{"id":8030,"date":"2021-06-10T03:54:04","date_gmt":"2021-06-10T03:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/south-african-court-submissions-expose-lies-and-deceptive-tactics-used-to-perpetuate-mti-bitcoin-ponzi-scheme\/"},"modified":"2021-06-10T03:54:04","modified_gmt":"2021-06-10T03:54:04","slug":"south-african-court-submissions-expose-lies-and-deceptive-tactics-used-to-perpetuate-mti-bitcoin-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/south-african-court-submissions-expose-lies-and-deceptive-tactics-used-to-perpetuate-mti-bitcoin-ponzi-scheme\/","title":{"rendered":"South African Court Submissions Expose Lies and Deceptive Tactics Used to Perpetuate MTI Bitcoin Ponzi Scheme"},"content":{"rendered":"

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. <\/strong><\/p>\n

Undeclared Losses<\/h2>\n

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 \u201cfirst period,\u201d MTI had a \u201ctotal of nearly 51 bitcoin (that) were deposited with Belize-based forex broker FXChoice, but 22 \u2014 or 43% \u2014 of these coins were lost by the traders.\u201d However, at this point there was \u201cno multi-level marketing involved.\u201d<\/p>\n

Nevertheless, this would change in the second period \u201cwhen Steynberg purportedly introduced a computerized trading bot\u201d that falsely guaranteed returns of 10% each day. The report<\/a> explained:<\/p>\n

FX Choice reported to the FSCA that 1,846 bitcoin were deposited with it between January and June 2020, but of this 566 bitcoin (about 30%) were lost. These trading results were completely at odds with the wild claims of success being promoted on social media by MTI. FX Choice subsequently froze the remaining 1,280 bitcoin.<\/p>\n

In the last period, Steynberg claimed all investors\u2019 bitcoin had been transferred to a new broker, Trade 300. Still, when the FSCA investigated this claim, \u201cit concluded that Trade 300 was a fraudulent creation of Steynberg\u2019s and does not exist as a bona fide brokerage,\u201d according to a report<\/a> by Moneyweb.<\/p>\n

MTI Shareholding Structure<\/h2>\n

Meanwhile, MTI liquidators have similarly submitted \u201cevidence\u201d that exposes the bitcoin investment company\u2019s actual shareholding structure. The liquidators\u2019 position is paraphrased by the Moneyweb report: \u201cBased 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.\u201d<\/p>\n

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. \u201cHe would supply trading results from the broker to the server team for capture into the back-office system,\u201d the report notes.<\/p>\n

<\/p>\n

Nepotism Allegations<\/h2>\n

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\u2019s salary from just over $1000 per month to one BTC<\/a> per month.<\/p>\n

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.<\/p>\n

What are your thoughts on the latest revelations about MTI\u2019s huge losses and its shareholding structure? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Bitcoin Ponzi scheme, Cheri Marks, final liquidation, Financial Sector Conduct Authority, FX Choice, Johann Steynberg, MTI, trading bot<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":0,"featured_media":8031,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8030"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8030"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8030\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8031"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}