Momentum is building in the case against alleged cryptocurrency fraudster, Willie Breedt. The former Featherbrooke Estate resident and Roodepoort businessman is the focus of a high-level investigation involving hundreds of complainants and several millions of rands worth of allegedly misappropriated investment funds.
Breedt may be charged with several violations of financial-sector legislation but the exact charges are yet to be defined. Entrusted with ensuring that the alleged perpetrator receives a severe dose of justice is Gordon Kayser of GTA Kayser Attorneys.
“The investigation by the Hawks is still ongoing and the appointed prosecutor will have to look at the docket before it can be established what the charges are,” stated Kayser. Intricacies also exist around the class action case against Breedt.
Read initial article here:
West Rand businessman under investigation for alleged cryptocurrency mismanagement
“The class action needs to be distinguished from civil and criminal cases. In the civil case, we were already successful with an urgent anti-dissipation order, and we froze the South African bank accounts of Willie Breedt and Vaultage Solutions. The order further states that he may not sell assets. Breedt cannot be separated from Vaultage or his other companies,” clarified Kayser. It is unlikely that a scheme of this magnitude could be accomplished single-handedly, with the words of the Pretoria-based legal eagle implying far-reaching consequences. “All the entities registered in Breedt’s name will be implicated as well as all the recruiters and agents who recruited people to invest in this Ponzi [scheme]. Justice will be served,” warned Kayser.
Meanwhile, Roodepoort Chamber of Commerce and Industry (ROCCI) have come out with strong condemnation of Vaultage Solutions and its owner. “In view of recent developments ROCCI have suspended their membership and all benefits. ROCCI will not condone any criminal or illegal activity from any of our members and we expect all businesses to uphold good business ethics at all times,” stated ROCCI in a response by their Executive Board.
Kayser anticipates that an arrest is looming and plans to take the firmest stance possible when pursuing the criminal case, regardless of how long it takes. “The civil case will be over soon but the criminal case can take a year or two. There is a backlog since the lockdown and this may cause justice to be delayed, but you can rest assured I will see to it that bail is opposed,” claimed Kayser.
With compassionate and dedicated guidance, the loss of the hard-earned savings of so many is inching towards being salvaged.
