Jan

Who's the Boss?
Staff member
Joined
May 24, 2010
Messages
13,788
Reaction score
11,607
Location
The Rabbit Hole
Mirror Trading International declared a pyramid scheme

Acting high court judge Alma de Wet has finally declared Mirror Trading International (MTI) an unlawful scheme.

“MTI’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors,” De Wet wrote in her judgement, handed down on Wednesday.
 
Well that took long enough, does that mean all the ring leaders will soon be arrested?
 
Eish...
I fell really sorry for those who put in their hard-earned cash, and kept "investing", until it finally collapsed...
I've seen the AnonymousZA hosted DB dump website, where people were putting in R100k in at a time, and never withdrawn that money.

Speaking of which, as soon as the AnonZA leak was out, I realized that some friends of my friends was on the dump, and told them to get out. I even showed them the DB contents and their figures, all I saw was dollar signs in their eyes, and couldn't get them convinced. Luckily, they put in little amounts, like R5k at a time. I think the total loss was like R15k or so.
 
Last edited:
Eish...
I fell really sorry for those who put in their hard-earned cash, and kept "investing", until it finally collapsed...
I've seen the AnonymousZA hosted DB dump website, where people were putting in R100k in at a time, and never withdrawn that money.

Speaking of which, as soon as the AnonZA leak was out, I realized that some friends of my friends was on the dump, and told them to get out. I even showed them the DB contents and their figures, all I saw was dollar signs in their eyes, and couldn't get them convinced. Luckily, they put in little amounts, like R5k at a time. I think the total loss was like R15k or so.
I don't share your compassion. Anyone who wilfully chose to ignore the multiple warnings (both warning signs and verbal warnings) deserves what they got.
 
Eish...
I fell really sorry for those who put in their hard-earned cash, and kept "investing", until it finally collapsed...
Why?
I've seen the AnonymousZA hosted DB dump website, where people were putting in R100k in at a time, and never withdrawn that money.
These are people who don't listen to reason.
Speaking of which, as soon as the AnonZA leak was out, I realized that some friends of my friends was on the dump, and told them to get out. I even showed them the DB contents and their figures, all I saw was dollar signs in their eyes, and couldn't get them convinced. Luckily, they put in little amounts, like R5k at a time. I think the total loss was like R15k or so.
Case in point.
It's not ignorance that drives ponzis, it's greed. You know someone else will lose while you gain and most of them are only too thankful for getting in early for that reason.
 
Last edited:
It was not a good day for MTI peeps yesterday


The Commodity Futures Trading Commission today announced Judge Lee Yeakel of the U.S. District Court for the Western District of Texas entered an order of default judgment and permanent injunction against Cornelius Johannes Steynberg of Stellenbosch, Western Cape, Republic of South Africa. The order requires Steynberg to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty, which is the highest civil monetary penalty ordered in any CFTC case. This action is also the largest fraudulent scheme involving Bitcoin charged in any CFTC case.
That's about R62 400 000 000
 
What does that mean exactly? How are they going to collect any of it? Or is it just token?
I'm not 100% sure how this works, although the statement includes this section
The CFTC cautions that orders requiring payment of funds to victims may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

I think it's safe to say our beloved Mr Steynberg is pretty screwed should he ever want to go anywhere close to a jurisdiction the US has sway over.
 
I'm not 100% sure how this works, although the statement includes this section


I think it's safe to say our beloved Mr Steynberg is pretty screwed should he ever want to go anywhere close to a jurisdiction the US has sway over.
Ah kind of what I thought. Thanks.
 
What does that mean exactly? How are they going to collect any of it? Or is it just token?

How do you collect something if there is nothing. I am not sure these people have anything left, unless someone can bring evidence to the contrary, then assets can probably be seized.
 
I'm not 100% sure how this works, although the statement includes this section


I think it's safe to say our beloved Mr Steynberg is pretty screwed should he ever want to go anywhere close to a jurisdiction the US has sway over.
Unfortunately there are many very nice countries he can go live in without any fear of being extradited.
 
Top
Sign up to the MyBroadband newsletter