Mirror Trading International "masterminds" summonsed to pay back R4.7 billion + extra

Can someone with a legal background explain what this summons means in practice?

Are they 100% on the hook now, or is this typically the first step in a long drawn out back and forth?
 
PsyWulf said:
She got paid 1BTC pm with her salary later on - she didn't need to be too greedy,those numbers in the table are the ponzi participation money in their main accounts,not their monopoly salaries or side-accounts
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That explains it.

All the bile and venom for a measly 60K seemed bizarre in the extreme.
 
now05ster said:
"Everybody seems to think that anything that has a recruiting function or a referral function is a pyramid scheme. It's not, guys.

When you ask questions like that and you don't really know what you talking about you seem a little silly, I got to be honest."


:whistling:
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Am amazed that this video is still up, most criminals are smart enough to get rid of the evidence.
 
@Jan is there any news on how those who were scammed can reach out to see if they can get something back? I know of several pensioners who got duped.
 
@Jan:
The report says that the liquidators have gone to court to get a ruling to go after these 18 under the Companies Act. Does this mean there has already been a hearing in court or is it still to come? If the latter, has a date been set and case number issued? I need to prepare with enough popcorn and beer!

I found it interesting that Cheri disputed the amount they owed, not whether they were legally responsible. On that basis, she appears to accept that all 18 were bound by fiduciary responsibility as Directors of MTI.
 
LCBXX said:
@Jan is there any news on how those who were scammed can reach out to see if they can get something back? I know of several pensioners who got duped.
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As a first step, they need to place claims with the liquidators. In theory, all nett-losers will have their claims processed and get compensation for what they paid into the scam. Presumably, once MTI is declared a Ponzi or an illegally run investment club, individual uplines (shills) and the Gang of 18 can be sued privately or as part of a class action by people whom they duped. The big nett-winners can potentially look forward to years of litigation quite aside from SARS knocking at their doors.
 
Wary GOM said:
As a first step, they need to place claims with the liquidators. In theory, all nett-losers will have their claims processed and get compensation for what they paid into the scam. Presumably, once MTI is declared a Ponzi or an illegally run investment club, individual uplines (shills) and the Gang of 18 can be sued privately or as part of a class action by people whom they duped. The big nett-winners can potentially look forward to years of litigation quite aside from SARS knocking at their doors.
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Could you help with any contact info?
 
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