South Africa’s authorized system continues to protect Mirror Buying and selling Worldwide scammers.
The newest has seen requested second depositions of suspected homeowners Clynton and Cheri Marks denied. The identical has been denied for the Ponzi scheme’s high earners.
Following one spherical of depositions, permission to compel attendance at a second spherical was denied.
These Mirror Buying and selling Worldwide liquidators wished to depose have been Clynton and Cheri Marks (proper), Nico de Jong Boshoff, Joseph Usher Bell, Marinus Bell, Ignatius Bell, Nico van der Merwe and Gerald Lassen.
The group are the first beneficiaries of Mirror Buying and selling Worldwide. Collectively they stole tens of millions from over 200,000 Mirror Buying and selling Worldwide buyers.
Weighed towards the monetary harm Mirror Buying and selling Worldwide wrought on buyers, the court docket’s reasoning to disclaim the depositions on “private hurt” appears wealthy.
The judgment handed down by Decide Baartman final week stayed the 417/418 enquiry “because the hurt the candidates stand to endure is of a private nature”.
Whether or not Mirror Buying and selling Worldwide is an “illegal scheme” is about to be determined in March.
Clynton Marks has raised the argument can’t be an illegal scheme as a result of it’s not bancrupt.
His affidavit additional states that as MTI has money within the financial institution of R1.3 billion (derived from the sale of 1 281 bitcoin recovered from Belize-based dealer FX Alternative and bought regionally for money) and claims of roughly R300 million, MTI can’t be deemed to be bancrupt.
This seems to be some psychological gymnastics tied to claims obtained, bitcoin’s public buying and selling worth and ignoring primary Ponzi math.
If we settle for there are over 200,000 MTI affiliate investor accounts however restrict the quantity to 200,000, and every of these accounts invested simply $100 (a laughably conservative quantity), we get $20 million USD invested.
R1.3 billion doesn’t come wherever close to that ($86 million USD).
Consider funds to net-winners, comparable to Marks and their buddies, and the notion that MTI was solvent is much more absurd.
Whereas it would appear to be Marks and the remainder of the MTI scammers are profitable in court docket, Simply Bartmann, commenting on the upcoming “illegal scheme” listening to, did state
she is unable to seek out that the candidates within the case have sturdy prospects for fulfillment.
The candidates being Marks and mates, searching for to squash the second-round deposition requests.
That form of appears like they’ve a weak case come March however… effectively this complete factor has been a multitude so who is aware of.
We nonetheless don’t know if Johann Steynberg is being extradited to South Africa or the US.
It’s essential to notice that MTI liquidation proceeds in South Africa are a civil motion.
Since ending their investigation over a yr in the past, South African authorities have taken no motion to carry these behind MTI accountable.