The Hawks Serious Commercial Crime Investigation has led to the arrest of Sona Pillay (54) and Michael Philip Adam (55) implicated in BHI Ponzi Scheme case which has thus far resulted in the conviction and sentencing of 60-year-old Graig Roy Warriner to 25 years imprisonment on 206 counts of fraud and one of Contravening...
The Hawks Serious Commercial Crime Investigation has led to the arrest of Sona Pillay and Michael Philip Adam implicated in BHI Ponzi Scheme case which has thus far resulted in the conviction and sentencing of 60-year-old Graig Roy Warriner to 25 years imprisonment on 206 counts of fraud and one of Contravening the Financial Advisory and Intermediary Services Act for operating an investment scheme without a license or being registered as a Financial Service Provider .
The Hawks investigation has linked Pillay and Adam to the Ponzi scheme that started in 2008, wherein individuals invested capital to the tune of over R2.8 billion with promises of generating profits exceeding interest of over 10%. In typical Ponzi scheme fashion, BHI Trust scheme started to falter and failed to keep up with the promised returns on investment.
Warriner has been in prison since his arrest in August 2023 culminating in his recent sentencing. It is expected that more individuals will be arrested in this case.
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