BALTIMORE, MD (WBFF) — A new complaint lays out what former Deputy Attorney General Thiru Vignarajah and lead plaintiff Serkan Gökmener described as the inner workings of what they say is the largest known real estate fraud in Baltimore history, alleging hundreds of investors were bilked out of millions of dollars.
The complaint names two additional alleged co-conspirators, Patrick Coxe and Kevin Dunlap, alongside former ABC Capital CEO Jason Walsh.
The filing builds on a $5.6 million judgment secured in December 2025 involving 11 city properties. The new allegations concern 17 additional alleged sham conveyances and 44 other properties where the complaint alleges homebuyers set aside millions of dollars for renovations that were never done.
Vignarajah and Gökmener discussed the complaint during a press conference on Monday, and presented voice memos, text messages, and emails that they…
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