White collar criminals must know that their crimes are as real as any other THE decision this week by the Supreme Court of Appeal to overturn the sentence of J Arthur Brown, former CEO of Fidentia, deservedly received much attention in the media and in the financial services industry. A shockingly mild R150 000 fine was replaced by two 15-year jail terms. This is much more appropriate.The appeal court's judgement stated that Brown "procured large amounts of capital from clients for investment by fraudulently representing that he would safeguard those amounts and obtain favourable returns, when, in fact, the money was thereafter invested recklessly or misappropriated for the benefit of Brown, his associates and/or corporate entities in which he held an interest".The investments attracted by Fidentia were trust assets.This week's judgement sends a clear message to people who deal with trust assets that their actions will have serious consequences.Brown was convicted last year by the H...
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