The hearing to decide official classify Mirror Trading International as a pyramid scheme has been delayed. What was a relatively straight-forward case, albeit slow-moving, has since devolved into a circus.
Mirror Trading International @ BehindMLM
Mirror Trading International’s liquidators have confirmed the existence of a US investigation into Mirror Trading International. The news follows months of inaction by South African authorities.
Seven months after raiding Mirror Trading International’s South African offices, the FSCA has announced its intent fine the company. Oh my god just do it already…
Mirror Trading International’s liquidators have tracked down another 8000 bitcoin.
In the absence of regulatory action against the Mirror Trading International Ponzi scheme, civil liquidation proceedings continue. The latest update is a final liquidation order, granted June 30th.
If you get caught running a multi-million dollar Ponzi scheme in South Africa, all you have to do is claim it was “a club”. That’s the legal strategy being employed by Mirror Trading International owner Clynton Marks.
Belgium’s Financial Services and Markets Authority has issued securities fraud notices against EndoTech, CashFX Group and Mirror Trading International. As per the FSMA, EndoTech, CashFX Group and MTI are offering what they refer to as “expert advisors” schemes.
While South African authorities continue to twiddle their thumbs and do nothing, liquidation proceedings against Mirror Trading International’s ringleaders continues. The latest decision has seen provisional sequestration granted against Johann and Nerina Steynberg.
South African authorities have recovered approximately 1200 BTC, held in an account belonging to Mirror Trading International. The account was held with FXChoice, who MTI appear to have hoped to launder the stolen funds through.
South Africa’s FInancial Sector Conduct Authority has announced the completion of its Mirror Trading International investigation. It appears what happens next is now up to Commercial Crime Unit of the National Prosecuting Authority.