Infamous jack-of-all-trades trickster and convicted fraudster Jason Wood is once again in hot water — this time accused of masterminding a Ponzi-style investment scheme that has left a trail of dashed dreams.
The Gqeberha serial fraudster with three previous convictions is now accused of swindling unsuspecting investors out of hundreds of thousands of rand by promising high-interest returns through a business involving the resale of vehicles, trucks and agricultural equipment.
According to the complainants, Wood’s latest enterprise allegedly operated on classic Ponzi principles — pay out just enough money to build trust and then draw in larger sums and other investors.
Some investors in the Western Cape have reported criminal complaints to the police, though The Herald is also aware of alleged victims in the Eastern Cape and KwaZulu-Natal.
Western Cape police spokesperson Captain FC van Wyk confirmed two fraud cases were under investigation in the province.
“Investigations continue. No arrest has been made,” he said.
Efforts to reach Wood for comment were unsuccessful by the time of publication.
One Cape Town man said he was hammered financially after losing R100,000 in the alleged scheme.
He opened a case at the Sea Point police station and detailed his experience in a signed affidavit seen by The Herald.
“On April 15, I started to chat to a person who is known to me as Jason Norman Wood,” the affidavit reads.
“Mr Wood called me, stating that he has a business and wanted me to invest in it.
“The business was selling vehicles, and I was promised that I would receive my money back.
“I then deposited R100,000 into the bank account, which [details] he supplied to me.
“After 10 days, I received the R100,000 back with interest from Mr Wood.”
Emboldened by the quick return, he reinvested the R100,000 in May.
“After 10 days, I did not receive any money back into my account, as had been discussed.
“I messaged Mr Wood but got no reply.
“After a while, I discovered that I had been blocked from all communications with him.
“I was advised by a detective to open a criminal charge, as there were [allegedly] a lot of cases against Mr Wood.”
In Hermanus, another complainant alleged he was duped out of R500,000 in a deal supposedly involving construction equipment.
“He [Wood] told me he had bought a loader for a bargain [his investment amount] and was going to sell it and make R90,000 [profit on top of the purchasing price],” he said.
“I was always suspicious, and like the others, he could never prove the existence of the machine, let alone the purchase.
“Like many others, I haven’t received my money back. This has caused me financial distress, and I’m eager for him to be caught so that justice can be served.
“I’m currently struggling significantly to make ends meet and keep myself financially afloat.
“This substantial loss has created immense pressure, making it incredibly difficult to manage daily expenses and secure my financial future.”
Wood, who lived in Circular Drive, Gqeberha, at the time, was sentenced to an effective 10 years in prison in April 2017 when his multiple fraudulent schemes were unravelled in the city’s commercial crimes court.
He was found guilty on 18 charges of fraud and one count of contravening the provisions of the Close Corporations Act.
Wood was later released on parole.
He was arrested in 2013 in that matter after he swindled a string of people, including a police officer, an unemployed friend and a clinical psychologist, out of hundreds of thousands of rand, claiming they would see quick returns.
Wood siphoned off a total of R1.4m either through cash, cheque or electronic bank transfer for a variety of schemes between January 2011 and July 2012.
The money was never repaid.
The state also proved that Wood had obtained at least four vehicles under false pretences, telling the owners he would give them the money once they were sold. This was never done.
The total value of the vehicles, including an Opel Astra, BMW and Toyota Camry, was R207,000.
Wood was also found guilty of fraud and theft in two other cases in 2006 and 2009.
He received suspended sentences in both cases.
The Herald
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