New submissions by the South African regulator, the Financial Sector Conduct Authority (FSCA) and liquidators have exposed a web of lies and deceptive tactics that have been used by Mirror Trading International (MTI) CEO Johan Stenberg and others to perpetuate a Ponzi scheme. did.
In its report filed in a South African court, the regulator also highlighted the true extent of the damages incurred by the bitcoin investment firm. For example, in what the FSCA calls the “first period,” MTI had “a total of about 51 bitcoins (that) were deposited with Belize-based forex broker FXChoice, but 22 – or 43% – of these coins were lost.” . merchants.” However, at this point “there was no multi-level marketing involved.”
Nevertheless, this will change in the second period “when Stenberg allegedly introduced a computerized trading bot” that gives a false guarantee of 10% each day. report good Explained:
FX Choice told the FSCA that 1,846 bitcoins were deposited between January and June 2020, but 566 of these (about 30%) were lost. These trading results were in stark contrast to MTI promoting wild claims of success on social media. FX Choice subsequently froze the remaining 1,280 bitcoins.
In the previous period, Stenberg claimed that all investors’ bitcoins were transferred to a new broker, Trade300. Nevertheless, when the FSCA investigated this claim, it “concluded that Trade 300 was a fraudulent creation of Stenberg and does not exist as a genuine FIDE brokerage,” according to a. report good by Moneyweb.
MTI Shareholding Structure
Meanwhile, the MTI liquidator has similarly presented “evidence” that exposed the true shareholding structure of the bitcoin investment company. The liquidator’s position is clarified by a Moneyweb report: “Based on evidence provided by Liquidators, MTI was owned 50–50 by Stenberg and Clinton Marks, splitting 10% of the profits between them every Monday. “
However, the liquidators still believe that Stenberg was the only person at MTI working with a broker in Belize and an India-based server team. “He will supply the trading results from the broker to the server team for capture in the back-office system,” the report said.
allegations of nepotism
Meanwhile, another MTI director, Cheri Marks, is facing charges of using his position in the organization to reward his colleagues. For example, Marx is accused of appointing Monica Coetzee to the position of marketing director despite lacking the required qualifications. In addition, Marx has been accused of raising Coetzee’s salary from just $1,000 a month to one. B T c per month.
Following these proceedings, the Western Cape High Court is now expected to hear arguments from those seeking permission for the final liquidation and those against it. According to a report, these proceedings are to be heard in the third week of June 2021.
What are your views on the latest revelations about MTI’s huge losses and its shareholding structure? Tell us what you think in the comment section below.
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