Mailbox: If it’s too good to be true, it probably is

From BizNews Community Member Hanif Alli

I heard your interview with the gentleman who probably lost R6m in the BHI trust. Really its very sad when you hear these type of stories. Some people put in their lifetime savings there on the advice of a financial advisor.

What people have to learn is if it sound too good to be true it probably is. I’m sure a lot of investors are left high and dry.

The other day i read a police clerk who worked for 26 years for the government gave R700 000 of her pension money to a sangoma who know has vanished. It’s really sad how gullible people are and in times like this fall for any scheme that will yield high returns.

About 2 weeks ago I also read about a woman who gave a private construction company R4m to build her house and the owner of that company also disappeared. It’s scary I hope someone can educate all these people to be more financially literate and others not to be greedy.

Read also:

• BHI Ponzi: Victim who lost R6m helps explains how he was duped – as were thousands more
• BHI Ponzi: Shapiro on Craig Warriner – SA’s ‘Bernie Madoff’
• BHI Ponzi: Day-trading Ferrari, jet owner Warriner took clients for R3bn