Quebec’s Autorite des Marches Financiers has added Mirror Trading International to its list of illegal websites and companies.
The AMF states that illegal companies on its list “solicit investors illegally”.
This is because Mirror Trading International is not registered to offer securities in Canada, or indeed anywhere else in the world.
Mirror Trading International being certified illegal in Canada follows a securities fraud warning in Texas, and an on going investigation in South Africa.
Mirror Trading International failed to overturn a securities fraud cease and desist issued by the Texas State Securities Board in July.
The thirty-day response deadline has long since expired. Although the TSSB hasn’t officially certified MTI’s legal status in Texas, failing to overturn the cease and desist renders it permanent.
Securities law is materially the same across the US, meaning Texas’ ban can be extrapolated nationwide.
In South Africa authorities raided properties and seized assets linked to MTI in October. We haven’t had any updates since but the investigation is ongoing.
Mirror Trading International is run by Cornelius Johannes Steynberg (right) from South Africa itself.
At the time of publication Alexa traffic estimates reveal MTI is primarily active in South Africa, Mexico and India.
Footnote: The AMF’s illegal company list is subject to change. Mirror Trading International appeared on the AMF’s list at the time of publication.
If you’re reading this article a while after publication, there’s a possibility AMF has since removed MTI from its list.