South African authorities confirm MTI criminal investigation
Four years after Mirror Trading International collapsed, South African authorities have confirmed an ongoing criminal investigation.
The Financial Sector Conduct Authority declared MTI an “illegal operation” in December 2020. Since then however there have been no substantial updates.
As reported by My Broadband’s Jan Vermeulen on May 21st;
The National Prosecuting Authority (NPA) says it is investigating co-conspirators and associates of the late Johann Steynberg, Mirror Trading International’s former CEO.
Steynberg is reported to have died in Brazil last month.
NPA media relations director Isaac Dludlu told MyBroadband that they haven’t brought charges against anyone yet.
However, the matter is under investigation, and they are looking into several possible charges.
These include fraud or theft, forgery, contraventions of the Prevention of Organized Crime Act, and contraventions of the Financial Advisory and Intermediary Services Act.
In lieu of authorities bringing charges in relation to South Africa’s largest ever Ponzi scheme, civil proceedings involving liquidators have racked up millions in legal fees.
Progress has been made by the liquidators but, to the detriment of Mirror Trading International’s victims, developments have been excruciatingly slow.
To date Clynton Marks and Cheri Ward (right), MTI’s suspected owners and primary beneficiaries, remain at large in South Africa.
Hopefully the NPA doesn’t take another four years to bring charges against Marks, Ward and their accomplices.
Not holding my breath on them bringing criminal charges. I hope this time it is different, but they conducted a criminal investigation into Worldwide SolutionZ and they did nothing.
All Marelize got was fined and the Ponzi shut down. There was enough information provided to them to file charges 10 times over.
Another example is Luke Borg, from South Africa. He has been promoting Ponzi’s there for more than 10 years and ran at least 2 Ponzi’s himself. Again enough information was provided to the authorities to charge him 10 times over, and nothing.
The only way I see actual charges being filed is if all the people who were investigators before are no longer employed; and new blood will finally do something.