Home loan boss behind bars

Rudi Visagie, the man behind the controversial Rudco home loan scheme, is languishing behind bars at Pollsmoor Prison. He was arrested on Sunday morning while travelling as a passenger in the Montague area. His vehicle was found by police, abandoned on a farm road in near Worcester.

Visagie was arrested on allegations of fraud and money laundering as well as various contraventions of the Companies and National Credit Acts.

Visagie rose to prominence in July 2007 with an offering of home loans fixed at 6% for the life of the loan. Naturally, sane people recognised this as an offer too good to be true. But a number of brokers, who ought to have known better, marketed the product, assisting Visagie in his advance-fee scam.

The National Credit Regulator succeeded in getting Rudco liquidated in December 2007, where it emerged that Visagie had a criminal record, and should never have been allowed to become a director of Rudco in the first place.

Undeterred by this setback, Visagie continued with his housing schemes. In March this year, Realestateweb reported that he was involved in a scheme called Grande Properties where he had set up his son, Llewellyn Visagie, as director.

After his arrest, Visagie indicated that he was not going to apply for bail.

Visagie's attorney, Rashaad Khan, later arrived in court and brought a bail application which will be heard next week Wednesday. The state is opposing bail.

Khan is also attorney for Fidentia boss J Arthur Brown. This reinforces a link between Rudco and Fidentia that Realestateweb noted in July this year.

Llewellyn Visagie also appeared in court on allegations of criminal activity. He was released after paying bail of R10 000.

Write to Julius Cobbett: julius@moneyweb.co.za

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May his bottom be bashed by the boys in Pollsmoor Nothing like a week or two snuggling up to some frustrated gangsters! by Herbert on September 16 2009, 12:56 Find this comment inappropriate? Report it

and he will be free for many years what I do not understand of SA is that it takes us years to finalise a legal case of this nature. Madoff is behind bars within 9 months. King, Brown, etc is still free and most properly will be free for a couple of years. It makes we wonder if the . .more police/ prosecution actually has a good case. . .less by gd on September 16 2009, 13:17 Find this comment inappropriate? Report it

Where is the race brigade today? Come on now moneyweb readers where are all the insults? Are you still trying to find a slant through which you can link the ANC on this one? Let me help catalyze the process. Suppose that Rudi Visagie is Maxwell Marope. This should make it . .more easy, go for it. I will peruse the page after 16h00. . .less by Gambu on September 16 2009, 13:42 Find this comment inappropriate? Report it

@Herbert Herbie, it sounds as if you know what you're talking about ? How is your bottom today? by Frank on September 16 2009, 13:55 Find this comment inappropriate? Report it

Only poor and middle class people go to jail in SA Whereas the wealthy pay lawyers (with their ill-gotten gains) until the case goes away or they are able to escape to Aussie by GungetsTuft on September 16 2009, 14:04 Find this comment inappropriate? Report it

Didn't want bail because he had run out of money? Ag shame, poor sausage. No worries Rudi, you will have a nice cosy cell with plenty of bum chums in Pollsmoor, bloody scum bag... by Hotel Californication on September 16 2009, 14:37 Find this comment inappropriate? Report it

Dumb@ss criminals preying on dumb@ss people With the plethora of information available at ones fingertips, it is absolutely mind boggling how people are still getting scammed by the likes of Visagie. But on the other hand, if it werent for dumb people, I wouldnt be rich today !! by WTF on September 19 2009, 06:34 Find this comment inappropriate? Report it

For Gambu OK Gambu, here you go. Thanks to the ANC's 'leadership', fear of and respect for the law has given way to fear and contempt for the rule of law. So, that lets the criminal darkies loose to murder, rape and armed rob, while the criminal whitey . .more applies his mind to the crimes he prefers, of the white collar sort. Hope that helps, mfowethu. . .less by donovan on September 21 2009, 12:09 Find this comment inappropriate? Report it

For Gambu 2 Anarchy Nepotism Corruption/Crime by Nkosinathi on September 24 2009, 12:58 Find this comment inappropriate? Report it

RUDY IS THE MAN Rudy is running A-section in Poolsmor.He,s the man. by JAÜN on April 16 2010, 08:52 Find this comment inappropriate? Report it

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