Mirror Trading International @ BehindMLM

Liquidators in South Africa have issued a summons against eighteen of Mirror Trading International’s top net-winners. Together, the scammers are being held liable for R4.66 billion (~$244 million USD).

While South African authorities haven’t done much on the criminal side of things, last year SARS, the country’s tax regulator, informed MTI’s Liquidators it intended to bill them $34.46 million. This amount, representing unpaid taxes by the $1.7 billion Ponzi scheme, was just shy of total recovery. As of March 2023, the dispute between MTI’s [Continue reading…]

As part of civil liquidation proceedings, the High Court of South Africa has ruled Mirror Trading International was a Ponzi scheme.

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.

The Mirror Trading International tax issue in South Africa is expected to drag into 2024.

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…]

At the request of the CFTC, an Entry of Default has been recorded against Mirror Trading International CEO Johannes Steynberg.

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.

The liquidation of Mirror Trading International has devolved into a fight between liquidators and the government.

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.