Neil Leon De Waal, a prominent promoter of the GSPartners scheme, was granted bail this week following his arrest in late May. Details from his Monday bail hearing, reported by Jana van der Merwe of Netwerk 24 on June 6th, shed light on the initial criminal proceedings against him in South Africa.
De Waal appeared visibly distressed during the court session, reportedly crying throughout. He spent ten days in custody before the hearing, appearing emaciated and often shaking his head in denial. Gone were the designer clothes he frequently displayed on social media; he instead wore a black sweater, navy blue trousers, and an older jacket.
Authorities began their investigation into De Waal after receiving a complaint from one of his victims. This Benoni resident reportedly hired a private investigator in Cape Town to help locate De Waal. The state revealed an arrest warrant for him had been issued as early as December 15th.
Court filings suggest De Waal recruited a new GSPartner investor around May 30, 2023, as part of his local efforts. GSPartners itself collapsed in late December 2023, causing widespread financial losses globally. This timing indicates the victim's complaint likely predated the public collapse of the scheme, or it came in response to mounting regulatory scrutiny.
The South African Financial Sector Conduct Authority (FSCA) issued a fraud warning against GSPartners in late November 2023. This was one of nearly two dozen such warnings from various international authorities throughout that year. Such widespread alerts could have prompted early refund requests from investors.
A six-month gap existed between the December warrant issuance and De Waal's apprehension in late May 2024. The victim's need for a private investigator suggests De Waal may have been avoiding authorities during this period. He was eventually arrested at a South African airport after disembarking a flight from Bali, Indonesia.
De Waal's lawyers sought to downplay the investor losses, stating someone was merely "displeased with some sort of investments and returns." His legal team declared he would deny all charges and "prove his innocence" in court.
The court granted De Waal bail after his attorneys argued his elderly dependent father would be left unattended without him. De Waal's release came with the condition that he surrender his passport.