For an investment of R57 600 (minimum purchase amount) you could buy 72 tons of coal which they would then “assist you to sell at a profit” resulting in you being paid R5624 a month for 18 months. You would thus almost double your money with R101 232 in the bank at the end of the period.
Coin-It was promising returns of up to 200% in only three years by selling trucks to investors, which it would then use for all kinds of “logistic services relating to transportation and distribution” to earn the amounts promised.
Brandon Topham, a director of investigations and enforcements at FSCA described Coin-It as showing “hallmarks of a Ponzi scheme.”
All went well for her in beginning as she was getting her regular monthly payments. Then cracks began appearing in the scheme before her contract was over, and between this and another truck she bought on the same basis she lost money.
By accepting advertisements for Ponzi schemes like this without taking even the most elementary precautions the Sunday Times was spreading misery just to make money. The paper raked in an estimated R500 000 for the two inserts and if they had gone in its 310 000 copies they would have been seen by and awful lot of people throughout the country.
|These warnings have got less conspicuous over the years. Top|
is 2010 with bottom the current one that is not even in the
main paper, but tucked away in the one corner of Page 2 of
the Business section nowhere near any adverts.
SUNDAY TIMES AT IT AGAIN WITH TOO GOOD TO BE TRUE ADS No more were featured until these two Ponzi scheme ad inserts appeared. It seems that thousands of people, many of whom were blacks, who could least afford it, were taken for a very expensive ride by the people who were behind these Ponzi schemes. Like so many big businesses all the Tiso Blackstar Group is interested in is making money with the Sunday Times regardless of the ethics of what it does to achieve this.