Coenraad Botha fined R216 million for CBI Global fraud

Coenraad Botha has been fined R216 million ($11.3 million USD) by South Africa’s Financial Sector Conduct Authority (FSCA).

Botha, a licensed lawyer in South Africa, has also been disbarred for ten years.

The FSCA’s investigation into Botha, full name Coenraad Barend Nolte Botha, pertains to his
CBI Global
Ponzi scheme.

The FSCA began investigating Botha in 2022. This led to a
securities fraud warning
pertaining to CBI Global and predecessor
Uhuru Tribe
.

In handing down Botha’s penalties on March 28th, the FSCA noted further investigation revealed

there was no legitimate financial product or investment activity that generated the purported returns paid to the investors by Botha and CBI entities.

Grouping Botha in with “fraudsters operating scams”, the FSCA urged South Africans to

act with care when investing their funds. There are many fraudsters operating scams, and the number is growing.

South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.

In addition to South African authorities fining and disbarring him, Botha and wife Charlotte Murove were
arrested twice
in Namibia over the past fortnight.

Namibian authorities have charged with CBI Global related financial crimes. Bail proceedings have been playing out in court throughout the week.

Concerns have been raised about Botha fleeing Namibia for either South Africa or Dubai. Following the FSCA’s fine it seems unlikely Botha would flee to South Africa.

Should Namibian authorities fumble the bag, Botha fleeing to Dubai to escape charges in Namibia and his South African fine is a very real possibility.

Update 8th June 2024 – 
Somewhat predictably, Namibian authorities
failed to present a case
at Coenie Botha’s April bail hearing. This saw Botha and Charlotte Murove released on bail.

Update 3rd November 2024 – 
The FSCA has
set aside Coenie Botha’s CBI Global fraud penalties
.

🤖 Quick Answer

Who is Coenraad Botha and what was he convicted of?

What penalties did Coenraad Botha receive?
The FSCA fined Botha R216 million (approximately $11.3 million USD) on March 28th and disbarred him from practicing law for ten years. The investigation, initiated in 2022, also encompassed CBI Global's predecessor entity, Uhuru Tribe, issuing securities fraud warnings.

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