Sanlam’s former financial adviser, Francois Martinus Labuschagne, was sentenced to ten years in prison. 51-year-old Labuschagne will go to jail for financial fraud.
Sanlam’s counsel was convicted this week in the Bellville Commercial Crimes Court.
“Added to his sentences, the court has ordered him to repay over R500,000 from his pension and the balance of the misappropriated funds to be paid in installments,” a Court spokesperson said.
The former Sanlam financial adviser Francois Martinus Labuschagne was previously arrested after a six-year investigation into fraud at the Ceres Sanlam.
He committed unlawful acts from August 2007 to January 2010.
Presumably, his activities have affected 32 clients.