Craig Warriner has been banned for 30 years by the Financial Sector Conduct Authority for running a Ponzi scam worth billions.
Following an in-depth investigation of all activities from 7 February 2013 to 30 September 2023, the Financial Sector Conduct Authority (FSCA) has debarred disgraced financial adviser Craig Warriner for 30 years. During this time, he will not be allowed to:
- provide, or be involved in the provision of, financial services;
- act as a key person of a financial institution; and/or
- provide specified financial services to a financial institution, whether under outsourcing arrangements or otherwise.
Warriner hit the headlines in October last year when he handed himself in to authorities and admitted that he had been running a Ponzi scam that allegedly ran into billions of rands.
On further investigation, the FSCA found that the BHI Trust and Warriner, in his capacity as a trustee of BHI Trust, acted as discretionary financial services providers (FSPs) in that they exercised discretion in buying and selling securities on behalf of several clients. To do this, they should have had a category II FSP license and they did not. Warriner also rendered financial services to clients on behalf of BHI Trust while it was not authorised as an FSP. Both these offences were a transgression of the Financial Advisory and Intermediary Services (FAIS) Act. Warriner appeared...
