A Gqeberha man who promised investors a share in 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 co-director of Cob Creek Estate (Pty) Ltd, a company formed 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.
Without the knowledge of his fellow directors, Ferguson solicited funds from investors, promising ownership shares in the estate. The development never took place. Instead, R4.4 million of investor money was diverted for personal expenses and unrelated business ventures.
The Hawks launched an investigation that 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.
Ferguson was sentenced to eight years’ direct imprisonment and declared unfit to possess a firearm.
Warrant Officer Ndiphiwe Mhlakuvana said the case highlighted the Hawks’ commitment to tackling 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,” Mhlakuvana added.
