PROJECT: SOUTH AFRICA'S MOST NOTORIOUS PONZI SCHEME SCAMMERS (PART 2)

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Following the sudden death of Ponzi scheme mastermind Mr. Willem Steenkamp, many unanswered questions remain about the full extent of his criminal network and financial deception. Specialised Security Services urges the public to practice due diligence and conduct thorough background checks before committing to any investment opportunity. To better understand the scale of Mr. Steenkamp’s operations and the warning signs that were ignored, we encourage readers to read our previous project and to study our detailed project below on his and other similar schemes and criminal tactics:

• https://www.mikebolhuis.co.za/post/project-ponzi-scheme-mastermind-willem-steenkamp-dies-in-malawi-part-1

Ponzi schemes are a growing legacy of white-collar crime, financial fraud, and public betrayal.

Ponzi schemes are fake investment schemes with payouts to early investors using money from new ones.

Ponzi-style fraudsters are your typical smooth-talking, suit-wearing, investment-return-promising types

that leave emotional havoc and financial ruin in their wake.

A Ponzi scammer is a thief and a skilled manipulator.

They prey on hope, trust, and fear, especially in vulnerable communities.

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KEY CHARACTERISTICS OF A POZI SCAMMER:

• CHARISMATIC AND CHARMING:

  • Ponzi scammers are usually charming, persuasive, and excellent communicators.

  • They often:

    • Speak with authority on finance or business.

    • Use emotional or spiritual appeals.

    • Gain trust through religious, political, or social alignment: "He looked like someone who knew what he was talking about - like a man of God." - common feedback from victims.

• PROMISES UNREALISTIC RETURNS:

  • They offer high and "guaranteed" returns - often 20-30% per month or year, with no real explanation of risk.

    • "This opportunity is exclusive."

    • "Returns are guaranteed."

    • "It is completely safe - we have never lost money."

• LACK OF TRANSPARENCY:

  • They avoid giving clear, verifiable answers:

    • No audited statements.

    • Vague or fake business models.

    • "Proprietary" or "confidential" trading strategies.

    • They discourage questions or outside opinions.

• PLAYS VICTIM OR THE MARTYR:

  • When pressure mounts:

    • They claim they are being "persecuted by the system."

    • They blame banks, government regulators, or jealous competitors

    • They say, "Your money is coming soon. Just be patient."

• USES AFFINITY FRAUD:

  • They often exploit trust within tight-knit groups:

    • Churches, cultural communities, school networks, or even political circles.

    • "If Pastor invested, it must be safe."

    • Recruits are often referred by family or friends, adding social pressure.

• ENCOURAGES RECRUITMENT:

  • They offer bonuses or commissions for bringing in new investors, turning victims into unknowing recruiters.

  • Classic pyramid tactic: "The more you bring in, the more you earn."

• LAVISH LIFESTYLE TO PROJECT SUCCESS:

  • They showcase:

    • Luxury cars, homes, watches.

    • High-profile donations or sponsorships.

    • Appearances in business magazines or religious events.

  • This illusion of wealth gives false legitimacy.

• AVOIDS REGULATION:

  • They operate outside legal boundaries:

    • Not registered with financial authorities (like FSCA)(Financial Sector Conduct Authority).

    • Use foreign bank accounts, crypto wallets, or shell companies.

    • Claim to be "too new" or "under audit" when asked for licenses.

• USES DELAYING TACTICS WHEN PRESSURED:

  • When investors start asking for payouts:

    • They claim "technical delays."

    • Blame banking or legal issues.

    • Request more time or offer partial payments to quiet critics.

• EVENTUALLY COLLAPSES:

  • Like all Ponzi schemes, the scam relies on a continuous flow of new money.

  • Once withdrawals exceed deposits, the structure collapses, and many lose everything.

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EXAMPLES:

WILLEM STEENKAMP:

• Alias: Dr William Bilderberg

• Estimated Fraud: USD 100+ million

• Key Scheme: Wurban Ponzi Scheme

• Status: Died 1 April 2025, while under investigation in Malawi

  • Operating under false names and fabricated identities, Mr. Willem Steenkamp masterminded the international Wurban Ponzi Scheme, scamming investors across South Africa, Malawi, and Venezuela with promises of 30% returns through fake ventures like Wurban Bank Group.

  • He was arrested in 2023 and died in 2025 before facing full prosecution.

  • Fraudulent documents, insider help, and financial manipulation facilitated his schemes.

  • Family members were also implicated.

LOUIS LIEBENBERG:

• Nickname: The Diamond King

• Estimated Fraud: R500 million+

• Key Scheme: Liebenberg Diamond Trading & Auction Schemes

• Status: Facing legal action and asset seizure

  • A charismatic diamond trader turned public figure, Mr. Liebenberg built trust through religious rhetoric and patriotism, claiming to offer investors a share in South Africa's diamond wealth.

  • Promising huge returns, he raised hundreds of millions before his businesses were placed under liquidation.

  • Thousands of South Africans remain out of pocket, with ongoing investigations and legal battles.

MIRROR TRADING INTERNATIONAL (MTI)

• Mastermind: Johann Steynberg

• Estimated Fraud: USD $1.7 billion (approx. R30 billion)

• Key Scheme: Mirror Trading International (MTI)

• Status: Declared a Ponzi scheme; Steynberg arrested in Brazil in 2021

  • Mirror Trading International (MTI) was one of the largest crypto-related Ponzi schemes in South African history, claiming to use advanced artificial intelligence and Bitcoin trading bots to generate extraordinary profits for investors.

  • Founded by Mr. Johann Steynberg, MTI promised consistent daily returns of up to 10% per month, drawing in over 280,000 members from 170 countries, with South Africans forming the largest group.

  • The scheme relied heavily on multi-level marketing to attract new investors, incentivising members to recruit others with the promise of commissions and bonuses.

  • In reality, MTI had no credible trading strategy.

  • Bitcoin deposits were pooled, and fake back-end dashboards gave the illusion of growth, while early investors were paid with new money in true Ponzi style.

  • In late 2020, Mr. Steynberg vanished, taking investor funds with him.

  • He was later arrested in Brazil in 2021 after Interpol issued a Red Notice.

  • In 2022, the FSCA (Financial Sector Conduct Authority) and a South African court formally declared MTI a Ponzi scheme.

  • Most investors lost their Bitcoin, and ongoing liquidation and asset recovery efforts are still underway.

  • MTI’s collapse highlighted the dangers of unregulated crypto platforms, social media hype, and financial illiteracy in a fast-growing digital market.

  • It also triggered global investigations, as the scheme left victims not only in South Africa, but across the globe.

BARRY TANNENBAUM:

• Estimated Fraud: R12.5 billion (approx. $930 million at the time)

• Key Scheme: Pharma Import Scheme

• Status: Living abroad (believed to be in Australia), never extradited

  • Mr. Tannenbaum promised high profits through fake pharmaceutical import deals, backed by forged documentation and fake orders from top pharma firms.

  • He ran one of South Africa's largest-ever Ponzi schemes, involving over 800 investors.

  • Though exposed in 2009, he fled the country and has never been extradited, highlighting severe gaps in cross-border financial justice.

HERMAN PRETORIUS:

• Estimated Fraud: R1.8 billion

• Key Scheme: Relative Value Arbitrage Fund (via Abante Capital)

• Status: Died by suicide in 2012

  • Mr. Pretorius used his background in finance and connections in religious communities to gain trust and investments.

  • He ran a fund promising stable yet lucrative returns, which was later revealed as a Ponzi scheme.

  • As pressure mounted from regulators, he tragically took his own life, leaving thousands of investors in turmoil and legal limbo.

KEITH DOUGLAS:

• Estimated Fraud: R400 million+

• Key Scheme: PSC Guaranteed Growth Fund

• Status: Convicted and sentenced (25 years)

  • Mr. Douglas operated a fund promising "guaranteed" returns of up to 20% per year.

  • He defrauded nearly 3,000 investors - many retirees - under the pretence of a low-risk, high-return product.

  • Investigators found that funds were misused and misrepresented.

  • Mr. Douglas was convicted in 2015 and received one of the harshest sentences for financial fraud in South Africa.

    
    

KOBUS MAREE:

• Estimated Fraud: R100 million+

• Key Scheme: Platinum Forex Group

• Status: Arrested; trial pending

  • Claiming to be a forex guru, Mr. Maree offered investors monthly returns of up to 8%, convincing many middle-class and retired individuals to invest.

  • Authorities found that Mr. Maree was not registered with financial regulators and that most of the money was never traded - it was circulated in true Ponzi fashion.

  • Legal proceedings are ongoing, and efforts to recover funds are underway.

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TYPICAL MODUS OPERANDI OF SCAMMERS LIKE WILLIE STEENKAMP:

• LAYERING VIA OFFSHORE ACCOUNTS:

  • Funds are moved through banks in secrecy jurisdictions (like the Cayman Islands, Seychelles, Dubai, or Mauritius).

  • Shell companies are used to mask ownership and confuse investigators.

• USE OF FAKE TRUSTS AND FOUNDATIONS:

  • Entities like the Wurban Sovereign Trust are created to give a façade of legitimacy.

  • These structures are used to claim the funds are "protected" or "held for beneficiaries."

• CRYPTO LAUNDERING:

  • Some scammers convert stolen funds into cryptocurrencies, especially privacy coins like Monero, or mix assets through coin tumblers.

  • These make it harder to trace the origin and destination of funds.

• LUXURY PURCHASES AND ASSET HIDING:

  • Cars, properties, art, farms, or mining rights may be bought and registered in third-party names.

  • These physical assets are often stored or registered in countries with weak transparency laws.

• FAMILY AND INSIDER INVOLVEMENT:

  • Trusted inner circles (like Mr. Willem Steenkamp's wife and daughter) act as proxies to open accounts, manage transactions, or launder funds.

  • These individuals may claim to be unaware of the fraud to avoid legal exposure.

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HOW VICTIMS CAN CHECK FOR COMPENSATION OR RECOVER FUNDS:

• REGISTER WITH OFFICIAL INVESTIGATORS:

  • If you are a victim, immediately register your case with the national fraud unit or task team.

  • In the case of Mr. Steenkamp, victims in:

    • Malawi can contact the Fiscal and Fraud Police or the Financial Intelligence Unit (FIU).

    • South Africa can contact Specialised Security Services (SSS) or the SAPS Commercial Crimes Unit.

• LOOK FOR CLASS ACTION OR GROUP PROCEEDINGS:

  • Law firms or victims' groups sometimes organize class action lawsuits in major Ponzi schemes.

  • Joining such efforts gives access to pooled resources, forensic audits, and international recovery channels.

• CHECK IF A LIQUIDATOR OR ASSET TRACING FIRM IS APPOINTED:

  • Sometimes, courts appoint an insolvency practitioner or liquidator to recover and redistribute seized assets.

  • These professionals may contact victims or publish notices, monitor public notices, or legal bulletins.

• PROVIDE EVIDENCE OF INVESTMENT:

  • Victims should compile:

    • Proof of payment (bank transfers, receipts).

    • Signed agreements or communication with scheme operators.

    • Statements or account balances, even screenshots.

• BEWARE OF RECOVERY SCAMS:

  • Tragically, scammers often target previous victims, promising to recover funds for a fee.

  • Always verify that anyone offering recovery assistance is licensed and acting on behalf of an official body.

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KEY INDICATORS:

These scammers share common tactics:

• Promising high and guaranteed returns (20%-30 %+).

• Encouraging secrecy, urgency, or religious/patriotic trust.

• Using fake documents, financial jargon, and polished branding.

• Relying on personal referrals and networks to build investor pools.

• Operating without proper licensing or regulatory oversight.

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PRECAUTIONARY MEASURES:

• Always verify if a scheme or fund is registered with the FSCA (Financial Sector Conduct Authority) or a relevant regulator.

• Be suspicious of guaranteed returns or "too good to be true" offers.

• Demand audited financial statements and proof of trading/investment.

• Avoid schemes that pressure you to recruit others.

• Check if the promoter is on a fraud warning list or has prior court cases.

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If you have fallen victim to a Ponzi scheme or are being pressured to invest in a suspicious opportunity,

contact Mr. Mike Bolhuis of Specialised Security Services.

SSS has a highly skilled task team that is ready to investigate.

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ALL INFORMATION RECEIVED WILL BE TREATED IN THE STRICTEST CONFIDENTIALITY AND EVERY IDENTITY WILL BE PROTECTED.

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Regards,

Mike Bolhuis

Specialist Investigators into

Serious Violent, Serious Economic Crimes & Serious Cybercrimes

PSIRA Reg. 1590364/421949

Mobile: +27 82 447 6116

E-mail: mike@mikebolhuis.co.za

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