WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2008-05-08 Time: 00:00:00 Posted By: Jan
Former FNB financial adviser Clynton Cotton left Durban’s commercial crime court on Wednesday to begin serving his effective 10-year prison sentence for stealing more than R12-million from clients.
“Nine months ago, I came forward and admitted my guilt… it’s hard (to go to jail) when you have two small children (aged 1 and 3), but I am pleased to eventually begin starting my sentence,” he said, referring to the fact that he had been in custody, awaiting trial, for nine months.
Cotton, his wife, Lisa, and his assistant, Tammy Govender, were arrested last August on allegations of cheating clients out of millions of rands by depositing their investments into an account controlled by Cotton, instead of into bank-approved schemes.
His advocate, Jimmy Howse, confirmed that there had been “extensive negotiations” with prosecutor Ashika Haripersad and special director of prosecutions Chris Jordaan, which had resulted in plea-bargain agreements by Lisa and Clynton.
Charges against Govender were withdrawn.
Cotton, 40, pleaded guilty to 40 counts of fraud and one of money laundering. His wife pleaded guilty to one charge under the Prevention of Organised Crime Act for “assisting another to benefit from proceeds of unlawful activities”.
Cotton said he was a first offender and had shown genuine remorse by making a full, voluntary confession to the bank.
He had paid back R160 000 to the bank and consented to the seizure and restraint of his assets.
He was sentenced to 15 years in prison, five of which were suspended. He agreed to a confiscation order of R600 000.
In her plea, Lisa Cotton, an engineer doing her honours degree, admitted that she had signing powers on the bank accounts used by her husband, but she had only become aware of his fraudulent activities when he had confessed to the bank.
She had become aware that certain assets, including a vehicle her husband had sold for R198 000, had been acquired from the proceeds of crime.
To secure money for legal fees – and on the advice of his then-attorney – she had collected the cheque from the dealership, deposited it into her own account and made out a cheque to the attorney.
She said her crime was “limited to assisting her husband” and she had been convicted on the basis of negligence.
The plea records that her conviction will not detract from her professional status, and she will be considered a “fit and proper person” to continue her profession.
She was fined R50 000 (or three years) and given a four-year suspended sentence on condition that she pay R50 000 to the bank.