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A person who invested in Craig Warriner’s BHI Trust lost R6 million in a Ponzi scheme. He said he was convinced it was a safe investment by a close friend and a registered financial advisor. The scheme was even backed by the Financial Sector Conduct Authority (FSCA).
Warriner handed himself to the police and has since appeared in court.
The scheme operated like a Ponzi scheme, where new investments were used to pay off older investors. Over 2,000 clients invested more than R3 billion in the scheme. It will be difficult for those who lost money to recover it, and they may have to repay any distributions they received, <a href="https://dailyinvestor.com/investing/36336/man-who-lost-r6-million-in-sa-ponzi-scheme-explains-how-he-was-duped/">Daily Investor</a> reported.
Many investors trusted Warriner with their life savings, and even prominent financial advisors invested large amounts. The situation is complicated, and it extends beyond just the people who lost money. One investor shared his experience, stating that he heard about BHI Trust from a friend and his financial advisor recommended it. He believed it was a safe investment since it was registered with the FSCA and held funds with a JSE-registered broker.
The BHI Trust provided consistent returns and allowed easy access to funds. The investor eventually committed R6 million to the Trust. He told BizNews that he was unaware of any wrongdoing, as other investors had invested even larger amounts and relied on the Trust for retirement funds. He said:
<blockquote>
I can give you more contacts to people who have lost a lot of money. Some families have lost all of their money.
</blockquote>
He said after his financial advisor retired due to health issues, a bigger company called Global and Local took over managing his funds. Surprisingly, Global and Local did not express any worries or doubts about the BHI Trust to the investor. He added:
<blockquote>
Surely, if these people are all registered — all of these financial advisers and companies — they should be checking up.
We now know that Warriner just made these numbers up,” said the investor. Warriner was just using fresh investments to pay out those already invested.
</blockquote>
Looking back, the investor admitted that it might have been wise to withdraw his money from the BHI Trust when his financial advisor retired and no prominent asset managers showed interest in it. He shared that when he approached larger companies about BHI, they were not even aware of its existence.
According to a statement from Cawood Attorneys, the law firm handling the sequestration of the BHI Trust, an amount of R4,785,164.96 has been discovered in the trust’s Nedbank account, <a href="https://www.iol.co.za/personal-finance/financial-planning/about-r48-million-found-in-the-bhi-trusts-nedbank-account-5aab903d-9ba8-4107-bb4f-d28b3356d69d">IOL</a> reported. This comes amid allegations that approximately R3 billion was taken from clients. 
Ponzi schemes promise high returns, lack clear investment strategies, rely on recruiting new investors, lack proper documentation, and make it difficult to withdraw funds. Investors should be cautious of these signs, conduct research, seek advice, and only invest what they can afford to lose or avoid investing at all.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Investor Loses R6 Million In A Ponzi Scheme

A Harare man allegedly lost US$80 000 to a fraudster who claimed he operated a company called Homelife Furniture and Electrical Appliance Company, reported <a href="https://www.herald.co.zw/man-loses-us80-000-in-ponzi-scheme/">The Herald</a>.
The suspect Emmanuel Chikweza is being charged together with his Homelife Furniture and Electrical Appliance Company.
He appeared before Harare magistrate Dennis Mangosi at the weekend and was remanded in custody to this Tuesday for bail application.
The complainant in the matter is Brighton Ushendibaba.
The court heard that sometime in January 2023, Chikweza approached the complainant to persuade him to invest US$80 000 in his company.
He promised Ushendibaba that if he gave him a total of US$80 000, his company would in return make sure that the complainant would get a monthly profit of US$25 000.
It is further alleged that from March 2023 to date, the complainant made follow-ups with the accused person for the promised profits but the accused became evasive and was no longer answering the complainants’ calls.
That was when Ushendibaba realised that he had been duped and he then reported the matter to the police.
The accused person allegedly never paid the complainant the monthly profits of US$25 000.
Instead, he converted the capital injected to his own use thereby prejudicing the complainant of US$80 000. Nothing was recovered.
Last week, <a href="https://www.pindula.co.zw/2023/07/14/dont-invest-in-ponzi-pyramid-scheme-financial-intelligence-unit-tells-zimbabweans/">the</a> <a href="https://www.pindula.co.zw/2023/07/14/dont-invest-in-ponzi-pyramid-scheme-financial-intelligence-unit-tells-zimbabweans/">Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) warned members of the public against investing in Ponzi and Pyramid schemes</a>.
FIU said it had noted with concern the proliferation of Ponzi and Pyramid schemes in Zimbabwe.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Man Loses US$80 000 "Investment" To Fraudster

The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has warned members of the public against investing in Ponzi and Pyramid schemes.
This follows the arrest of a Chinese national, Zhao Jiaotong, believed to be the brains behind E-Creator, a Ponzi scheme that defrauded thousands of Zimbabweans of their hard-earned cash.
On Thursday, 13 July, Zimbabwe Republic Police (ZRP) Senior Staff Officer (Press and Public Relations), Assistant Commissioner Paul Nyathi confirmed Zhao’s arrest on fraud allegations.
In a statement issued on Friday, 14 July, FIU said it had noted with concern the proliferation of Ponzi and Pyramid schemes in Zimbabwe. Reads the statement:
<blockquote>
The Financial Intelligence Unit (FIU) notes with concern the proliferation of Ponzi and Pyramid schemes in the country.
These schemes come in various forms and guises, designed to mask their fraudulent nature and lure people into parting with their hard-earned money.
The schemes share certain common characteristics which members of the public are advised to look out for.
Under such schemes, people are typically asked to invest a sum of money and are promised unrealistic returns/profits, either without being asked to do anything else (Ponzi schemes) or being required to actively recruit new members/investors (pyramid schemes).
In either case, funds from new investors/recruits are used to pay the earlier investors as well as the originators of the scheme.
Sooner or later, the scheme will run out of new investors/recruits and inevitably collapses, with the majority of the investors unable to recover their funds.
As such schemes are illegal and unregulated, it is usually difficult for victims to get satisfactory recourse to recover their money.
The Reserve Bank of Zimbabwe has in the past issued warnings to the public against investing in such schemes.
In light of a recent surge in the activities of such schemes, the FIU wishes to reiterate the warnings.
Members of the public are urged to be wary of such fraudulent schemes and, in particular, to look out for the following red flags:
<ul>
<li>Any entity inviting investments when they are not a registered or regulated financial service provider; or</li>
<li>Promises of super profits/returns that cannot conceivably be earned through known legitimate economic activities; or</li>
<li>Investment schemes that predominately exist on WhatsApp groups and similar social media platforms but have little or no physical visibility in the form of permanent offices.</li>
</ul>
</blockquote>
A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from their own money or from the money paid by subsequent investors, rather than from any actual profit earned.
The scheme relies on attracting new investors and using their investments to provide returns to earlier investors.
The scheme is named after Charles Ponzi, an Italian-born swindler who became notorious in the early 20th century for running such a scheme.
Ponzi promised investors high returns on investments in international postal reply coupons, but he was actually using the money from new investors to pay off earlier investors.
In a pyramid scheme, participants make money primarily by recruiting new members who make payments to those above them in the pyramid structure.
The structure of a pyramid scheme resembles a pyramid, where the initial recruiter sits at the top and recruits a level of individuals below them.
Each person recruited is then encouraged to recruit more people, forming subsequent levels beneath them.
As the pyramid grows, each level becomes larger, and participants are promised increasing rewards as they move up the pyramid.
However, pyramid schemes are unsustainable and eventually collapse. The recruitment of new members becomes difficult, and those at the bottom of the pyramid are unable to find enough recruits to recover their initial investment.
Only a small number of people at the top benefit from the scheme, while the majority of participants lose their money.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Don't Invest In Ponzi/ Pyramid Schemes, Financial Intelligence Unit Tells Zimbabweans

The sudden closure of E-Creator Zimbabwe which had lured hundreds of Zimbabweans with promises of easy cash has left many people worse off after they had invested their earnings into the Ponzi scheme.
The “firm” closed a few days ago after it failed to transfer money to its employees’ Ecocash accounts. Anyone who joined E-creator was called an employee.
Reports suggest that people were asked to pay US$15 to become VIP1 “employees”. By the end of the month, this money would purportedly increase to US$50.
A VIP2 employee required a minimum of US$100 and a maximum recharge of US$500.
VIP3 employees needed a minimum of US$500 and a maximum of US$2000.
Those who ran the scheme made it mandatory for employees who wanted to upgrade an account from one VIP to another, to invite a certain number of people to join the scheme.
Many employees of the online company had reportedly worked hard to become VIP2 employees.
However, a few days ago, E-Creator admitted that it had failed to honour withdrawals claiming that it obtained the E-Creator Merchant Account of Ecocash which it said needed to be connected with Ecocash before allowing employees to access their cash.
It later informed its subscribers that it had been forced to close after an alleged Chinese national resident in Zimbabwe siphoned all deposits made by the company’s employees.
In a statement posted on social media, E-Creator claimed that one Zhao Jiaotong, who allegedly started the Ponzi scheme, had been fraudulently withdrawing cash from E-creator employees’ EcoCash accounts with plans to skip the border.
Speaking to <a href="https://zbcnews.co.zw/2023/07/06/zimbabweans-lose-thousands-of-usds-to-online-platform/">ZBC News</a>, Claris Bwanya, an E-Creator VIP 1 employee, said he will never join a Ponzi scheme again. He said:
<blockquote>
I will never involve myself in these scams again, I joined barely two weeks ago.
</blockquote>
Another employee who preferred to be anonymous said:
<blockquote>
Abraham must be tortured, for real. He will tell us where he put our monies. He shouldn’t behave like this!
We invested funds until we reached US$500 thinking we are now making US$20 dollars per day and now the platform closes just like that…
</blockquote>
On 04 July, E-Creator manager Abraham Mutambu told ZBC News there were working on fixing some glitches on the EcoCash platform. He said:
<blockquote>
The company is fixing Ecocash issues as there was disorder, some were receiving double payment after they had withdrawn once, for instance, one could withdraw US$100 and he or she would receive US$200.
So we are maintaining our financial system and those with delayed withdrawals, by Saturday noon they would have received their money with an interest of 4%.
</blockquote>
A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from their own money or from the money paid by subsequent investors, rather than from any actual profit earned.
The scheme relies on attracting new investors and using their investments to provide returns to earlier investors.
The scheme is named after Charles Ponzi, an Italian-born swindler who became notorious in the early 20th century for running such a scheme.
Ponzi promised investors high returns on investments in international postal reply coupons, but he was actually using the money from new investors to pay off earlier investors.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabweans Lose Thousands Of United States Dollars To Ponzi Scheme

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