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'Thomas Stringfellow lost the money I got when my wife and baby died'

16 July 2019 8:04 PM
Tags:
Corruption
Fraud
The Money Show
Bruce Whitfield
Scam
pyramid
Thomas Stringfellow
Stringfellow Group
Lorna Jane
Laurence Upton
ponzi

"There’s a 91-year-old. There are people in the hospital who rely on this money to survive," says scam victim Laurence Upton.

It was about R1.2 million that I invested… It was money collected when my wife passed away in 2009, I lost my baby as well…

Laurence Upton

Frustration, anger… there’s a 91-year-old. There are people in hospital who rely on this money to survive…

Laurence Upton

On Monday The Money Show’s Bruce Whitfield featured the story of well-known financial advisor Thomas Stringfellow and how he lost R100 million of funds under his management.

His victims were mostly older people.

Stringfellow told them that the stock market was about to crash and that he can keep their money safe.

He promised them returns of 14% a year, paid out monthly, to invest in Australian sportswear firm Lorna Jane’s South African stores which he ran.

All Lorna Jane's SA stores have since closed.

His firm, Stringfellow Group, is a respected, award-winning fund manager.

(Also, read: "Advisor scams pensioners out of R100 million with promises of 14% returns".)

Whitfield interviewed Laurence Upton, an investor who fell prey to Stringfellow.

Listen to the audio below in which Upton tells the sad story (and scroll down for more quotes from it).

My mother worked for him for a number of years… Subsequently, I got to know him… he was [so he thought] a very trustworthy guy…

Laurence Upton

Thomas was arrested… he goes to prison… they set the bail hearing… he lost three houses, all his cars… the bail is set at R20 000, which is ludicrous!

Laurence Upton

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16 July 2019 8:04 PM
Tags:
Corruption
Fraud
The Money Show
Bruce Whitfield
Scam
pyramid
Thomas Stringfellow
Stringfellow Group
Lorna Jane
Laurence Upton
ponzi

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