David Shapiro on Craig Warriner - SA’s ‘Bernie Madoff’

After 15 years of running a Ponzi scheme, financial advisor Craig Warriner confessed, handed himself over, pleaded guilty to any and all charges and is seeking the safety of a single cell in prison. An old boy of the prestigious Johannesburg school St Stithians, Warriner, who appears to be the South African equivalent of Bernie Madoff, has lost billions of clients’ rand through a trust named after Berkshire Hathaway. David Shapiro unpacks the story, highlighting red flags that will help others avoid falling into the clutches of fraudsters like this. He spoke to Alec Hogg of BizNews.
Video production by Asime Nyide
Your early morning brew of the BizNews Insider keeps you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here - bit.ly/3lfVRYP.
---
Timestamps
00:05 - Introductions
00:53 - David Shapiro on if he has met Craig Warriner
02:26 - Similarities to Bernie Madoff
04:31 - The global financial crisis of 2008
07:28 - Warning bells
09:42 - Bigger worries than just losing your money
11:52 - How to see the warning signs
15:47 - Where is my money
17:17 - How was he able to get away with it for 15 years
18:59 - Prepare for a long investigation
20:12 - Conclusion
Join this channel to get access to perks:
/ @biznewstv
#fraud #ponzischeme #business #criminal