Home World AFRICA Law firm liable for exec’s Ponzi scheme – The Citizen

Law firm liable for exec’s Ponzi scheme – The Citizen


Ten years after a Durban attorney’s suicide revealed he had been running a multi-million-rand Ponzi scheme, the firm he was running it from – one of the country’s leading – has been ordered to cough up for the crime. KwaZulu-Natal High Court Judge Jerome Mnguni on Tuesday found Garlicke and Bousfield liable for the R7 million Durban businessman Merlin Stols ended up losing to what was originally punted as a “bridging finance scheme” by the firm’s former executive consultant, Colin Cowan. And Mnguni’s findings are now expected to open the floodgates for other victims to lodge claims against the firm…



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