BHI PONZI: Investors fume over losses from Global & Local’s “expert advice”

By Chris Steyn

Investors hard hit by their losses in the BHI Ponzi scheme are spitting fire at Local & Global whose founder Michael Haldane had punted the unregulated scheme.

This after they received an email from Global & Local inviting them to an “insightful” webinar on 6 December to introduce them to GCI Wealth, the company that has taken over its book.

This line in particular incensed investors: “We understand that choosing the right partner for your financial journey is a crucial decision and we want to provide you with all the insights you need to make an informed choice.”

One investor retorted: “Considering the fact that many of your clients have suffered debilitating financial losses, based on your ‘expert advice’ we do not understand how you could possibly expect us to heed any more of this advice with regard to making decisions about our remaining finances.”

He continued: “We would like to know whether the Global and Local team is AGGRESSIVELY pursuing all avenues and legal options in an attempt to assist in recovering these financial losses, and we are therefore surprised to receive casual emails, suggesting it’s just BUSINESS AS USUAL and nothing to worry about.

“Global and Local should be our FIRST and PRIMARY source of information on what the status is, and how you suggest we proceed.

“Please could you address this particular issue, before offering any other services.”

According to the invitation from the Global & Local Team, the webinar would allow clients to get to know the GCI team, including CEO Alex Cook and COO Mark van Zyl.

“We believe this session will provide clarity on how GCI Wealth can contribute to your financial well-being.”

It promises valuable insights into what sets GCI Wealth apart from its competitors, and says Cook will share the vision, values, and purpose that have guided the firm for the past 23 years, “emphasising their commitment to helping individuals like you achieve financial freedom”.