By Gage Simpson, Owner Of New Frontier News
Sunday, September 23, 2018
(NEW FRONTIER NEWS)- The liquidation of Love and Let Live has finally started over a year after the online trading platform and Ponzi scheme was first revealed to the public.
A South African court has begun the liquidation of the Love and Let Live financial service provider after complaints came in about how the service was not compliant with the Financial Services Board from other financial firms, who noticed that people were retracting their funds so they could place them in the fraudulent firm.
According to a source close to the case and liquidation, nearly 400 million Rand (though there is some speculation that this could be in the billions) was stolen by Willem Theron (now Ariel Theron).
While Theron was not caught and is currently believed to be in Peru or a neighboring nation. The father of Theron has already been forced into liquidation and all his funds and property have been seized.
The entire fraudulent enterprise was started by Theron after he accidentally doubled his father’s money doing online trading. His father was so impressed he helped his son advertise his services to the people of Ermelo, Mpumalanga in 2015.
The enterprise started off more or less with the intention of helping people earn money, but this was slowly abandoned as Theron started to keep more of the money until none was going back to investors.
Some of the money that was invested went into buying a R 50 million ($34 million) farm and various sports-vehicles.
Another working closely to the case equated the scheme and Theron to a cult.
“It was basically a cult,” they said. “For months after it came out people were phoning me saying shit like ‘I hope you find God in your heart and see the light in this man.'”,
though our source close to the court could not give us details specifically into why he described them as a cult. Theron had apparently gone on a self-discovery trip to Thailand and when he returned he named himself Ariel after the biblical angel.
It is not known how many people were affected by the scheme, but it was mostly localized to the city of Ermelo which has a population of about 80,000 people. This case will also be the first in South African history to involve Bitcoin, as Theron later moved his trades from forex to the popular crypto-currency.