Former Proteas star Albie Morkel has reportedly been sued for profits of R3.3 million by the liquidators of companies that operated as an alleged Ponzi scheme.
ALBIE MORKEL REPORTEDLY SUED FOR PROFITS OF R3.3 MILLION
Former South African cricketer Albie Morkel, who played for the South African national team, is reportedly being sued for R3.3 million by the liquidators of companies that operated as an alleged Ponzi scheme run by Pretoria businessman Nico le Roux, according to Two Oceans Vibe.
Morkel reportedly received 10 payments, which totalled to R3.6 million. However, he is being sued for R3.3 million – this is the net profit he made on top of his original investment in the alleged Ponzi scheme. The former cricketer allegedly invested R350 000 in IPG Main Sales. This is one of two companies run by Le Roux as part of the alleged scheme.
According to reports, court documents allege that he received a separate R75 000 from IPG Properties without having invested anything. Two letters of demand were reportedly sent to Morkel in February.
A PONZI SCHEME?
Le Roux is being accused of swindling investors into thinking they were investing in properties, which did not exist. New investments were reportedly used to pay returns to the earlier investors. Le Roux is also being accused of pulling investors in through personal connections in religious communities through word of mouth and presentations at church camps, organised by his non-profit organisation, Sonship Camps and Conferences NPO.
Instead, new investments were simply used to pay returns to earlier investors – classic Ponzi.
At the time of publishing, neither Le Roux nor Morkel have publicly confirmed nor denied the allegations.
Morkel was also the captain of The Titans. He retired in 2019 from all forms of cricket at the age of 37, ending his 20-year professional career.