Description
The Starfields, a well respected family in Johannesburg, had a large shareholding in Woolworths thanks to Joan Starfield’s father who had founded Woolworths in South Africa. Family funds were invested in Texchange, created and managed by Ken Rosenthal, a lifelong family acquaintance. The growth of the company was remarkable, profit rocketing by nearly 1,000% in ten years. But when refinancing was sought to free up the family’s investment in Texchange, the business was revealed as a massive fraud. The staggering level of deception perpetrated by Ken Rosenthal on the Starfield family beggars belief. This is a cautionary tale of business fraud that turned on the same Ponzi principles later used by Bernie Madoff: using a good name and paying returns to investors with their own money! A gripping story that should strike fear in the heart of every investor.
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