Mirror Trading International ruled a Ponzi scheme in SA
As part of civil liquidation proceedings, the High Court of South Africa has ruled Mirror Trading International was a Ponzi scheme.
Mirror Trading International @ BehindMLM
CFTC secures $3.4 bill def. judgment against MTI’s Steynberg
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.
MTI tax issue in South Africa expected to drag into 2024
The Mirror Trading International tax issue in South Africa is expected to drag into 2024.
MTI’s liquidators have spent over $6 million, no restitution
One of the common misconceptions with MLM receiverships in the US is that they work to keep funds for themselves. In reality, where recovery is possible, the vast majority of recovered assets are paid out to victims of the scheme. This process typically ties into a regulatory lawsuit and is broadly overseen by the courts. [Continue reading…]
CFTC scores Entry of Default against MTI’s Johannes Steynberg
At the request of the CFTC, an Entry of Default has been recorded against Mirror Trading International CEO Johannes Steynberg.
~90% of MTI investor accounts were just email addresses
Of the 300,000 investor accounts Mirror Trading International boasted, around 90% were just email addresses. That is to say, Mirror Trading International only had around 30,000 actual investors.
MTI liquidation devolves into fight with SA government
The liquidation of Mirror Trading International has devolved into a fight between liquidators and the government.
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.
