Mirror Trading International sec fraud warning from Sth Africa
South Africa has issued a securities fraud warning against Mirror Trading International.
The Financial Sector Conduct Authority claims ‘returns on the investments claimed by MTI seem far-fetched and unrealistic.’
When the FSCA began investigating Mirror Trading International is unclear. As per an August press-release however, they’ve apparently been in touch with founder Johann Steynberg (right).
MTI has informed us that they accept clients’ funds in the form of Bitcoin, pool the funds into one trading account on a forex derivative trading platform, and conduct high frequency trading through the utilisation of a Bot.
As BehindMLM did in our Mirror Trading International review, the FSCA has identified MTI’s business model as a securities offering.
This amounts to financial services, hence the licence requirement.
Of “much greater concern” than having failed to register with the FSCA, is that Mirror Trading International is a Ponzi scheme.
Moreover, the returns on the investments claimed by MTI seems far-fetched and unrealistic.
According to MTI its Bot-trading is able to generate consistent profits of an average of 10% per month.
The FSCA warns the public that MTI is not licensed to conduct the proclaimed business that they are conducting and that they are aware of the need for a FSP licence.
That last paragraph is of significance, as it bluntly counters MTI affiliate claims that securities offered using cryptocurrency are not regulated in South Africa.
The FSCA also cites MTI’s former broker FX Choice, and states they are in the process of validating the broker’s claim that MTI engaged in negligible trading activity.
Looking forward the FSCA advises their investigation into MTI is ongoing.
MTI has partially co-operated with the FSCA.
We are reviewing the information as it becomes available and will involve the South African Police Service if the discrepancies are confirmed.
We imagine cooperation ceased when MTI was no longer able to deny it was committing securities fraud. That would have gone hand in hand with being unable to provide evidence of trading revenue being used to pay affiliate ROI withdrawals.
MTI has undertaken to inform all of its clients of the investigation and to provide the opportunity to all its clients to withdraw their assets that are with MTI.
We recommend that clients request refunds into their own accounts as soon as possible.
This isn’t going to end well. Stay tuned…
Fresh from Facebook:
Good luck staying ahead of the “negative press” Joel.
Perhaps you and Cheri (Ward) Marks should start planning your next fraud against to people of South Africa. That is of course unless the regulators put an end to your crime spree.
More recent still, a complete load of bullocks.
imgur.com/nUHAM2Y
Edit to add todays video:
youtu.be/qJRR_9nAsCs
@GlimDropper – What a bunch of polony wow –
“We will not be releasing the broker details” – Cause there probably isnt one. Why would FX distance themselves from MTI if they were above board.
“Crypto Trading to begin 21/8” – there wasn’t any trading in the first place
Smells like tracks are being covered or time is being bought before the fall.
Classic signs being showed here. Make eveyone the enemy of MTI make themselves a victim and the sad part is more people will rush to MTI now cause the big bad man told me its wrong and they are only out to stop me from making money.
I’ve commented this before, but it bears repeating: if someone calls critics and questioners “haters,” you can be 99% sure they’re defending a scam. “Jealous” and “loser” (or “‘looser'”) are also favored chestnuts.
When ad hominem attacks are their first-line defense, they are defending the indefensible.
I liked how the agenda opened with the famous joke “Why do people rob banks? Because that’s where the money is.” (Aka Sutton’s Law, although Willie Sutton denied having said it.)
I think the joke is probably going to be lost on the people who’ve ploughed however many millions of rands into MTI.
Sutton’s Law boils down to “Don’t spend too much mental energy on looking for solutions to a problem when there’s a really obvious one.” Also probably lost on MTI fleas is that the obvious answer to the question “Why do so many people say that MTI is a scam” is “Because it is”.
Warning is gone on the FSCA website.
URL change. Thanks for bringing that to my attention.
I’ve edited the link to point to the new URL.
Shitballs!!!MTI have had a data breach with every single affiliate’s account details available including Cheri, Johann and the other twats at the top of the Ponzi.
Check out last 10 pages on this link.
mybroadband.co.za/forum/threads/mirror-trading-international.1064664/page-267
Public service message: Data breach article link
https://behindmlm.com/companies/mirror-trading-international-ponzi-blown-open-by-data-leak/