Google, Meta, Amazon and other tech industry giants recently signed a voluntary accord pledging to take “proactive actions” to fight fraud and scams on their platforms and increase cooperation with law enforcement to identify financial fraud.
The seven-page document lists several voluntary principles and actions the signatories agree to take to fight fraud, including enforcing anti-scam policies in a “timely manner” and increasing public education efforts. The accord also calls on governments to formally declare scam prevention a national priority.
The American Bankers Association has called on social media companies to do more to protect their users from scams, and it supports the SCAM Act, which would require social media companies to verify advertisers’ identity, implement systems to detect fraudulent advertisements, and investigate and remove fake ads. ABA has noted that while…
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