Mirror (non)Trading International 2 - The Fallout

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DesertWrangler

DesertWrangler

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MissKnow-a-Little said:
Just because you keep saying "this is not financial advice" and "past results aren't indicative of future results" doesn't mean you are off the hook.
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Likewise, just because you keep claiming that you have a super-duper-forex-crypto bot, making bitcoin babies at the speed that Lindt bolletjies disappear in a certain house in kzn, doesn’t make it true.
 
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Wary GOM

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The key errors as I understand these things are:
- the fact that bitcoin is not fiat or currency does not mean that it is not a tradeable asset. It is an intangible asset and MTI is trading that asset on behalf of members.
- In their own terminology (mbticlub, members not investors and by the lawyer referring to the Collective Schemes act) MTI is a club.
- I am not sure, but in law is the growth of a member's intangible asset a product? If not, then MTI is not even a genuine MLM company. In this case, recruiters are being paid bonuses for recruiting a member to pay membership fees.
- Saying there is no joining fee is incorrect: there is a minimum initial investment of $100 or whatever. If a member does not pay this in a period of 7 day after joining, they will be removed from the member list.
- The lawyer's letter does not adequately address whether and in what ways MTI activities match the Howie Test.
- It is stated very clearly that MTI is a company. This means that it has to comply with legislation governing companies. It was widely in default of a number of governance issues and was and still is in default in not having presented independently audited statements. The latter alone is sufficient to cause it to be de-registered as a company.
- I would have to check, but I don't think the law says that a scheme has to GUARANTEE a return above 20% but is questionably legal if it OFFERS such a return. MTI most definitely does this. Even this lawyer's opinion gives a daily value that is way over this realistic limit.

Och, but what is the use of spending time on this - with that series of half-truths, MTI will completely satisfy members that they have no worries. Withdrawals and queries to recruiters and leaders of teams have obviously begun to bite and this is the best way to keep all the sheeple as well as recruiters happily carrying on.

I am no great fan of SARS, but I am beginning to think that the only thing that will bite is when members have to account for their amazing profits.
 
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Wary GOM

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LJ1234 said:
Apparently the author is Bontle Moroka.
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Interesting. A very superficial Google scan produces some Bontle Moroka entries. One as an Herbal Life member, another in a post in July explaining what a bitcoin wallet in Rich Simmonds blog and another an article in Quora on MTI, using the MTI letterhead.

Is this perhaps our leading South African lawyer? No mention of a LinkedIn entry or as a member of the SA Law Society.
 
airborne

airborne

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Wary GOM said:
The key errors as I understand these things are:
- the fact that bitcoin is not fiat or currency does not mean that it is not a tradeable asset. It is an intangible asset and MTI is trading that asset on behalf of members.
- In their own terminology (mbticlub, members not investors and by the lawyer referring to the Collective Schemes act) MTI is a club.
- I am not sure, but in law is the growth of a member's intangible asset a product? If not, then MTI is not even a genuine MLM company. In this case, recruiters are being paid bonuses for recruiting a member to pay membership fees.
- Saying there is no joining fee is incorrect: there is a minimum initial investment of $100 or whatever. If a member does not pay this in a period of 7 day after joining, they will be removed from the member list.
- The lawyer's letter does not adequately address whether and in what ways MTI activities match the Howie Test.
- It is stated very clearly that MTI is a company. This means that it has to comply with legislation governing companies. It was widely in default of a number of governance issues and was and still is in default in not having presented independently audited statements. The latter alone is sufficient to cause it to be de-registered as a company.
- I would have to check, but I don't think the law says that a scheme has to GUARANTEE a return above 20% but is questionably legal if it OFFERS such a return. MTI most definitely does this. Even this lawyer's opinion gives a daily value that is way over this realistic limit.

Och, but what is the use of spending time on this - with that series of half-truths, MTI will completely satisfy members that they have no worries. Withdrawals and queries to recruiters and leaders of teams have obviously begun to bite and this is the best way to keep all the sheeple as well as recruiters happily carrying on.

I am no great fan of SARS, but I am beginning to think that the only thing that will bite is when members have to account for their amazing profits.
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You remember that slip up on one of Cheri's blogs or FB post - a comment from a guy asking Cheri to please read her messages because he has cash ready to buy Bitcoin..

I wouldn't be surprised plenty of the people higher up are laundering the profits like that, which in turn may be laundering the profits from another scam or illegal enterprise that generates cash and wants Bitcoin to move funds overseas or under the radar.
 
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John Tempus

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MissKnow-a-Little said:
Lekker f***ing snotty ey.
And it's "has".
View attachment 947442
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Oh boy this is going to end horribly.

When MTI hit the courts and the lawyers look for all funds associated with MTI, these Boere going to have to find the money that was donated to them and return it to the court for distribution.

Well done MTI, you quite literally just fkd these Boere even more than they already were fkd.

PS. What in the name of sweet jesus is a "boers" ? Cheri, ask an afrikaans speaking trailer trash wasgoedhoer you most definitely know that there is no word such as "boers". Singular: Boer , plural: Boere. You are one pretentious stupid piece of sht.

PSS. These stolen funds contributed is just done for tax deductible reasons to possibly reduce their tax liability while going through tax evasion court cases.
 
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warrenpridgeon

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D@leW said:
That's a good point. I imagine a lot of MTI'ers will want to splash out a bit at Christmas now that they have free money printing "business". The cost of all those Christmas presents will hopefully use up the last of the Ponzi fund.
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With BTC at $15 500 / almost R250 000 I wonder if lots of people are going to want some profit (i.e. more withdrawal requests than normal)?
 
Tman*

Tman*

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LJ1234 said:
Is MTI a scam according to PETER MULLER:
View attachment 947348

View attachment 947350 View attachment 947352 View attachment 947358 View attachment 947360

What a crock of shxt
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Has anyone seen that movie "The Other Guys" with Will Ferrel and Mark Wahlberg?

They keep getting bribed by a corrupt business man, and the business man says on each occasion "this is not a bribe" when it clearly is.

Link:

This statement reminds me of that scene. They provide no proof other than saying "MTI is not a scam" - LOL
 
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