The Supreme Court of Appeal today handed down judgment in the appeal of Ms MJ Prinsloo and five others, who were convicted in the North Gauteng High Court in June 2010, of committing various statutory and common law crimes whilst conducting an unlawful Ponzi scheme (known as the Krion scheme) during the period 1 March 1988 ─ 22 May 2002, in the Vaal Triangle and subsequently also countrywide.
During its existence R1,5 billion was invested in the scheme and upon its demise scores of investors had lost all their money and were left destitute. The SCA held that the activities of the appellants constituted a pattern of racketeering activity in terms of the Prevention of Organised Crime Act 121 of 1988.
The appeal against the convictions was in the main dismissed, while the sentences imposed upon the appellants, ranging from 25 to 5 years, were confirmed.
Prinsloo & Others v State (827/2011)  ZASCA 2070.45 MB