'Thomas Stringfellow lost the money I got when my wife and baby died'
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
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.
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
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Studies across the world and industries consistently show women-entrepreneurs have a better risk profile, says Janeesha Perumal.Read More
National Consumer Commission director of prosecutions Joseph Selolo says you can't be naive or claim to be duped.Read More
Following a cabinet meeting, Winde said that the province had sufficient health capability to manage COVID-19 patients.Read More
From 50 finalists the three winners have been selected and they represent top adaptive thinking in business right now.Read More
'Mr Eazi' launched the Africa Music Fund to support the continent's creative talent. Bruce Whitfield interviews Lee Kasumba.Read More
Justin Chadwick (Citrus Growers' Association) says it's all thanks to the perceived immune-boosting attraction of Vitamin C.Read More
Bruce Whitfield interviews Whitey Basson, who believes it's just not good enough for govt to say ban will be lifted but not when.Read More
Bruce Whitfield talks to MTN CFO Ralph Mupita about the reasons for the move and the company's huge profit increase.Read More
Marc Lubner on the NGO's programmes for young South Africans and how working with Nelson Mandela inspired his life's work.Read More
Involved in an accident you didn't cause? Third party claims don't pay out much. Wendy Knowler shares one driver's horror story.Read More