Investors Take CEO to Court for Allegedly Ripping Them Off $17 million in Cryptocurrency

A group of investors are going to the Port Elizabeth High Court to file a lawsuit against the CEO of VaultAge Solutions.

Crypto investors in VaultAge Solutions, a South African Cryptocurrency company, are prepared to take action against the CEO Willie Breedt for a scam worth $17 million which affected 2000 investors.

Breedt absconds

It was reported earlier this month that Breedt was nowhere to be found in South Africa following the discovery. He is said to have absconded to Mozambique since December 2019.

After missing from South Africa, Breedt switched off all communication lines. He, however, assured his investors in an email that their monies were safe. According to News24, Breedt had said that the grieved investors should expect their payments from May 30.

But no investor got a direct response from Breedt regarding this. As a result, they are all seeking legal advice on how best to deal with the situation. Their major plan now is to get to the court this week to file a lawsuit. According to Annette Veldsman, an investor:

“We aim to have the application where we will seek relief from the court, before the High Court at the end of the week.”

Breedt emptied the bank account

Breedt is also being investigated for making fake documents that showed he paid some money. The body in charge of this investigation is the South Africa’s Directorate for Priority Crime Investigation (The Hawks).

Apart from being silent on his whereabouts and his plans for repayments, it was also discovered that the CEO’s bank account no longer had a single dollar despite holding up to $3.15 million before this saga.

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