FSCA investigation into MTI completed, what now?
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.
Whereas the FSCA previously labeled MTI an “illegal operation“, the conclusion of the investigation is absent in the January 19th press-release.
A January 20th report from MyBroadband states the FSCA ‘found (MTI) was a scam without any trading as promised to investors.’
This is in line with BehindMLM’s October 2019 Mirror Trading International review.
Looking forward, the FSCA advises
the Authority has opened a criminal case with the Commercial Crime Unit and will assist the NPA with its responsibilities.
On the recovery side of things the FSCA is also participating with the various liquidation efforts underway.
Whereas in the US recovery efforts are typically handled as part of a civil case brought by regulators, in South Africa it appears proceedings are separate from regulatory cases.
That said, the FSCA will
share its report with the liquidators appointed by the Master of the High Court.
The FSCA understands that the liquidators are of the view that the funds or assets received by certain members of the public pursuant to investing with MTI, may be unlawful.
The liquidators intend to recover such funds and assets from these investors – a course of action that the FSCA supports.
Anyone who intends to lodge a claim with the liquidators, or who has information that can be of assistance, may contact the liquidators through their websites.
From my point of view, MTI recovery isn’t going to happen until Johann Steynberg and half the Marks/Ward family are thrown in prison.
The scammers behind MTI aren’t going to give up their ill-gotten gains willingly, so it’ll be up to South Africa authorities to hold them accountable.
Whether MTI winds up being another BTC Global South African regulatory disaster remains to be seen.
+Bell
A reader sent in this article on MyBroadband. Author Jan Vermeulen has done a really good job tearing apart Cheri and Clyntom Marks’ lies, given during a recent SA TV interview.
I’d something I’d otherwise cover but Vermeulen has done a great job of covering all the bases:
mybroadband.co.za/news/cryptocurrency/383372-allegations-denials-and-contradictions-in-multi-billion-mti-saga.html
I can’t think of anything left out I could add so I’ll defer to the article itself.
Cannot make it up!
– the regulator got asked by Johan what a derivative is!
– Clynton lacks the basic knowledge to do a simple ETF!
– The Marks live in a house registered to their Zimbabwean gardener!
It’s all a bit silly isn’t it.
Arrest Cheri and Clynton Marks, use Interpol for Steynberg, recover as much BTC as possible from them and the top promoters (throw them in jail too for contempt if they don’t comply), sell off all the assets purchased with MTI funds – and then proceed with criminal charges.
That’s really the only way to clean up this mess.
If there ever was a chance for the South African authorities to show that they have turned the corner on treating this kind of thing lightly and prove that the massive updating of the enforcement mechanism works, it is now.
The Marks got away with it last time because of their being too many authorities looking into it, no pressure from any foreign element, not much public scrutiny, etc.
This cannot be allowed to drag on for 17 years (Like Krion), 18 years plus (Tigon), resolved so that everyone gets a slap on the wrist (LeisureNet), etc.
@ Stevie
That’s wrong Stevie. The house is registered to a company of which the Zimbabwean dude is a director.
The identity of the shareholder or shareholders (they appoint the director and are invested in the company) is unknown.
The Zimbabwean dude .. I doubt whether Don Nkomo has even seen a garden utensil ever.