News24 | Johannesburg investment broker Mark Kretzschmar hands himself over to police

Johannesburg financial advisor Mark Kretzschmar.

• Johannesburg broker Mark Kretzschmar surrendered himself to police on Wednesday over fraud allegations involving millions in client investments.
• Kretzschmar, who ran PCS Holdings, allegedly misused trust built with friends and acquaintances while the Financial Sector Conduct Authority continues its investigation into potential legal violations.
• The 57-year-old is expected to appear in the Alexandra Magistrate’s Court on Wednesday.

Johannesburg investment broker Mark Kretzschmar has handed himself over to police after he allegedly stole millions from his close friends and family who invested with him, News24 has reliably learnt.

Police spokesperson Lieutenant Colonel Mavela Masondo said a 57-year-old surrendered himself at the Bramley police station in Johannesburg on Wednesday morning in connection with a fraud case.

While Masondo didn’t immediately name him, saying he had to first appear in court, an insider close to the investigation said Kretzschmar was behind bars.

Masondo said the man was expected to appear in the Alexandra Magistrate’s Court on Thursday.

A victim who previously opened a fraud case against Kretzschmar at Bramley police station said he allegedly vanished with over R2 million she had invested with him in 2020.

News24 has spoken to a number of widows, single parents and businesspeople who said Kretzschmar disappeared along with their inheritances and life savings, leaving them struggling.

Kretzschmar ran a boutique investment business in Johannesburg for a decade, called PCS Holdings.

Clients who spoke to News24 said he approached friends and acquaintances to invest after building rapport based on years of trust. His pitch focused on solid long-term growth, not rapid returns.

Combined losses from clients who have spoken to News24 stand well over R40 million.

The Financial Sector Conduct Authority (FSCA), which regulates South Africa’s financial markets, is also investigating him after receiving at least six complaints.

Its preliminary assessment team is still probing whether the complaints give rise to a reasonable suspicion of contraventions of financial-sector laws.

The regulator has said that Kretzschmar served as a mandated representative of another financial service provider called Freedom Capital from late 2014 until January this year, when the firm terminated his mandate.

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An attorney for Freedom Capital previously said it was unaware that Kretzschmar was using its financial service provider number in the way he did, adding that he appears to have gone “rogue”. The firm is now seeking to have him debarred.

Several other cases in KwaZulu-Natal and in Vaalwater in Limpopo had also been opened against Kretzschmar. This comes after victims had struggled to get hold of him regarding their investments.

In February, police reported Kretzschmar missing, but later the Pink Ladies organisation said that he had been found “safe”, adding, “Kindly respect the family’s right to privacy”.

News24 has reached out to Kretzschmar’s attorney, Daniel Witz of Witz Attorneys for comment. Comment will be added once received.

On Tuesday, Witz confirmed that he had been representing Kretzschmar.