Minnesota fraud investigation ramps up with new raids – USA Today

Federal and state law enforcement executed search warrants in Minnesota early on April 28 in connection with an ongoing fraud probe that has embroiled the state, officials said.

The FBI and other agencies engaged in court-authorized activity as part of a fraud investigation, the Department of Justice confirmed. The agencies involved include the FBI and Homeland Security Investigations.

“If you commit fraud in Minnesota you’re going to get caught – and that’s exactly what we saw today,” Minnesota Gov. Tim Walz said. “Today’s raids by state and federal law enforcement happened because our state agencies caught irregular behavior and reported it. That’s how…

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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