Mr Gently Benevolent
06-12-2009, 12:30 PM
Some folks never learn. Barry Tannenbaum promises 20% return over 12 weeks but makes off with 2 billion Rand.
BARRY TANNENBAUM TAKES S.A. MILLIONAIRES FOR A R2 BILLION PONZI IN THE PARK
Issue # 116 - June 2009
On Friday last week Johannesburg businessman Christopher Leppan applied to the Johannesburg High Court to have Barry Deon Tannenbaum, until recently of Rivonia, declared bankrupt.
Barry is the famously pious son of Harold Tannenbaum, mega-rich founder of Adcock Ingram, South Africa's second-largest pharmaceutical company.
Leppan told the court he had been persuaded to invest in what was supposed to be a hugely profitable scheme devised by Tannenbaum to finance the importation of raw materials required for the local manufacture of pharmaceuticals – so profitable that Leppan was promised a 20% return on his money every 12 weeks.
That's more than 80% per year.
Tannenbaum said he had advance orders from various major drug manufacturers, so there was no risk. The deal seemed so good that Leppan invested close on R3 million.
But when earlier this month he asked for his capital and interest – by now totalling R5m, Tannenbaum's cheques, drawn on his personal account at RMB Private Bank in Pretoria, bounced. The bank informed Leppan that Mr Tannenbaum – who has recently emigrated to Australia – had closed the account.
The court made an order placing Barry Tannenbaum's estate under provisional sequestration.
Nothing too remarkable there – until you learn that Mr Leppan is one of hundreds of South Africa's millionaires who have been caught out by Barry Tannenbaum and his representatives in the country's biggest ever cash pyramid or ponzi scheme.
http://www.noseweek.co.za/article.php?current_article=2037
BARRY TANNENBAUM TAKES S.A. MILLIONAIRES FOR A R2 BILLION PONZI IN THE PARK
Issue # 116 - June 2009
On Friday last week Johannesburg businessman Christopher Leppan applied to the Johannesburg High Court to have Barry Deon Tannenbaum, until recently of Rivonia, declared bankrupt.
Barry is the famously pious son of Harold Tannenbaum, mega-rich founder of Adcock Ingram, South Africa's second-largest pharmaceutical company.
Leppan told the court he had been persuaded to invest in what was supposed to be a hugely profitable scheme devised by Tannenbaum to finance the importation of raw materials required for the local manufacture of pharmaceuticals – so profitable that Leppan was promised a 20% return on his money every 12 weeks.
That's more than 80% per year.
Tannenbaum said he had advance orders from various major drug manufacturers, so there was no risk. The deal seemed so good that Leppan invested close on R3 million.
But when earlier this month he asked for his capital and interest – by now totalling R5m, Tannenbaum's cheques, drawn on his personal account at RMB Private Bank in Pretoria, bounced. The bank informed Leppan that Mr Tannenbaum – who has recently emigrated to Australia – had closed the account.
The court made an order placing Barry Tannenbaum's estate under provisional sequestration.
Nothing too remarkable there – until you learn that Mr Leppan is one of hundreds of South Africa's millionaires who have been caught out by Barry Tannenbaum and his representatives in the country's biggest ever cash pyramid or ponzi scheme.
http://www.noseweek.co.za/article.php?current_article=2037