The Financial Sector Conduct Authority (FSCA) has welcomed the 15-year jail term for David Wilmot, the owner of Nava Shore Holdings, handed down by the Port Elizabeth commercial crimes court.

Wilmot was found guilty of defrauding investors of more than R23m. He pleaded guilty to 153 counts of fraud, one count of contravening the Exchange Control Act, one count of contravening the Financial Advisory and Intermediary Services Act, and one count of money laundering, according to a media statement released by the FSCA...

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