Mirror Trading International

Mirror Trading International ruled a Ponzi scheme in SA

Frauds, Mirror Trading International, regulation

As part of civil liquidation proceedings, the High Court of South Africa has ruled Mirror Trading International was a Ponzi scheme. The court’s undated order follows an application by MTI’s liquidators, seeking orders confirming Mirror Trading International was an illegal scheme; the investment contract between Mirror Trading International and its investors was illegal; Mirror Trading […]

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MTI tax issue in South Africa expected to drag into 2024

Frauds, Mirror Trading International, regulation

The Mirror Trading International tax issue in South Africa is expected to drag into 2024. As part of ongoing liquidation proceedings, last July South Africa’s Revenue Service (SARS) signalled intent to bill MTI’s liquidators for $34.46 million. SARS eventually followed up through an intervention motion, filed in October 2022. The amount purportedly represents what MTI

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MTI’s liquidators have spent over $6 million, no restitution

Frauds, Mirror Trading International

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.

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CFTC scores Entry of Default against MTI’s Johannes Steynberg

Frauds, Mirror Trading International, regulation

At the request of the CFTC, an Entry of Default has been recorded against Mirror Trading International CEO Johannes Steynberg. Following service by publication on Steynberg, he had until November 15th to file an answer. Steynberg (right) failed to do so, prompting the regulator to file for an Entry of Default on November 17th. The

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~90% of MTI investor accounts were just email addresses

Frauds, Mirror Trading International

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. Owners and top recruiters having multiple positions in MLM companies is nothing new. 270,000 bogus accounts however is definitely up there on the dodgy scale. Citing “forensic

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MTI liquidation devolves into fight with SA government

Frauds, Mirror Trading International

The liquidation of Mirror Trading International has devolved into a fight between liquidators and the government. BehindMLM previously reported on SARS, South Africa’s IRS equivalent, demanding liquidators surrender $34.46 million. This amount is just shy of the entire amount thus far recovered. Last week SARS escalated its efforts, seeking to intervene in MTI liquidation proceedings. As

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High Court provisionally approves sorting of MTI investors

Frauds, Mirror Trading International

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. As per the High Court’s August 31st order, MTI’s liquidators have been instructed to treat bitcoin invested into the Ponzi scheme as “property”. Pursuant to

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CFTC drops Hague service on Steynberg, now publication

Frauds, Mirror Trading International, regulation

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. Johannes Steynberg is CEO of Mirror Trading International (MTI). MTI is a

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

Frauds, Mirror Trading International, regulation

The CFTC has informed the court it intends to serve Johannes Steynberg through the Hague Convention. The CFTC’s intentions were tendered in a July 28th Status Report, following unsuccessful attempts to serve both defendants. Mirror Trading International is a collapsed Ponzi scheme run out of South Africa. After fleeing South Africa, MTI CEO Steynberg was

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SA govt looking to steal recovered MTI Ponzi funds

Frauds, Mirror Trading International, regulation

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. In between not fining Mirror

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