June 15, 2024

Craig Warriner at Palm Ridge Commercial Crimes Court in April 2024. (Credit: Sikonathi Mantshantsha/News24)

Craig Warriner, the tarnished financial advisor responsible for the BHI Trust, supposedly begun “borrowing from Peter to give to Paul” following the 2008 financial downturn. His aim was to preserve his unstable investment fund, according to a recent insolvency report.

Arrested during the previous year, the report states Warriner confessed to transforming the trust into an unlawful Ponzi scheme post-2008. The report was released by BHI’s court-designated trustees, currently managing the bankruptcy process.

The trustees have spoken with Warriner, now in prison, as part of their ongoing probe into the vanished millions.

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1. What is the BHI scandal all about?

BHI (Business Honesty International) was an investment trust managed by Craig Warriner. It’s currently at the heart of a scandal after hundreds of millions of rands disappeared. Warriner was arrested last year and has admitted the trust devolved into a Ponzi scheme, essentially ‘robbing Peter to pay Paul’.

2. Who is Craig Warriner?

Craig Warriner is a financial advisor who was in charge of the BHI investment fund. He was apprehended last year and has since confessed to turning the fund into an unlawful Ponzi scheme after the 2008 financial crisis.

3. What happens now?

An investigation is currently underway to trace the disappeared funds. BHI’s court-appointed trustees are overseeing the bankruptcy process, and part of their investigation involved interviewing Warriner from prison. As this matter is still under investigation, further updates will be given as the situation develops.