State rejects pyramid-schemer's plea: ‘I stole the money, and plead guilty’ - The Mail & Guardian

has rejected the guilty plea of an admitted R11.6‑million pyramid-scheme fraudster, who allegedly swindled 11 unsuspecting people over a seven-year period.

Another alleged victim gave the self-proclaimed thief more than R2.6-million from April 2010, when the investor paid R1.2-million as an initial investment, to November 2012, without also accruing any promised benefits from the large deposits. “I was never promised any particular sentence by anyone and I plead guilty out of my own free will and I have consulted with my legal representative about the consequences of a plea of guilty.

However, on Tuesday at the Johannesburg commercial crimes court, Cole-Edwards’s guilty plea was rejected because he failed to state that he “had the intention to permanently deprive the complainants of their monies”. Cole-Edwards also did not admit fully to all the elements of his crime of theft, the court found.

Cole-Edwards, who is out on bail, will return to court next month when a final decision on his plea and sentencing is expected to be made.has rejected the guilty plea of an admitted R11.6‑million pyramid-scheme fraudster, who allegedly swindled 11 unsuspecting people over a seven-year period. Another alleged victim gave the self-proclaimed thief more than R2.6-million from April 2010, when the investor paid R1.2-million as an initial investment, to November 2012, without also accruing any promised benefits from the large deposits.

“I was never promised any particular sentence by anyone and I plead guilty out of my own free will and I have consulted with my legal representative about the consequences of a plea of guilty.

We somehow need our own Media Houses that will counter how these controlled news agencies are reporting. Why are you not showing the picture of this fraudster?

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