Insurance broker who 'preyed on elderly' in court after six years on the run

An insurance broker who allegedly conned elderly people out of almost R1-million has appeared in court after six years on the run.

Francois Labuschagne‚ 49‚ was charged with fraud‚ forgery and contraventions of the Financial Advisory and Intermediary Services Act when he appeared in the Bellville Specialised Commercial Crimes Court on Tuesday.

Labuschagne allegedly conned clients out of investment funds when he was a Sanlam insurance adviser in Ceres‚ Western Cape‚ between 2005 and 2010.

Captain Lloyd Ramovha of the Hawks said he would advise elderly clients to withdraw lump sums in cash from portfolios that were purportedly underperforming.

“He would allegedly then take this cash under the pretext that he was going to deposit it into the Sanlam’s business account‚ but instead use the money for his personal gain. Internal forensic investigations led to his dismissal in 2010‚ and he had been on the run since.”

Ramovha said Labuschagne was arrested on January 15 in Louis Trichardt‚ Limpopo. He is due back in court on February 23.

-TMG Digital/The Times