Nsikayomuzi Goodman Goqo, the man behind a massive Ponzi scheme that swindled more than 4,000 investors out of over R70 million, has been sentenced to eight years in prison.
Goqo ran his company, Ingede Mineral Holdings, from Hillcrest between 2009 and 2010, luring people with promises of a 30% return within six months on stock market investments. Instead, he used the funds to enrich himself, splurging R5 million on luxury cars while leaving countless victims in financial ruin.
During sentencing at the Pinetown Regional Court, a former mentor offered to sell his home to support Goqo, but the court rejected the idea, ruling that the responsibility for repayment lay solely with him.
Prosecutors described the devastating impact on victims, many of whom lost their life savings and are now dependent on family for survival. They also noted Goqo’s lack of remorse and his history of fraud, including a prior conviction in 2007.
Although the minimum sentence for his crimes could have been 15 years, the court considered mitigating factors such as his chronic illness and his responsibility for a young child. Magistrate Sphiwe Hlophe stressed, however, that a fine would not be appropriate, emphasizing that Goqo must face direct punishment for his actions.