Magnus Heystek on BHI Ponzi “life sentences” for two financial advisors

BizNews Radio

In the past year, South Africa’s Financial Sector Conduct Authority (FSCI) has debarred 156 people from the industry. In this interview with BizNews, investment strategist Magnus Heystek of Brenthurst Wealth comments on these debarment orders, including the 30-year-ones served on Michael Haldane - who is on bail on charges of fraud and money laundering in connection with the BHI Trust Ponzi, and his colleague Mauro Forlin. “…it looks like the FSCI has thrown the book at the guys that were involved in the BHI Trust…to debar someone for 30 years is effectively…a life sentence. In effect, they'll never work in the industry again. And I think it reveals that the BHI Trust and the individuals involved in that…were very naughty guys. They've been stealing and siphoning money for many, many years. And I'm just surprised that it took so long for this scheme to be exposed.” Heystek also speaks about how financial regulation has improved dramatically over the past decades, but says the financial system is under pressure to improve it even more because “as we currently speak, many institutions are very hesitant to deal with South African money”.