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 […]
CFTC to serve MTI’s Johannes Steynberg thru Hague Conv. Read More »
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
SA govt looking to steal recovered MTI Ponzi funds Read More »
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. The CFTC filed their lawsuit against Mirror Trading International and Cornelius Johannes Steynberg (right) on June 30th. The CFTC have identified “at least 23,000” MTI investors from the US,
Johann Steynberg sued by CFTC over MTI fraud ($1.7B Ponzi) Read More »
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. We’ve heard nothing official from either South Africa or Brazil following Steynberg’s arrest in January. Quoting a court
Johann Steynberg impregnates mistress to dodge extradition? Read More »
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
Mirror Trading International insiders “summoned” by liquidators Read More »
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
FSCA punishes MTI Ponzi scammers by waiving R50 mill fine Read More »
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
MTI victims offered recovery deal, Ponzi hearing postponed Read More »
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. Liquidators allege Botha is one of Mirror Trading International’s net-winners. How much Botha stole through MTI is unclear. His name didn’t appear
Mirror Trading International net-winner arrested Read More »
An “MTI Circular” has provided further insight into the recent February 4th second meeting of MTI creditors. After reading an initial report on the meeting and then watching it, I was left less than impressed. Instead of being shut down by authorities and the scammers behind it arrested, Mirror Trading International was put into liquidation
MTI circular provides insight into liquidation mess Read More »
And now, an update on Mirror Trading liquidation proceedings out of South Africa: *checks notes* every MTI victim claim has been rejected the only claim approved was filed by JNX Online, a company belonging to MTI founder Johann Steynberg South African authorities continue to do nothing The shitshow continues… I’m not going to pretend to
MTI victims getting screwed, SA authorities still doing nothing Read More »
