Convicted fraudster Jason Wood sought by police for new Ponzi scheme

Convicted fraudster, Jason Wood, is being sought by police and is believed to be behind another ponzi scheme, swindling investors out of hundreds of thousands of rands, with victims in the Western Cape, Eastern Cape, and KwaZulu-Natal.

Police have since confirmed two fresh cases in the Western Cape against Wood, who was dubbed  "Jack of all Trades". 

Police spokesperson, FC van Wyk, said: “Be advised that both Sea Point and Hermanus cases are fraud cases registered for investigation. Investigations continue with no arrest.”

Eight years ago, IOL reported that Wood allegedly defrauded Nelson Mandela Bay residents of R1.4 million through schemes including second-hand car trading, exotic animal skins, and an upholstery business (Woodies Upholsterers). 

In the latest cases in Sea Point and Hermanus, Wood is believed to have swindled his victims out of thousands of rands.

According to a documentation shared with the Cape Argus, the victim from Sea Point claimed he was allegedly defrauded by Wood.

The victim claimed he had intimately known Wood due to a family connection, and he was approached to invest R100 000 towards a business, and that he had received the money back within 10 days with interest.

He said he was again asked to invest the same amount but after 10 days he did not receive the money and communication with Wood had been blocked.

He said he was horrified to learn that there was a warrant of arrest issued for Wood as far as Gqeberha and Hermanus and that police was familiar with his alleged schemes.

The victim in Hermanus was allegedly defrauded out of R500 000, believing he was investing into construction equipment.

Wood was convicted of 18 charges of fraud and one of contravening the provisions of the Close Corporations Act and was later granted parole after being sentenced to 10 years imprisonment.

Wood was found guilty of fraud and theft in two separate cases in 2006 and 2009 and allegedly obtained four vehicles under false pretenses.

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Cape Argus