Ponzi scheme mastermind Goodman Goqo, who was arrested in January 2012, has been convicted and sentenced to an effective eight years in jail for defrauding more than 4,000 people out of R75m.
The Michaelhouse Old Boy, who is now 49, has appeared in court hundreds of times, the case being adjourned on multiple occasions by him changing lawyers or being “sick”.
He was on bail for most of the almost 14 years it took for his case to finalise, but since being convicted by Pinetown regional court magistrate Stanley Hlophe earlier this year he has been in custody.
Hlophe convicted him of:
4,111 counts of fraud;
4,111 counts of contraventions of the Banks Act for conducting the business of a bank without being registered; and
contraventions of the Financial Advisory and Intermediary Services Act for providing financial services while not registered.
On Friday Hlophe sentenced Goqo to eight years for fraud, ruling the sentences for the other crimes — five years and three years respectively — run concurrently with that.
The trial began before Hlophe in 2018.
[SRC] https://www.dailydispatch.co.za/amp/news/2025-09-26-ponzi-mastermind-goodman-goqo-sentenced-for-conning-thousands-out-of-r75m-15-years-later/
