It has taken several years, but federal investigators and prosecutors are still on the trail of individuals who swindled the government during the coronavirus pandemic in 2020-21.
U.S. attorneys in Oklahoma City and Muskogee joined a nationwide enforcement action led by the Justice Department’s National Fraud Enforcement Division, the Small Business Administration and its Office of Inspector General targeting fraud in the SBA’s Paycheck Protection Program during the COVID-19 outbreak.
From June 12 to Sept. 1, federal prosecutors across the country facilitated fraud enforcement actions against more than 160 criminal defendants, reaching approximately $245 million in intended loss to American taxpayers.
The crooks include six who were prosecuted — and pleaded guilty — in federal district courts in Oklahoma City and Muskogee. A seventh person is charged in Tulsa’s federal district court…
THE BHI TRUST PONZI SCHEME (SOUTH AFRICA)
Date: Ongoing updates through February 2026 Perpetrator: Craig Warriner (Principal), with alleged co-conspirators
Case Description: The BHI Trust scandal remains one of South Africa’s most devastating financial crimes, involving the loss of between R1.9 billion and R3 billion. Craig Warriner, the “genius trader” behind the trust, turned himself in during late 2023, but the legal and recovery battles reached a fever pitch in 2025 and 2026. Warriner operated the trust as a textbook Ponzi scheme, utilizing “Old Boy” networks and high-profile brokers to lure in pensioners and high-net-worth individuals with promises of 20% annual returns.
In early 2025, the National Prosecuting Authority (NPA) faced heavy criticism for “provisionally withdrawing” charges against alleged co-conspirators Michael Haldane and Sona Pillay. However, civil recovery efforts by joint trustees have continued into 2026, aiming to claw back hundreds of millions in “fictitious profits” from early investors to redistribute to those who lost everything. The case is a masterclass in the failure of fiduciary duty; the FSCA eventually banned several advisors for up to 30 years for peddling the unlicensed scheme despite clear red flags, such as the lack of a website, the absence of regulated financial reports, and a fee structure that was triple the industry average.
Link to Original: Moneyweb – BHI Trust Scandal Deep Dive