Sanlam swindler sentenced to 15 years in jail over R6 million investor fraud
A former employee of a financial services group, Sanlam has been sentenced to 15 years behind bars for swindling investors out of more than R6 million.
Between 2020 and 2021, Loyd Tshotlang, then a senior administrator, processed and paid R6.1 million worth of pensions and provident funds meant for investors into his own account.
In September, the Pretoria Specialised Commercial Crimes Court convicted Tshotlang of 16 counts of theft.
The National Prosecuting Authority (NPA) said Tshotlang was arrested in June 2021 and has been in custody since, with the National Prosecuting Authority (NPA) having successfully opposed his bid for bail.
In September, he pleaded guilty to the charges against him and subsequently apologized.
However, state advocate, Tshepo Nkadimeng, argued for a deterrent sentence that would send a message, saying Tshotlang was in a position of trust, which he abused as he was motivated by greed.
In sentencing him this week, the court agreed, saying his crimes were severe and that he tarnished Sanlam’s image.
NPA spokesperson, Lumka Mahanjana said they welcome the sentence meted out.
-EWN
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