2003. The brothers ran a Durban-based company named Forex International that took deposits from the general public despite not being licensed to do so.

They were apprehended by the police during a reserve bank inquiry. Ashika Haripersad, a senior state counsel, led the testimony of 18 investors, as well as a forensic accounting specialist and a reserve bank representative. For violating the Banks Act, Peter was sentenced to ten years in jail, while Louis was sentenced to eight years. On the fraud charge, Peter received a 15-year sentence and Louis received a 12-year sentence.

They were both given a ten-year term for stealing and a two-year sentence for reckless and careless trading. Peter was sentenced to a fifth year in prison for failing to follow a reserve bank's instructions. For the purposes of sentence, all counts were combined into one and will run concurrently.