A man who allegedly conned investors out of R40 million appeared in the Palm Ridge Specialised Commercial Crime Court in Gauteng on Monday.
Matthew Charles Dunn, 34, was granted R3 000 bail.
Dunn was arrested at his home in Melville, Johannesburg on Saturday following an investment fraud and theft investigation.
According to police spokesperson Captain Ndivhuwo Mulamu, Dunn allegedly lured the complainants to buy shares in Anglo American, Kumba Iron Ore and Wesizwe worth more than R1 million between December 2016 and January 2018.
"Further investigation revealed that Dunn did not own any shares at the above entities; however, he allegedly fraudulently created certificates as proof of dividends to his clients," Mulamu said.
Approximately R40 million was allegedly deposited into Dunn's bank account by potential shareholders.
The case has been postponed to 18 November for further investigation.
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