Paul Botes, who played for Northern Transvaal, has been sentenced to 10 years in jail for fraud.
Botes, 51, pleaded guilty to theft and money laundering after stealing about R19.5 million (£1.2 million) from investors between 1993 and 2012 while he worked as a broker. He was arrested in 2012 after an investor registered a complaint.
He admitted to having received money from investors, some of whom were elderly, which he then used to fund his own lavish lifestyle.