Namibia: ‘Forex Traders’ to Face 365 Charges
SELF-STYLED foreign currency dealer Michael Amushelelo and his business partner Gregory Cloete have made a first pretrial appearance in the Windhoek High Court, where they are due to be prosecuted on a total of 365 criminal charges.
Amushelelo (30) and Cloete (33) had their first pretrial hearing in the High Court before judge Christie Liebenberg yesterday. Their case was postponed to 18 November, when a second pretrial hearing is due to take place.
The indictment in which the prosecution sets out its charges against Amushelelo, Cloete and four close corporations, a company and a trust controlled by Amushelelo, contains 365 charges.
Amushelelo is facing all of the charges, while Cloete is charged with 360 of the counts.
The two men are accused of having operated a Ponzi scheme, in which money was solicited from investors who were lured by promises of high returns on their investments, and later investors’ money was used to pay…