CFTC gets $3.47 billion order against MTI boss Johann Steynberg

[Jan]

Mastermind of South Africa's biggest pyramid scheme in history ordered to pay R63.6 billion

Mirror Trading International (MTI) CEO Johann Steynberg has been ordered to pay close to $3.5 billion (R63.6 billion) in restitution and penalties in the United States.

The Commodity Futures Trading Commission announced the ruling late on Thursday.

 

[Jet-Fighter7700]

how exactly are they gonna collect that?

 

[Botha22]

Johann Steynberg flying the flag high

 

[gregmcc]

So the scheme is worth R25.5 billion, and he needs to pay R63.6 billion.

Sure...would you like that cash or credit card?

 

[Carl_Johnson]

South Africans always breaking records.........

 

[rvZA]

how exactly are they gonna collect that?

They are not, this is purely an academic judgment.

 

[mypetcow]

I guess he’ll have to increase his one time payment limit on his FNB app

 

[rvZA]

I guess he’ll have to increase his one time payment limit on his FNB app

Or, start a new even bigger scheme in the UK and start paying off the debts of the first one?

 

[freematrix]

how exactly are they gonna collect that?

He will ask Elon for some pocket change.

 

[Jet-Fighter7700]

He will ask Elon for some pocket change.

and elon will say nope, you didnt buy a Twitter check-mark/Tesla/Satellite

 

[PsyWulf]

So the scheme is worth R25.5 billion, and he needs to pay R63.6 billion.

Sure...would you like that cash or credit card?

Well,they could do the Nintendo thing
Garnish the guy's income for the next 10000 years (earned 300k from the crime,fined $10mil in damages)

 

[rvZA]

Well,they could do the Nintendo thing
Garnish the guy's income for the next 10000 years (earned 300k from the crime,fined $10mil in damages)

Here in SA judgments prescribe after 30 years. But, in the US judgments never prescribe and they can continue going after everything he gets in or ever owns until his death.

 

[DXL]

I wonder why we don't have Laws here in SA for settlement of those people who were scammed and robbed of their money.

 

[PsyWulf]

I wonder why we don't have Laws here in SA for settlement of those people who were scammed and robbed of their money.

We'd lose the entire government

 

[quovadis]

Let's see now if the dozen or so others who were complicit are held to account.

 

[r00igev@@r]

Those guys don't under cryptocurrency like Ignatius Bell.

God bless and much success.

Fxck yoxx

 

[Petec]

"I can be like to be wanting my payout now, thank you."

 

[victory321]

Where is that Skebenga Johann Steynberg? Is he back in SA yet?

 

[Speedster]

Where is that Skebenga Johann Steynberg? Is he back in SA yet?

Should still be holed up in a Brazilian jail. That's of course assuming he hasn't paid a warden off.

 

[Puk]

Sorry for reviving this one. Did he pay