The Trumpian “War on Fraud” Is a Trojan Horse for Austerity
The State Financial Officers Foundation claims to be a nonpartisan, neutral body representing the guardians of state finances. In truth, the corporate donor–dependent nonprofit pushes a right-wing austerity agenda under the guise of fighting fraud.
Conservative power broker Leonard Leo has deep ties to CRC Advisors, a major funder of the ostensibly nonpartisan State Financial Officers Foundation. (Nordin Catic / Getty Images for The Cambridge Union)
As the Trump administration has slashed benefits programs like Medicaid and raided Minneapolis daycare centers in the name of a new, politicized “war on fraud,” the innocuous-sounding State Financial Officers Foundation has been cheering it on.
The organization, composed of state auditors and treasurers, wished the White House “unbridled success in that mission” and…
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