BondCare Trust, a company that invited investors to advance their money at an attractive interest rate to potential home buyers who couldn’t afford transfer fees, was operated as a Ponzi scheme, the company’s liquidators told the ombud for financial services providers.

The FAIS Ombud ruled that an adviser who promoted the investments into BondCare must return R152,000 and R700,000, respectively, to two victims of the racket who were both unemployed, one being a disabled widow and the other a chronically ill divorcee.

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