John Julyan, a former relationship manager at Absa – a division of Barclays in South Africa – was sentenced to 15 years in jail on multiple counts of fraud involving ZAR15 million.
South African Press Association (SAPA) reported that Julyan had been responsible for a multi-million rand off-shore investment belonging to Absa client, Prof Bryan Cremin.
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Prosecutor Juan Agulhas told the court that Julyan had used the Cremin funds to buy property in Knysna and in the upmarket Cape Town suburb of Constantia.
Julyan pumped Cremin’s money into a financially troubled business owned by Julyan’s wife, bought a boat that he moored at Knysna, and took his wife on expensive holidays to Austria. Julyan also paid his own mother for the drafting of a will.
Julyan played hide and seek with the court, and was dishonest in his testimony, Agulhas added.
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