Helping Hand Invest directors Leon Lewitton and Michael Rathbone failed to register the company they allegedly used to swindle people out of millions, despite promising massive interest and returns for their investments, reports HeraldLIVE.

Testifying in the Gqeberha Commercial Crimes Court yesterday on behalf of the state, Financial Services Board specialist analyst Bhekithemba Ngcobo said he began probing the company following an anonymous complaint received in August 2017.

Ngcobo said he become aware that Helping Hand Invest used the Financial Service Provider licence number for a different company which had no dealings with the two directors or their business.

Lewitton and Rathbone are accused of misappropriating more than R21m of investors’ funds over two-and-a-half years.

They face 163 charges of fraud as well as falsely claiming to be registered financial service providers, and using the proceeds acquired for unlawful activity.

They pleaded not guilty at the start of their trial in August 2021 and they were granted bail of R50 000 each in December 2019.

It is alleged that Rathbone and Lewitton used the money of one investor to satisfy the next until their scheme eventually came crashing down.

Their alleged modus operandi focused on informing prospective investors that all investments would form part of a business ‘pool’ and that a third of their cash would be deposited into a 10-year fixed period account.

Potential investors were reportedly guaranteed interest of up to 45% a year.

Full HeraldLIVE report