Scammer in court for R100 million fraud

Mpumalanga – Jaco Jordan, an alleged Ponzi scheme operator appeared briefly before the Secunda Magistrate’s Court yesterday following his arrest in February after defrauding 120 victims for his bogus investment scheme involving over R100 million.

According to the Hawks, the Directorate for Priority Crime Investigation Serious Commercial Crime Investigation Unit in Mpumalanga took charge of the investigation in March. Jordan was granted R50 000 bail and was rearrested immediately after his court appearance which was postponed to November 15 pending further investigation.

He is remanded in custody and expected to appear before a Wynberg Magistrate Court on August 30.