Forex mentor in court for allegedly duping clients to buy a robot worth R100,000 to trade on their behalf

An Eastern Cape man is in court over charges that he duped investors into buying a robot to trade on their behalf. Picture: Nadine Hutton/Bloomberg

An Eastern Cape man is in court over charges that he duped investors into buying a robot to trade on their behalf. Picture: Nadine Hutton/Bloomberg

Published Sep 19, 2023

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A 32-year-old man who worked at a forex company appeared in the Gqeberha New Law Court on Monday on charges of theft.

The Directorate for Priority Crime Investigations (known as the Hawks) said Nhlakanipho Nyembe was served with a summons on August 22.

Provincial spokesperson, Captain Yolisa Mgolodela said it is alleged that from November 13, 2017 to May 30, 2018, Nyembe was employed at a company called Global Forex Institute (GFI) as a mentor.

“He reportedly provided education services to clients in relation to the Forex Exchange markets,” Mgolodela said.

“It is further alleged that Nyembe mentioned to the clients that he invented a robot software programme that would trade on their behalf as investors while they are learning how to trade with forex. A single robot was sold at R100,000 each.”

Mgolodela said Nyembe reportedly sold three robots to three clients at a total cost of R300,000.

“The clients lodged a complaint with the Hawks and investigations revealed that GIF never sold any robots to their clients and never authorised Nyembe to sell robots on their behalf either.”

Mgolodela said Nyembe was traced and found in Newcastle in KwaZulu-Natal where he was served with summons to appear in court.

Nyembe was released on warning and the matter was adjourned to October 9 for an attorney.

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