Mirror Trading International @ BehindMLM

High Court provisionally approves sorting of MTI investors

While South Africa’s authorities continue to do nothing, civil Mirror Trading International liquidation proceedings continue. The latest is a ten-page provisional order, defining actual victims from the scheme against net-winners.

CFTC drops Hague service on Steynberg, now publication

After signalling its intent to serve Johannes Steynberg through the Hague Convention last month, the CFTC has now asked for permission to effect alternate service. If granted, the CFTC will serve Steynberg via a Texas newspaper and the Supreme Court of Texas’ website.

CFTC to serve MTI’s Johannes Steynberg thru Hague Conv.

The CFTC has informed the court it intends to serve Johannes Steynberg through the Hague Convention.

SA govt looking to steal recovered MTI Ponzi funds

South Africa attempting to regulate MLM Ponzi schemes through a broken liquidation system is one of the dumbest things I’ve ever had to report on. In the latest show of stunning incompetence, South Africa’s Revenue Service, the country’s tax regulator, is looking to steal the entire balance of recovered funds.

Johann Steynberg sued by CFTC over MTI fraud ($1.7B Ponzi)

Mirror Trading International CEO Johan Steynberg has been sued by the CFTC. According to the regulator, Mirror Trading International was a $1.7 billion dollar Ponzi scheme.

Johann Steynberg impregnates mistress to dodge extradition?

South African authorities have finally provided an update on Johann Steynberg’s Brazilian extradition. The bad news? Steynberg is going to waste everybody’s time fighting the inevitable. The good news? Get an extra large serving of popcorn ready.

Mirror Trading International insiders “summoned” by liquidators

There doesn’t appear to be any cohesion when it comes to Mirror Trading International’s liquidation proceedings. Back in February nobody was recovering anything except owner on paper Johann Steynberg. Then, on the assumption Mirror Trading International would be declared an “illegal scheme” (which for some reason hadn’t happened yet despite the FSCA stating publicly MTI [Continue reading…]

FSCA punishes MTI Ponzi scammers by waiving R50 mill fine

It’s been a terrible week for global MLM regulation. First we had Dubai release someone who had an Interpol issued arrest warrant out on them. The worst of it is Dubai hadn’t yet bothered to arrest the perp, they’d voluntarily turned themselves in. Then we had Bulgaria, home of the still very much active OneCoin Ponzi [Continue reading…]

MTI victims offered recovery deal, Ponzi hearing postponed

Mirror Trading International liquidators have given victims a recovery deal. The deal, which appears to have received court approval, will see victims who accept paid “a portion of their claims”. While the court has approved the deal, it remains contingent on Mirror Trading International being declared an illegal scheme. That hearing was supposed to begin [Continue reading…]

Mirror Trading International net-winner arrested

When Phillip Botha was summoned to appear before an enquiry held by MTI liquidators, he decided not to turn up. We’re not sure when, but Botha has since been arrested over his decision.