Mirror (non)Trading International 3 - Freemasons,Russians,and no bitcoins

Wary GOM

Expert Member
Joined
Aug 23, 2019
Messages
1,632
Damn. They gave that to the authority?

That aint proof of jack.
No it isn't. But it goes along with everything else done by MTI. A tremendous amount of, at best partial rubbish, at worst embarrassingly stupid. Yet at times what they have done shows planning and intelligence. Even this post by Russel doesn't make any sense at all; no-one having followed the MTI news for the last while could be as blindly behind the times with what he wrote. Dumb, dumber and dumbest! At times I feel that JS and whoever else planned this must cringe even though the collective stupidity has made them stinking rich.
 

PsyWulf

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TheRoDent

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TheRoDent

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Oh snap

I just noticed something

The guy that Certified Steynberg's documents is Thomas William Fraser
Sounds familiar anyone? May have been a coincidence,but are there ever coincidences with MTI?

Refresher:

Snip with some blocked out info:
View attachment 991970
For some reason the name Fraser is once again -- familiar....
 

PsyWulf

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Jan

Who's the Boss?
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6,309
Lots of lies in this report.

Whoa. That's one hell of a first post for someone who's been lurking since 2009.

My broadband did not contact me for comment,

1610387894109.png

Lies too about MTI being a ponzi scheme. When MTI first started, we all had our own individual accounts at the FX Choice broker. Please get your facts straight before making accusations that you cannot prove.

Didn't FXChoice say that the "trading statements" provided to MTI members were generated using a demo account and that Steynberg only conducted a handful of trades, all of them at substantial losses?

Another lie, how could MTI possibly be a ponzi scheme when MTI was completely compliant with the Consumer Protection Act?

This remains to be seen. For everyone's (re-)edification, an excerpt from the CPA (analysis via Dommisse Attorneys):

(2) A person must not directly or indirectly promote, or knowingly join, enter or participate in—
a) a multiplication scheme, as described in subsection (3);
...
(3) A multiplication scheme exists when a person offers, promises or guarantees to any consumer, investor or participant an effective annual interest rate, as calculated in the prescribed manner, that is at least 20 per cent above the REPO Rate determined by the South African Reserve Bank as at the date of investment or commencement of participation, irrespective of whether the consumer, investor or participant becomes a member of the lending party.


The Reserve Bank currently has the REPO Rate at 3.5% per annum. I submit that 10% per month and 0.5% per day is much greater than 23.5% per annum.

And lastly, something that nobody is talking about, Mr. Johann Steynberg was the one who invited the FSCA to the meeting to show them how the business worked, and demonstrated the actual trading software in action. Do you honestly think that that he would have invited the FSCA to show them the business, if he knew it was illegal?

The FSCA disputes this version of events. I haven't reported this in an article yet (you read it here first, folks!), but here is comment I received from the FSCA last year:

1. Johann Steynberg has said that he approached the FSCA to get clarity regarding their operations. In other words, MTI initiated contact with the FSCA and not the other way around. Is this accurate?

No we made contact with them

2. MTI states that it has demonstrated the functioning of its "trading bot" to the FSCA. Did MTI provide such a demonstration?

They demonstrated some “trading”. We have not yet been able to verify whether these were live “trades” and are awaiting proof that such trades were in fact executed.

3. During its meeting with the FSCA, what proof did MTI provide of the funds that it states it manages on behalf of members?

They showed us a Bitcoin balance on their system and we have requested proof that the bitcoin does in fact exist. We are awaiting this proof.

4. MTI states that it does not need a FSP licence as it operates purely in Bitcoin. Is this accurate?

Since our interaction they seem to have realised that what they were doing required a licence from the FSCA. MTI has subsequently informed the FSCA that it has changed its operation and is apparently now only trading in Crypto assets which currently fall outside any SA regulator’s jurisdiction. Whether MTI’s operation has in fact changed and whether or not they are in fact trading is not known to the FSCA and we are continuing our investigation to clarify . They remain an organsiaiton which is operating without any form of oversight or regulation and it remains highly risky and dangerous for any South African to be “gambling” on any platform which is also not regulated,

5. MTI's platform allows for peer-to-peer transfers, but it does not do any KYC or AML. Is this permitted?

I suggest you ask the FIC for their opinion. Any FSP would on our part be required to perform KYC and I believe that Crypto organisations are required to now report suspicious transactions to FIC and have KYC procedures in place. I am not sure whether MTI falls into this category.

Now that he is not here to defend himself, all these allegations are being levelled against him and the rest of us.

No the allegations started way before Johann "disappeared". Also, wherever he is, I'm sure he has Internet access. He could post here just like you if he wanted to.

(Just making clear: Johann Steynberg also received a request for comment from me via email for his right of reply on the aforementioned article.)
 

Def-e-nition

Well-Known Member
Joined
May 2, 2020
Messages
413
Oh snap

I just noticed something

The guy that Certified Steynberg's documents is Thomas William Fraser
Sounds familiar anyone? May have been a coincidence,but are there ever coincidences with MTI?

Refresher:

Snip with some blocked out info:
View attachment 991970
If i buried a body and mentioned it on the net : i am praying to all things mighty, they don't call you in.
My poker Face won't work.

Take a bow. 3 threads.

Good God.

Are you human?
 

PsyWulf

Honorary Master
Joined
Nov 22, 2006
Messages
12,534
Didn't FXChoice say that the "trading statements" provided to MTI members were generated using a demo account and that Steynberg only conducted a handful of trades, all of them at substantial losses?
MTI had a smaller scale initial scheme doing mirrored trades and individual wallets using FXChoice from when they started business up to about June 2019 when they lost the majority of people's money - this had statements from fxchoice directly as the users only gave MTI access to trade for them,but they owned the wallets
The moment MTI swapped to the pooled trades it was straightup ponzi and faked trading
 
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