Martin Levick arrested on fraud charges

Sequestrated Johannesburg businessman and alleged fraudster, Martin Levick, who has evaded prosecution for many years, was this week arrested on fraud charges.

Levick was arrested on Monday, 21 November, after handing himself over at the Norwood Police Station on charges of fraud, forgery, and uttering.

Steven Segal, the director of Segal Super (Pty) Ltd, the trustee appointed to the Segal Super Fund (SSF) based in Australia, laid a criminal complaint against Levick in January 2020.

According to the complaint, Levick allegedly made fraudulent representations which induced the SSF to loan him about $1 100 000 (R19 million) on a short-term basis in respect of a fictitious proposed deal for shares, and which loan was allegedly never repaid.

It’s also alleged that he further defrauded the Segal family to the tune of millions of dollars.

Levick, the once high-flying former director and chief executive of investment house Genesis Capital (Pty) Ltd and Genesis Capital Partners (renamed Calculus), was sequestrated in June 2019. He was previously accused of fleecing investors and former colleagues and friends of hundreds of millions of rands.

At the time of his sequestration saga, numerous creditors came forward claiming that Levick owed them tens of millions of rand through his “fraudulent” behaviour. Levick denied defrauding any creditors. Court papers described Levick as a wheeling and dealing businessman who got into trouble by allegedly borrowing from Peter to pay Paul.

It’s understood that a warrant for Levick’s arrest was issued last week, after which police attempted to arrest him at his mother, Cheri Levick’s, home.

However, when the police arrived at the house, Levick evaded arrest by escaping through a window. He ran away, telling police he was in Polokwane.

Levick later handed himself over to police.

According to Greg Edelstein of Edelstein Farber Grobler (EFG) Incorporated, the attorneys for SSF, his bail hearing is scheduled to take place on Thursday, 24 November, at the Palm Ridge Magistrates Court. Levick remains in custody pending the hearing.

Earlier this year, the SA Jewish Report ran a story about how after pressure from the community, Levick paid back money he took from an elderly couple after allegedly inducing them to pay him for alleged fictitious investments.

He paid back most of the money he took from close family friends, Peter Michels – who has since passed away – and his wife, Cheryl, after promising to invest their life savings, only to leave them out of pocket.

The couple were reportedly left penniless after Levick convinced them to hand over their money to him to invest.

The couple, once well off, were forced to rely on food parcels from Yad Aharon & Michael and money from the Chevrah Kadisha after allegedly investing their hard-earned life savings with Levick.

After months of fruitless attempts to try get their money back, the Michels turned to the Beth Din for assistance. A settlement agreement was drawn up on 2 December 2021, which Levick failed to honour timeously.

Pressure from all sides, including from the couple’s attorney, Jeffrey Afriat, of EFG, who instituted criminal and civil proceedings, and the added pressure from the Beth Din, resulted in Levick paying back most of the money in June 2022.

Within a few weeks of the article in the SA Jewish Report and legal letters to the trustees of Levick’s insolvent estate, as well as to banks, Levick settled most of the money owed.

While Levick’s attorneys say he has settled the amount in full, the Michels’ attorneys claim there’s still money owing. Afriat, told the SA Jewish Report that the Michels had received the majority of the capital amount in terms of the settlement agreement before the Beth Din, however there was still an outstanding balance and interest. A criminal complaint of fraud, forgery, and uttering was reported in June 2022 against Levick and his mother, and an investigation is in progress.

Levick’s attorneys declined to comment.