Mirror Trading International liquidators have filed clawback litigation against suspected owners Clynton Marks and Cheri Ward (aka Cheri Marks).
Mirror Trading International @ BehindMLM
Without action by law enforcement, Mirror Trading International liquidation proceedings have recovered only a fraction of what was stolen. Now it’s been revealed a quarter of that, around $9.8 million, will go to liquidators.
The CFTC has secured a $1.7 billion consent judgment against Mirror Trading International. The judgment follows settlement negotiations with South African liquidators, and a Joint Motion to approve the then proposed consent judgment on September 5th. The court signed off on the judgment on September 6th.
Clynton Marks and accomplices Henri Honiball and Cecil Rowe filed an appeal against the High Court of South Africa’s “Mirror Trading International was an illegal and unlawful scheme” ruling. The ruling, handed down earlier this year in April, paved the way for criminal proceedings and Liquidators going after Marks and co.
If you’re wondering what happened to Johannes Steynberg following his Brazilian arrest in January 2022, you’re a not alone. Turns out, rather than extradite Steynberg to the US or South Africa, that Brazilian authorities charged Steynberg with “assuming a false identity”. As reported by Jan Vermeulen of MyBroadband, Steynberg has been found guilty.
On May 5th, a Texas District Court gave the CFTC a May 26th deadline to file for default judgment against Mirror Trading International (MTI). This prompted the CFTC to file a motion requesting the deadline be stayed on May 15th. In that filing, the CFTC revealed it had reached a settlement with MTI.
Liquidators in South Africa have issued a summons against eighteen of Mirror Trading International’s top net-winners. Together, the scammers are being held liable for R4.66 billion (~$244 million USD).
While South African authorities haven’t done much on the criminal side of things, last year SARS, the country’s tax regulator, informed MTI’s Liquidators it intended to bill them $34.46 million. This amount, representing unpaid taxes by the $1.7 billion Ponzi scheme, was just shy of total recovery. As of March 2023, the dispute between MTI’s [Continue reading…]
As part of civil liquidation proceedings, the High Court of South Africa has ruled Mirror Trading International was a Ponzi scheme.
The CFTC has secured a $3.4 billion default judgment against Mirror Trading International CEO Johannes Steynberg. The judgment makes Mirror Trading Trading International the biggest CFTC fraud case ever involving bitcoin.