Alec Hogg: Kellermann’s world starts to unwind
Alec Hogg discusses the latest financial scandal to hit South African shores: Cobus Kellermann’s alleged ponzi scheme. Hear what Alec has to say on this situation in today’s Rational Perspective video.
Alec Hogg discusses the latest financial scandal to hit South African shores: Cobus Kellermann’s alleged ponzi scheme. Hear what Alec has to say on this situation in today’s Rational Perspective video.
Alec reflects on the early days of his career with today’s big story, which involves an allegation that Cape Town money manager Cobus Kellermann is the kingpin behind a Mauritius-based Ponzi scheme as big as the Bernie Madoff scam. I kid you not.
Today Ponzi schemes are known as financial scams where fresh funds are attracted by paying high returns – but funding these with capital from new investors.
Madoff “preyed upon unsophisticated and uneducated workers to help him further his fraud.”