“Fraud and scams are an enormous threat to Americans and the financial system. On behalf of America’s leading retail banks, CBA has long called on policymakers to address the issue through a whole-of-government strategy that works across industries to protect consumers and their hard-earned money.
“We applaud President Trump for taking decisive action today, which will enhance interagency coordination, pursue the criminal networks behind these attacks, and prioritize prosecution of cyber-enabled fraud.
“CBA looks forward to working with the Administration and Congress to build on this momentum…
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
Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released a new statement after President Donald J. Trump signed an Executive Order (EO) to combat cybercrime, fraud, and predatory schemes targeting American families, businesses, and critical infrastructure.
“Fraud and scams are an enormous threat to Americans and the financial system. On behalf of America’s leading retail banks, CBA has long called on policymakers to address the issue through a whole-of-government strategy that works across industries to protect consumers and their hard-earned money.
“We applaud President Trump for taking decisive action today, which will enhance interagency coordination, pursue the criminal networks behind these attacks, and prioritize prosecution of cyber-enabled fraud.
“CBA looks forward to working with the Administration and Congress to build on this momentum…
Inspect the sender’s actual email address—not just the display name—for subtle misspellings like “info@paypa1.com” or “support@nmb-bank.co” which indicate a spoofing attempt.