Bitcoin Ponzi scheme, Cheri Marks, final liquidation, Financial Sector Conduct Authority, FX Choice, Johann Steynberg, MTI, trading bot

New submissions by a South African regulator, the Financial Sector Conduct Authority (FSCA) and liquidators have exposed the web of lies and deceptive tactics that were used by Mirror Trading International (MTI) CEO Johann Steynberg and others to perpetuate the Ponzi scheme.

Undeclared Losses

In its report filed with the South African court, the regulator also exposes the true extent of losses that were incurred by the bitcoin investment company. For instance, in what the FSCA calls the “first period,†MTI had a “total of nearly 51 bitcoin (that) were deposited with Belize-based forex broker FXChoice, but 22 — or 43% — of these coins were lost by the traders.†However, at this point there was “no multi-level marketing involved.â€

Nevertheless, this would change in the second period “when Steynberg purportedly introduced a computerized trading bot†that falsely guaranteed returns of 10% each day. The report explained:

In the last period, Steynberg claimed all investors’ bitcoin had been transferred to a new broker, Trade 300. Still, when the FSCA investigated this claim, “it concluded that Trade 300 was a fraudulent creation of Steynberg’s and does not exist as a bona fide brokerage,†according to a report by Moneyweb.

MTI Shareholding Structure

Meanwhile, MTI liquidators have similarly submitted “evidence†that exposes the bitcoin investment company’s actual shareholding structure. The liquidators’ position is paraphrased by the Moneyweb report: “Based on the evidence provided by the liquidators, MTI was owned 50-50 by Steynberg and Clynton Marks, who would divvy up 10% of the profits between them every Monday.â€

However, the liquidators still concede that Steynberg seems to have been the only individual in MTI dealing with a broker in Belize and an India-based server team. “He would supply trading results from the broker to the server team for capture into the back-office system,†the report notes.

Nepotism Allegations

In the meantime, another director of MTI, Cheri Marks, is facing accusations of using her position in the organization to reward her associates. For instance, Marks is accused of appointing Monica Coetzee to the position of marketing director despite her lack of required qualifications. In addition, Marks is accused of bumping Coetzee’s salary from just over $1000 per month to one BTC per month.

Following these proceedings, a Western Cape High Court is now expected to hear arguments by those that want a final liquidation to be granted and those against it. According to a report, these proceedings are scheduled to be heard in the third week of June 2021.

What are your thoughts on the latest revelations about MTI’s huge losses and its shareholding structure? Tell us what you think in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Cuban Central Bank Issues Warning on the Rising Number of Crypto-Related Ponzi Cases

Cuba has witnessed some exciting times in the last few months as far as nationwide digital currency acceptance, but the road toward this goal is still under construction. The country’s central bank recently issued a warning about the rising number of cryptocurrency-related scam cases across the island. Alleged Crypto Scams Are Mentioned in the Alert […]

Xem chi tiết: Cuban Central Bank Issues Warning on the Rising Number of Crypto-Related Ponzi Cases

MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court

A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin scam. Sequestration Not Final According to a report, the order was reportedly served on the Steynbergs’ […]

Xem chi tiết: MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court

National Court of Spain Takes the Investigation of the Alleged Ponzi Crypto Scheme Arbistar

The investigation against an alleged major Spanish Ponzi crypto scheme will now be in charge of the National Court of Spain. A judge from the national legal instance is now taking the investigation of Arbistar after the inhibition of a judge in Tenerife. Economic Damages Could Reach Over $120 Million According to El País, judge […]

Xem chi tiết: National Court of Spain Takes the Investigation of the Alleged Ponzi Crypto Scheme Arbistar

Sale of MTI Bitcoins in South Africa Briefly Wipes out Premium Buyers

The premium or arbitrage gap on bitcoin in South Africa recently turned negative following the offloading of coins worth over $75 million by liquidators of MTI. As a result of the temporary supply glut, buying bitcoins on local South African exchanges briefly became cheaper than buying on overseas exchanges. The Impact of the MTI Liquidators’ […]

Xem chi tiết: Sale of MTI Bitcoins in South Africa Briefly Wipes out Premium Buyers

Another South African Company Reveals Plans to List a Crypto ETF on Local Stock Exchange

Fresh reports from South Africa suggest another local company, Sygnia, is set to apply to the Johannesburg Stock Exchange (JSE) to list a new cryptocurrency exchange-traded fund (ETF). This application will be the second time Sygnia has attempted to list the crypto ETF. A similar application in 2017 was rejected by JSE on grounds that […]

Xem chi tiết: Another South African Company Reveals Plans to List a Crypto ETF on Local Stock Exchange

Court Summons Mirror Trading International Executives Over BTC Global Scam Allegations

Two executives of Mirror Trading International (MTI) have been summoned by a high court in connection with another cryptocurrency investment scam called BTC Global. The court summons followed a civil lawsuit filed by 18 plaintiffs demanding compensation from them. Two MTI Executives Linked to BTC Global Scam A High Court summons was issued to Clynton […]

Xem chi tiết: Court Summons Mirror Trading International Executives Over BTC Global Scam Allegations

A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator

Fresh reports from South Africa suggest that a total of 1,200 bitcoins belonging to the now-defunct Mirror Trading International (MTI) were recently transferred from FX Choice to an appointed liquidator. The reports add the transfer had been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator. Confirmation of the Transfer According […]

Xem chi tiết: A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator

A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator

Fresh reports from South Africa suggest that a total of 1,200 bitcoins belonging to the now-defunct Mirror Trading International (MTI) were recently transferred from FX Choice to an appointed liquidator. The reports add the transfer had been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator. Confirmation of the Transfer According […]

Xem chi tiết: A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator

South African Regulator Zeroes in on Scams and Unregulated Firms in Its Second Crypto ‘Health Warning’

South African Regulator Zeroes in on Scams and Unregulated Firms in Its Second Crypto ‘Health Warning’

Argentinean Prosecutor Investigates an Alleged Bitcoin Scam Ganancias Deportivas

Mirror Trading International Named Biggest Crypto Scam of the Year After Raking in $589 Million

Crypto Fund Manager Charged in $5M Ponzi Scheme, Facing up to 30 Years in US Prison

MTI Bitcoins Sent to Privacy Mixers as New Data Breach Exposes the Ponzi Scheme’s Top Earners

Spanish Police Detain Four People Allegedly Involved in a $15M Crypto Ponzi Scheme

Spanish Police Detain Four People Allegedly Involved in a $15M Crypto Ponzi Scheme