LINDSAY, OKLA. (KOKH) — A former president and CEO of a failed Oklahoma bank has pleaded guilty to one count of bank fraud.
On Wednesday, former president and Chief Executive Officer of First National Bank of Lindsay Danny Siebel entered the plea.
According to court documents, Siebel was an executive at FNBL from around February 2007 until he was terminated in September 2024. Seibel caused the bank to issue loans to certain customers, many of whom were his personal friends, that the borrowers never repaid.
The former CEO then manipulated the bank’s records and falsified various bank reports to overstate the performance of the loans, some by using new loans or transfers of the bank’s own funds to cover overdrafts of outstanding loans.
Seibel pleaded guilty to one count of bank fraud and is now facing up to 30 years in prison and a fine of up to $1 million. His sentencing date has not yet…
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