Sunday, March 8, 2020


Dear Readers,

          Thanks to anti-ponzi scheme activist Rowena James and a group of other like minded Coin-It investors this dubious scheme has been provisionally liquidated. But the battle that just might see the duped investors get some of their money back is far from over.
          Coin-It was the brain child of the Dundee, KwaZulu-Natal based De Beer family headed by Malcolm. It is estimated to have taken some 27 000 investors for a very expensive R2.5 billion ride. They were promised huge returns in a truck buying scheme that, it turned out, involve fictitious vehicles. Rowena was relatively lucky. As one of the early investors she was only R60 000 out of pocket when the scheme was shut down by the Financial Service Conduct Authority.
           Rowena and her group paid R350 each to start the ball rolling to get justice for investors against the De Beers. The money was use for the High Court action to liquidate Coin-It. Their task is huge because on the face of it the De Beers have all the money in the world to fight court cases on every front.
          This is her story:
“Against the odds, us Coin-It investors finally caught a break after months of plugging on and seemingly getting nowhere. After the first two court days we were really beginning to feel defeated, and as you may well know, High court fees do not come cheap. So between comforting victims of this scheme and sharing the truth about the De Beers from Dundee, I have also been encouraging investors to join our liquidation cause. The day before the hearing Coin-it's management issued this memo:
Dear Coin it Clients,
Tomorrow we will again be in Pietermaritzburg High Court in defense of the liquidation of Coin it. Your support and presence in defense of the liquidation will be highly appreciated. Should you be unable to attend please can you send someone to represent you?
All those who wish to attend kindly respond to this message with your T-shirt size as there will be T-shirts available for the first clients that arrive.
NB: Kindly share the MAIN Coin it # on all your social media platforms: 
Kind Regards
“The result of this memo was three buses and two minibus taxis full of people protesting against the liquidation application arrived outside the High Court in PMB, with placards saying 'Hands off our boss Mr. De Beer'. 

“The Coin-It staff were opposing the liquidation application because they stood to lose their jobs. Fortunately the judge was not swayed by this. 
          “I don't know how many investors eventually paid their R 350.00 so that we could push through to get a ruling from a judge. It is a question for Linda Mazibuko attorneys. They have done very well. Most especially Tsepo, who I know has gone beyond and above to help us achieve victory. Adv. Boulle presented a clear and concise argument and the Judge ruled in our favour. 
         "This would not have been achieved without a relentless group of prayer warriors who had fasted and prayed. God came through for us. 
“Oh how we celebrated, and with reason too, this was a hard fought victory. But our celebrations were not going to last very long. Coin-it's management, the De Beers, sent an email to all investors:
Good day,
As you are aware we were in court yesterday to defend the potential liquidation of Coin it, unfortunately the proceedings did not go in our favour however this is only provisional and not final. We will be back in court again on the 28th May 2020 in defence against the final order being granted. It is necessary to elect a provisional liquidator until it goes back to court on the 28th May 2020. 
Kindly complete this form and email it to, it needs to be signed and retuned to us before 8am on Monday morning.
The form from the link is a requisition form for a liquidator that Coin it would prefer the court to appoint. 
“So, here I am, convincing investors to join with the liquidator we have chosen, because of his reputation for being excellent at his job as well as a man with integrity.
“We have to get as many of our forms to the liquidator so they can be presented before the Master and hopefully ours are more numerous than those from Coin-It. 
“Wish us well. I will let you know who wins this battle of the liquidators. I thank you kindly, Jon, for opening you blog to allow me to give our fight an audience.”
          Meanwhile the investigation by the *Keystone Hawks plods on. What is supposed to be South Africa’s ace investigative unit the Directorate for Priority Crime Investigation (The Hawks) made a very disturbing start to its Coin-It inquiry as far as Rowena is concerned. The statement she gave the Hawks was leaked to the very people she was complaining about.
          Coin-It that promoted a profit of up to 200% in three years was not the only De Beer ponzi money spinner. CommEx was another one. In this people were told that various minerals would be bought on their behalf and when they were sold the good hearted De Beers would pass on the substantial profit to the investors. My House was also one of their get-rich-quick offers that involve prefabricated houses.
Keystone Cops
Jon, who wishes the Coin-It investors the best of luck in their endeavours to get money back from this super confidence trick that should have been closed in its early stages had our enforcement agencies not been sound asleep.  
*The Keystone Cops were fictional, humorous, incompetent policemen featured in slapstick, silent comedy films between 1912 and 1920s.
P.S. The pictures of the scenes outside the court are Rowena's.
P.P.S See also:Feisty Rowena James; Heartless Sunday TimesNewspaper behaving badly; Rowena's death threat .

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