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An 85-year-old woman may have lost her life savings in a Ponzi scheme.
Editor of the Weekend Argus' Personal Finance section, Bruce Cameron on Friday said he believed the scheme may see losses of close to R2-billion.
A bloody business meeting in Cape Town last week drew attention to the books of the Relative Value Arbitrage Fund (RVAF).
One of the fund's controllers, Herman Pretorius, was visited by financial services board inspectors.
After the visit, Pretorius shot and killed his business associate before turning the gun on himself.
Gordon's Bay resident Jacky said she cannot believe how many people, including her mother were duped.
“We’re not all financially in a situation where we can take an extra mouth to feed or an extra medical aid. It puts a lot of pressure on a family. I’m sorry to say this, but Mr Pretorius’ family are living very well at the moment.”
(Edited by Tamsin Wort)