Ponzi schemer Patrick Stapleton will serve an effective 10 years in prison.Between 2008 and 2014, the father-and-son duo defrauded their victims of more than R11 million.
National Prosecuting Authority spokesperson Natasha Kara said the court sentenced Stapleton to 10 years for 85 charges of fraud, eight years for 89 fraud charges, and two years for contravening the Banks Act and the FAIS Act.Kara said the duo operated the scheme between 2008 and 2014 from their Hillcrest office.
The men were arrested in 2017, and Michael pleaded guilty in 2019. He is serving a five-year sentence.
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