Clynton Marks denied “MTI was illegal” ruling appeal
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.
The lengthy (and confusing) order can be viewed on the Southern African Legal Information Institute’s website.
The gist of it though is;
Marks’s [sic] voluminous affidavits were of no assistance to this court in determining the correctness of the factual information placed before court by the applicants and the FSCA.
In the circumstances the following order is made:
The business model of Mirror Trading International (Pty) Ltd (in liquidation) (“MTI”) is declared to be an illegal and unlawful scheme.
All agreements concluded between MTI and its investors in respect of the trading/management/investment of bitcoin for the purported benefit of the investors, are declared unlawful and void ab initio.
The remainder of the relief claimed by the applicants is refused.
Various applications and counter-applications, filed by Marks and co., were also dismissed with costs awarded.
Due to unfamiliarity with South African law I’m not sure what happens next. Presumably Liquidators can continue whatever it is they’re doing.
I’d like to say it’s probable South African authorities will finally make a move but that seems unlikely.
In somewhat related news, it seems Clynton and Cheri Marks are separated.
In an August 20th FaceBook post Cheri, who now goes by “Cheri Ward”, wrote;
I got “divorced” in May this year. And I learnt a couple (of) VERY humbling lessons.
Never let a man (even your husband) control your money. Don’t let a man (even your husband) make unilateral business decisions and never take the hard knocks for him.
Never believe everything … Never put your happiness on the back burner – true love and soul connections are real, I never thought I could love wholeheartedly… I was so wrong.
I lose perspective. I lost me.
So I find myself at 38 starting again. It has been the toughest 4 months of my life but I can honestly say I have never been this happy.
I am more “me” than I have been in the last 10 years. I am free…
Clynton Marks and Cheri Ward (right) are believed to be the operators and primary beneficiaries of Mirror Trading International. The CFTC has pegged MTI investor losses at $1.7 billion.
For this reason it can’t be ruled out that Marks’ and Ward’s separation is being staged for financial reasons.
Why South African authorities have not arrested the operators of a $1.7 billion Ponzi scheme remains an ongoing mystery.