Gqeberha businessman jailed for luxury golf estate scam
A Gqeberha man who promised investors a slice of a luxury golf estate but instead pocketed their money has been sentenced to eight years in prison.
Gregory Gavin Ferguson, 51, was convicted of large-scale commercial fraud by the Gqeberha Specialised Commercial Crimes Court on Monday.
Between August 2005 and February 2011, Ferguson served as a co-director of Cob Creek Estate (Pty) Ltd, a company established to develop a residential golf estate at Kabeljous River in Jeffreys Bay.
As the sole signatory with exclusive access to the company’s bank account, he controlled all financial transactions.
But without the knowledge of his two fellow directors, Ferguson solicited funds from investors, promising ownership shares in the estate.
The development never happened.
Instead, R4.4m of investor funds were diverted for personal use and unrelated business ventures.
The Hawks launched an investigation, which led to Ferguson’s arrest in 2010.
He was released on bail and later found guilty on two counts of fraud on October 13 2023.
He was sentenced to eight years’ direct imprisonment and declared unfit to possess a firearm.
Warrant Officer Ndiphiwe Mhlakuvana said the case reflected the Hawks’ “enduring resolve to pursue complex financial crimes with precision, resilience, and professionalism”.
“It also demonstrates the synergy between law enforcement and the judiciary in holding accountable those who manipulate legitimate business structures for unlawful gain.”
IOL News