Ponzi payout today

Investors of an alleged multi-million ponzi scheme could receive an early Christmas bonus, as 4th Power Investment scheme chief executive David “Oompie” Cupido is scheduled to finally make payouts today.

The Touws River pastor came under investigation by the Hawks for contravening sections of the Financial Advisory and Intermediary Services Act (FAIS) and Banks Act, after depositing large amounts of money without being registered with the Financial Services Board (FSB).

Touws River resident Franswa Pietersen spoke to the Cape Times on the eve of this long-awaited payout, but doesn’t feel hopeful.

“He said that he would begin payouts on December 5 (today) and investors must be patient and they would be rewarded for their faith,” he said.

“I’ve lost faith in his word and whatever happens. I think there will just be more stories.”

Investors have not received any payouts since last year September, following a raid of Cupido’s offices where police seized equipment, including computers.

Following reports that the Hawks had frozen Cupido’s assets, almost 800 people protested in Touws River last month, bringing the town and the N1 highway to a standstill.

PASTOOR: David "Oompie" Cupido

At the time, the people were given a written assurance by the Hawks that Cupido, 41, would not be arrested if he made payments.

Cupido started 4th Power Investments in 2016 and allegedly promised his clients outrageous returns - an R1 000 investment could allegedly earn R2 500 within one month.

And if the investor didn’t take a payout, he or she would earn R1.8 million by December.

Cupido has denied running a ponzi scheme and claims he could pay such high dividends as they were “dealing in foreign currency”.

According to reports, Cupido’s firm’s fleet of vehicles includes a BMW, Mercedes-Benz, an Audi and luxury Ford models.

Hawks spokesperson Lloyd Ramovha said the investigation was still on-going.

Neither Cupido nor 4th Power spokesperson Ronel Pullin could be reached for comment.