“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each…
Be skeptical of “Work from Home” offers that require you to receive money into your personal account and transfer it elsewhere, as this makes you a “Money Mule” in a money-laundering operation.
WASHINGTON, D.C. – Ahead of the U.S. House Financial Service Committee’s markup today, the Consumer Bankers Association (CBA) sent a letter of support for a number of the pieces of legislation that will be considered related to combatting fraud and scams and artificial intelligence (AI).
In the letter, CBA said:
“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each…
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