It is clear that a father would always defend his son, even when someone accuses him of misappropriating bitcoins. A South African court is charging an individual with stealing some investors’ funds. The father of A’ri’El Willem Theron is defending him at the Pretorian High Court, claiming that his son should not be considered responsible for the loss of R1.3 billion of investor’s money.
Dangerous Bitcoin Investments
As cryptocurrencies started to appear in the media, some individuals tried to profit by creating pyramid schemes investments and other similar businesses. Most of them were scams and ended up stealing investors’ funds. But it seems that some individuals still believe in some magic – and sometimes impossible – investments proposals.
Mr. Willem Theron Jr is accused of stealing R1.3 billion of his investors’ fund. The situation took place in the city of Pretoria, 53 km away from Johannesburg. A’ri’El Willem Theron ran a pyramid-type cryptocurrency exchange scheme known as Love and Let’s Live (LLL). Two weeks ago, Willem Theron’s father tried to convince the court not to liquidate the company his son was running (Ruby Success Inc).
The company started in 2015 by promoting a very attractive investment strategy, that was similar to a pyramid scheme. The Financial Services Board decided to issue a warning saying that the business was not registered as a financial services provider. Immediately after, they decided to freeze his bank accounts. That situation pushed Theron Jr to move abroad, more specifically, to Panama.
As soon as the investors realized about this situation, they started to claim for their funds. Of course, the funds did not appear. Theron Jr explained that all the Bitcoin he was storing had been stolen by a hacker and that there was no possibility to refund investors. Moreover, he explained that he left the country in order to start a new life, and he explained that he was “incredibly sorry” for the things that happened.
His father tried to rescue his son. The farmer said to the court that his son was a “clever man” that had more than double the money abroad so as to cover investments. He has also said that the only way that investors could recover their funds was by buying Bitcoin. This is when Theron Jr sent the funds to Panama and a hacker stole them. Furthermore, Theron Jr’s father clarified that his son did not buy a farm for him and that his son was not a “crook.”
But in a father’s desperate attempt to save his son, he let slip where his son might be hidden. He told the court that his son was trading through a company in Ireland. After hearing this, the counsel for the liquidators said that they were “delighted” to hear this because the authorities were very close to arresting his son.
The Judge Elizabeth Kubushi gave Mr Theron some more time to explain why Ruby Success should not be liquidated. He has time to explain the reasons until April the 5th.