South African Ponzi King who stole millions remains member of prestigious private school association

Craig Roy Warriner, who stole billions from clients and was sentenced to 537 years’ imprisonment, retained his membership of the Old Stithians Association (OSA). 

Warriner, dubbed South Africa’s Bernie Madoff, offered three fictitious investment strategies to wealthy clients.

These fictitious investment strategies included the BHI Strategy, BHI Plus, and the BHI International Strategy.

As a St Stithians private school old boy, he had access to many high-net-worth individuals with good connections.

He used these connections to lure in investors through marketing messages that he was an expert day trader who focused on two stocks – BHP Billiton and Anglo American.

“He understands their price movements so well that he was guaranteed to make small profits daily, which were immediately banked,” the messaging said.

While these strategies promised to invest clients’ funds in financial products and assets and generate good returns, the reality was very different.

In September 2020, the Financial Sector Conduct Authority (FSCA) started investigating BHI Trust and Warriner.

It found that of the R2.9 billion he received from clients, only approximately R584 million, or about 20%, was invested in a legitimate investment vehicle.

The remaining 80% of the funds were held in a money market account, used to pay returns to other investors in a Ponzi scheme fashion.

The funds in the money market account were also used to fund Warriner’s extravagant lifestyle. He hosted lavish parties, mingled with South Africa’s political and business elite, and enjoyed life’s luxuries.

He donated large amounts of his ill-gotten gains to St Stithian’s, where the school’s High-Performance Center was named after him.

The downfall of Craig Roy Warriner

The scheme collapsed, and in October 2023, Warriner handed himself over to the SAPS on allegations of operating a fraudulent investment scheme.

The NPA, FSCA, and SAPS collaborated on the case, and Warriner was found guilty of 207 counts of fraud and sentenced to 537 years of imprisonment.

While he was technically sentenced to 15 years for each of the 38 main counts, the court ordered these to run concurrently.

After negotiations regarding additional charges, the magistrate settled on a final combined term of 25 years to reflect the serious weight of his crimes.

He is currently serving his time at the Johannesburg Correctional Centre, commonly known as Sun City.

Legal experts and victim representatives have estimated that he could potentially be eligible for parole after serving approximately 12 to 12.5 years.

In May 2024, the FSCA banned Warriner from providing financial services to individuals and companies for 30 years.

It means he is legally prohibited from providing any financial services or serving as a key person at a financial institution until 2054.

Despite his plea deal and cooperation in tracing funds, many victims have expressed that the sentence is insufficient.

They highlighted the tremendous harm and financial ruin he caused for hundreds of families.

Craig Warriner remains an Old Stithians Association member

Despite being a convicted fraudster, Craig Warriner retained his membership in the Old Stithians Association (OSA).

The OSA is the alumni body of St Stithians College, one of South Africa’s most prestigious all-boys and girls private schools.

Warriner was one of the school’s biggest donors. Records from 2013 indicate he committed to donating millions to the school.

The Warriner High Performance Centre, the school’s state-of-the-art sports and fitness facility, was named after him.

On 20 March 2026, the Old Stithian Association & Old Stithian Trust met to discuss the proposed expulsion of Craig Warriner.

The Constitution states that a member may only be expelled by special resolution, requiring a 66% majority of members present and voting.

At the conclusion of the meeting, 16 members voted in favour of Craig Warriner being expelled, and 18 voted not in favour of the expulsion.

The Old Stithian Association said that while it condemned Warriner’s conduct unequivocally, he remained a member.