An 82-year-old former Johannesburg attorney has been sentenced to an effective 10 years’ direct imprisonment after being found guilty of stealing nearly R40 million entrusted to his law firm through an escrow account.
Former Fluxmans Incorporated senior partner Solomon Slom was convicted in the Specialised Commercial Crimes Court sitting in Palm Ridge on 290 criminal counts relating to theft and money laundering.
Convicted on 290 charges
National Prosecuting Authority (NPA) spokesperson Magaboke Mohlatlole said Slom was found guilty on 145 counts of theft and 145 counts of money laundering.
The convictions stem from the unlawful misappropriation of approximately R39.8 million that had been placed in an escrow account under the firm’s administration.
“Slom was convicted on all 290 counts, comprising 145 counts of theft and 145 counts of money laundering, arising from the misappropriation of approximately R39.8 million from an escrow account entrusted to his care,” Mohlatlole said.
Money meant to remain protected
The case dates back to 2018, when Fluxmans Incorporated acted as the escrow agent under agreements concluded between several parties.
An escrow account is designed to hold funds securely until contractual obligations have been fulfilled by all parties involved.
According to the NPA, R45 million was deposited into the account and was meant to remain untouched while a dispute between the contracting parties was being resolved.
Millions transferred through fraudulent transactions
Instead of safeguarding the funds, investigators found that approximately R39.8 million was allegedly transferred out of the escrow account through 145 fraudulent transactions authorised by Slom.
“The fraudulent payment requisitions directed the funds into a bank account over which Slom held power of attorney, despite the account having no connection to any of the parties to the escrow agreement,” Mohlatlole said.
Evidence presented during the trial showed that Slom used the stolen money for his personal benefit, causing financial losses of almost R40 million to the complainant.
Court imposes effective 10-year prison sentence
The court sentenced Slom to 10 years’ imprisonment for the theft convictions and a further 10 years for the money laundering convictions.
However, the sentences will run concurrently, resulting in an effective prison term of 10 years.
Senior State Advocate Pretty Mabunda successfully argued that Slom deliberately abused his position of trust by unlawfully appropriating client funds and concealing the proceeds through a series of fraudulent financial transactions.
NPA welcomes the outcome
The National Prosecuting Authority said the conviction sends a strong message that professionals entrusted with managing clients’ finances will face serious consequences if they abuse that responsibility.
“The successful prosecution reaffirms the NPA’s commitment to combating serious commercial crime, protecting the integrity of the legal profession, and ensuring that perpetrators of financial crimes face the full might of the law,” Mohlatlole said.
The case highlights the severe legal consequences of financial crimes involving trust accounts and reinforces the importance of accountability within South Africa’s legal profession.
