Attorneys for the seven defendants in a Pandemic Unemployment Assistance fraud case told a federal judge Tuesday that a June deadline to determine whether they will use expert witnesses is not feasible as they continue to sift through nearly 1 million pages of documents.
Some attorneys suggested even the proposed Sept. 22 trial start date is not realistic as they struggle to review all the evidence.
Magistrate Judge Michael Bordallo held a status hearing to hear from attorneys as they work toward a September trial and several deadlines in June and July.
Bordallo set a June 12 deadline for the government and a June 18 deadline for defendants to file whether they will use expert witnesses.
Federal prosecutors allege the seven defendants, along with unnamed co-conspirators, participated in a scheme that filed about $1.9 million in fraudulent PUA claims.
The defendants are Lt. Gov. Josh…
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