Latest news with #Coin-It
The Citizen
04-07-2025
- Business
- The Citizen
Coin-It scheme trio back in court again this month
Three members of the De Beer family (who formed the now-infamous Coin-It investment scheme) were back in court last week, only to have their case postponed to July 25. This is to allow the defence to file a further affidavit regarding their application for documents. Malcolm de Beer (54), Patricia de Beer (53) and Samantha de Beer (31) – all of Dundee – are charged with fraud (with the alternative charge of theft) to the amount of approximately R73.6 million. They are also charged with contravention of the Financial Advisory & Intermediary Services Act, the Banks Act, and money laundering. The trio are out on R50,000 bail. Coin-It promised starry-eyed investors riches that would lead them on their 'route to success'. While many who poured money into the scheme accrued riches beyond their wildest dreams, hundreds more lost their hard-earned money when the Dundee-based pyramid scheme came crashing down, leaving many distraught. HAVE YOUR SAY: Like our Facebook page, follow us on Twitter and Instagram or email us at [email protected]. Add us on WhatsApp 071 277 1394. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
11-05-2025
- Business
- The Citizen
Coin-It scam: KZN De Beer family faces high court over alleged R73.6m fraud
The Dundee-based De Beer family trio — Malcolm and Patricia (husband and wife) and their daughter Samantha — will be back in the High Court on May 28 on charges of fraud linked to the failed Coin-It investment scheme, which allegedly defrauded investors of R73.6m. According to Northern Natal News, the matter was postponed to allow the accused time to obtain certain documents, confirms National Prosecuting Authority spokesperson Natasha Ramkisson-Kara. The De Beers are accused of running Coin-It, an unregistered investment operation that promised returns by giving investors a stake in trucks supposedly working on mining contracts. The scheme later collapsed, leaving hundreds of investors out of pocket. 'In terms of the Financial Advisory and Intermediary Services Act [37 of 2002] and the Banks Act [94 of 1990], Coin-It was not authorised to accept deposits from investors,' says Ramkisson-Kara. 'The state alleges that the entity was not registered as a financial services provider and operated without the required licences.' All three accused remain out on R50 000 bail each. Malcolm and Patricia have also surrendered their passports as part of their bail conditions. Several properties have already been seized by the Asset Forfeiture Unit in terms of a Preservation Order granted by the Pietermaritzburg High Court in 2020. These include the Royal Country Inn (now student accommodation) and other properties, one of which, in the Dundee industrial area, is to be auctioned this month. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
11-05-2025
- Business
- The Citizen
Coin-It scam: De Beer family faces high court over alleged R73.6m fraud
The Dundee-based De Beer family trio — Malcolm and Patricia (husband and wife) and their daughter Samantha — will be back in the High Court on May 28 on charges of fraud linked to the failed Coin-It investment scheme, which allegedly defrauded investors of R73.6m. According to Northern Natal News, the matter was postponed to allow the accused time to obtain certain documents, confirms National Prosecuting Authority spokesperson Natasha Ramkisson-Kara. The De Beers are accused of running Coin-It, an unregistered investment operation that promised returns by giving investors a stake in trucks supposedly working on mining contracts. The scheme later collapsed, leaving hundreds of investors out of pocket. 'In terms of the Financial Advisory and Intermediary Services Act [37 of 2002] and the Banks Act [94 of 1990], Coin-It was not authorised to accept deposits from investors,' says Ramkisson-Kara. 'The state alleges that the entity was not registered as a financial services provider and operated without the required licences.' All three accused remain out on R50 000 bail each. Malcolm and Patricia have also surrendered their passports as part of their bail conditions. Several properties have already been seized by the Asset Forfeiture Unit in terms of a Preservation Order granted by the Pietermaritzburg High Court in 2020. These include the Royal Country Inn (now student accommodation) and other properties, one of which, in the Dundee industrial area, is to be auctioned this month. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
04-05-2025
- Business
- The Citizen
Coin-It family trio back in court this month
The Dundee-based De Beer family trio — Malcolm and Patricia (husband and wife) and their daughter Samantha — will be back in the High Court on May 28 on charges of fraud linked to the failed Coin-It investment scheme, which allegedly defrauded investors of R73.6 million. The matter had been postponed to allow the accused time to obtain certain documents, confirmed National Prosecuting Authority (NPA) spokesperson Natasha Ramkisson-Kara. The De Beers are accused of running Coin-It, an unregistered investment operation that promised returns by giving investors a stake in trucks supposedly working on mining contracts. The scheme later collapsed, leaving hundreds of investors out of pocket. 'In terms of the Financial Advisory and Intermediary Services Act and the Banks Act, Coin-It was not authorised to accept deposits from investors,' said Ramkisson-Kara. 'The state alleges that the entity was not registered as a financial services provider and operated without the required licences.' All three accused remain out on R50,000 bail each. Malcolm and Patricia De Beer have also surrendered their passports as part of their bail conditions. Several properties and properties have already been seized by the Asset Forfeiture Unit, AFU, in terms of a Preservation Order granted by the Pietermaritzburg High Court in 2020. These include the Royal Country Inn (now student accommodation) and other properties, one of which, in the Dundee industrial area, is to be auctioned this month. HAVE YOUR SAY: Like our Facebook page, follow us on Twitter and Instagram or email us at Add us on WhatsApp 071 277 1394. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
