epted.

“Dorning is alleged to have misrepresented the directors of Aristopix by sending emails to the financial manager of the company pretending that the bank account number provided by him belonged to Momentum and the payment of more than R4.2 million was paid to the insurer.”

Mgolodela said after a while, the client, Aristopix allegedly went for a claim with Momentum the insurer.

“That is when it was discovered that no investments were made whereas payment was made to the insurer as per the account details provided by Dorning,” Mgolodela said.

“The actual prejudice including interest supposed to be accumulated during the period would have amounted to more than R4.7 million.”

Dorning appeared in East London Magistrate’s Court on the day of his arrest and was released on R10,000 bail.

The matter was adjourned to December 7.

IOL News

18:T6f0,A 49-year-old financial advisor at Momentum Group Limited was arrested by the Directorate for Priority Crimes Investigations (known as Hawks) on 30 counts of fraud. Shaun Kenneth Dorning, 49, was arrested on fraud worth more than R4.7 million.“It is alleged that Dorning was appointed as an independent contractor to provide services to clients to canvass and procure applications for policies and products of Momentum,” Hawks spokesperson Captain Yolisa Mgolodela said.“In the course of his duties, he is reported to have been appointed as a Financial Advisor for Aristopix PTY LTD. It is further alleged that in 2020, Aristopix directors contacted Dorning seeking payment holiday on the investments held by Momentum.”Mgolodela said this was reportedly granted and Dorning is said to have advised the company to amend the payment method to be cash and not debit order which the company directors allegedly accepted. “Dorning is alleged to have misrepresented the directors of Aristopix by sending emails to the financial manager of the company pretending t