Congregants impacted by the fraudulent dealings of convicted fraudsters Colin Davids, his company Platinum Forex CC and its marketing manager, Derek Bredekamp, have fallen on hard financial times since they lost their pension funds.

According to the Cape Times, the Bellville Commercialised Crimes Court heard impact statements in aggravation of sentencing from SAPS investigating officer Ronald van Niekerk.

Davids, his company, and Bredekamp were convicted in June after the Ponzi scheme collapsed in 2015.

They were convicted of more than 50 charges including contravention of the Financial Advisory and Intermediary Services Act, fraud and money laundering.

The pair directly or indirectly solicited deposits, investments and loans totalling R329.8m from individuals – mostly church congregants of the former New Direction Grace Church – to hold in trust and forex trading on their behalf.

Van Niekerk told the court pensioners, widows, and retrenched people suffered financially due to losses incurred.

In mitigation of sentencing, the accused's counsel, Advocate Winston Erasmus called two pastors to the witness stand.

Theodore Mitchell testified that Davids was a mentor to him and that he had witnessed his remorse.

Mitchell said Davids should not be imprisoned as he ‘could serve greater impact in the community’ if he was given a non-custodial sentence.

The second witness for the defence, Peter Barnes, echoed the call that a non-custodial sentence should be imposed.

Barnes said Bredekamp had a positive impact on his community and he was missed by congregants.

The matter was postponed to 27 August 2025.

Full Cape Times report