Momentum Financial Advisor Faces Charges in Multi-Million Rand Fraud Case

In a significant development, the Directorate for Priority Crimes Investigations, commonly known as the Hawks, apprehended Shaun Kenneth Dorning, a 49-year-old financial advisor associated with Momentum Group Limited. The arrest stems from a staggering 30 counts of fraud amounting to over R4.7 million.

 

Financial adviser, Finance

Dorning, who served as an independent contractor for Momentum, faced allegations of canvassing and procuring applications for policies and products on behalf of clients. Notably, he assumed the role of a Financial Advisor for Aristopix PTY LTD during his tenure. In 2020, Aristopix directors reportedly approached Dorning, seeking a payment holiday on their investments with Momentum.

 

According to Captain Yolisa Mgolodela, the Hawks spokesperson, Dorning advised Aristopix to modify the payment method to cash, as opposed to the initial debit order. Astonishingly, the directors of Aristopix accepted this advice. The situation took a fraudulent turn when Dorning allegedly misrepresented himself by sending emails to the financial manager of Aristopix, falsely claiming that the provided bank account number belonged to Momentum. Subsequently, a payment exceeding R4.2 million was transferred to the insurer based on this misleading information.

 

The fraud came to light when Aristopix, pursuing a claim with Momentum, discovered that no investments had been made despite the substantial payment. Mgolodela emphasized that the actual prejudice, including accumulated interest, would have surpassed R4.7 million during this period.

 

Following his arrest, Dorning appeared in the East London Magistrate’s Court and was granted bail set at R10,000. The court adjourned the matter to December 7 for further proceedings.

 

This case serves as a stark reminder of the importance of vigilance in financial transactions and the potential risks associated with misleading practices. As the legal process unfolds, it underscores the need for thorough scrutiny in the financial advisory sector to prevent such fraudulent activities and protect the interests of clients and investors alike.

 

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