A saga that left hundreds of investors in financial ruin came to an end on Monday.
In a dramatic climax to one of South Africa’s most notorious financial scandals, Johannesburg investment manager Craig Warriner has been sentenced to an effective 25 years in jail for orchestrating a Ponzi scheme that defrauded investors of over R1.2 billion.
His lawyer, Piet du Plessis, argued that Warriner had not initially set out to defraud his investors but resorted to a Ponzi scheme as his financial troubles deepened. These revelations have set the stage for further prosecutions as authorities continue to unravel the web of fraud.The BHI Trust fraud case has shocked the nation with its scale and sophistication. Initial reports indicated that 206 investors suffered losses, but the true extent of the fraud appears far greater.
Known for his extravagant lifestyle, Warriner once rubbed shoulders with South Africa’s political and business elite, hosting lavish parties and enjoying luxurious perks. Warriner’s second wife, who played a significant role in his healthier lifestyle, was among those left baffled by his sudden surrender to authorities.
AfriForum, a lobby group representing several victims, has demanded that Warriner testify against other implicated individuals.
Bart Henderson BHI Trust Craig Warriner Ernest Khangale Financial Advisory And Intermediary Services Act ( Financial Sector Conduct Authority (FSCA) Headline Piet Du Plessis St Stithians College Business
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