Mirror Buying and selling Worldwide has obtained an emergency securities fraud stop and desist from Texas.
The stop and desist order applies to Mirror Buying and selling Worldwide PTY LTD and proprietor Cornelius Johannes “Johann” Steynberg (proper).
US MTI promoters Michael Aaron Cullison (Nevada), Steve Herceg (California) and Brian D. Knott (Nevada) are additionally respondents to the order.
The Texas State Securities Board identifies MTI as an “worldwide multilevel advertising scheme tied to investments in a cryptocurrency foreign currency trading pool”.
The cryptocurrency and foreign currency trading pool are “securities” as that time period is outlined in … the Securities Act.
Neither Mirror Buying and selling Worldwide, Johann Steynberg or any of its promoters are registered to supply securities in Texas.
Consequently the TSSB asserts MTI and promoters Cullison, Herceg and Knott are
illegally soliciting Texans to buy fraudulent investments in (Mirror Buying and selling Worldwide’s) cryptocurrency and foreign currency trading pool.
Particular examples of promoting claims cited by the TSSB embody (quoted verbatim):
- traders deposit as little as $100 and make a mean of 10% per thirty days;
- traders merely have to “[j]ust sit again and watch [their] MONEY develop;
- the investments pay “every day commerce earnings”, the every day commerce earnings is “mechanically compounded” and “compound curiosity is the eighth marvel of the world”;
- the funding “grows your bitcoin compounding every day incomes a mean of 10% per thirty days”;
- the investments have greater than 200+ days straight with optimistic positive aspects; and
- the investments shut 600 to 800 commerce every day and haven’t misplaced a commerce in nearly a yr.
Steve Herceg known as out for concentrating on the economically weak,
by encouraging them to place their governmental help “stimulus/covid test to work” by buying (MTI) investments.
The TSSB additionally attracts consideration to the US promoters failing to tell potential traders of their beforehand bankruptcies.
Michael Cullison filed for Chapter 7 bankruptcies in 1999, 2006, 2011 and 2015.
Brian Knott filed for Chapter 7 chapter in 2010 and 2019. Steve Herceg filed for Chapter 7 chapter in 2017.
The above disclosures are legally required as a part of securities legislation. Additionally required are disclosures on Mirror Buying and selling Worldwide’s behalf, which as famous by the TSSB should not offered.
In reference to the provide of investments within the cryptocurrency and foreign currency trading pool, respondents Mirror Buying and selling and Steynberg are deliberately failing to reveal Steynberg’s enterprise reputation, {qualifications} and expertise.
Mirror Buying and selling and Steynberg are (additionally) deliberately failing to reveal materials info regarding the administration of the “digital software program” and “synthetic intelligence” used to commerce foreign exchange.
MTI, Steynberg, Cullison, Knott and Herceg have been ordered to stop working and selling Mirror Buying and selling Worldwide in Texas.
Whether or not the SEC has instigated a federal investigation into the corporate and its promoters is unknown.
BehindMLM reviewed Mirror Buying and selling Worldwide in October 2019. Our overview appropriately recognized Mirror Buying and selling Worldwide as a securities fraud Ponzi scheme.
One closing notice is respondent Brian Knott figuring out himself as a Forsage promoter in his official LinkedIn profile.
BehindMLM reviewed Forsage in April 2020. Based mostly on its enterprise mannequin, Forsage is a cryptocurrency gifting scheme.
Whether or not Knott’s promotion of Forsage within the US will result in any regulatory motion stays to be seen.
Mirror Buying and selling Worldwide and the person respondents have thirty-one day to answer the TSSB’s order. Failing which the stop and desist discover turns into a everlasting injunction.
Continued promotion of Mirror Buying and selling Worldwide in Texas runs the chance of a $10,000 advantageous and jail sentence of two to 10 years.