MissKnow-a-Little
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Question of the Day: Which South African brand or product do you wish would make a return?
Mirror Trading International
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MissKnow-a-Little
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These BS rants.
soulie
Expert Member
I found this September 29 and posted it .must be an old post of mine thats been reposted
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And people still have the cheek to say this is not financial advice...
I can't make out whether that is happening, has happened or is just a possibility from what we are hearing and seeing. It would be absolutely wonderful to have some solid, criminal activities.
Touching on the CEO video, brining in new directors might be a way of wriggling away, but it would not get the original crowd off the hook for what has been done up until now.
Every one of these is a pearl for us. They repeatedly give financial advice in the selling: Absolutely no different from the pitch of a registered investment advisor. These statements need to be treasured for when they can be unpacked in court.
The CEO video has raised a number of questions in my mind. Perhaps delving into some of these might provide more proofs of wrong doing by MTI. Ultimately, the only way I can see to stop this monster is the have it declared illegal in South Africa. Absence of proof (e.g. actual trading) is much weaker than proof of even rather minor illegalities.
JS said that MTI is a PTY Limited Private Company with a club structure. To me this is just MTI BS to fool people: If a club, then the objectives of members making financial gain do not seem to fit the definition of a club.
Has anyone anyone seen the memorandum of incorporation (MOI) of MTI? Does it actually comply with the Companies Act? As far as I understand it, retroactively creating a MOI would not make the previous existence of MTI legal.
Has MTI had an appointed Public Officer (one has to be appointed within 30 days of starting operations) to liaise with SARS? Who is this person?
Irrespective of being a PRIVATE company, MTI has to comply with the administrative requirements of the Companies Act INCLUDING filing annual returns and financial statements. We know that it has been remiss to say the least on this. JS seemed to say that these things were not necessary. Somehow we need to sting regulatory bodies with evidence that MTI is remiss AND that the regulators are in breach of their mandates to ignore this evidence.
JS said that MTI is a PTY Limited Private Company with a club structure. To me this is just MTI BS to fool people: If a club, then the objectives of members making financial gain do not seem to fit the definition of a club.
Has anyone anyone seen the memorandum of incorporation (MOI) of MTI? Does it actually comply with the Companies Act? As far as I understand it, retroactively creating a MOI would not make the previous existence of MTI legal.
Has MTI had an appointed Public Officer (one has to be appointed within 30 days of starting operations) to liaise with SARS? Who is this person?
Irrespective of being a PRIVATE company, MTI has to comply with the administrative requirements of the Companies Act INCLUDING filing annual returns and financial statements. We know that it has been remiss to say the least on this. JS seemed to say that these things were not necessary. Somehow we need to sting regulatory bodies with evidence that MTI is remiss AND that the regulators are in breach of their mandates to ignore this evidence.
Spxdxrbxtxs
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How did Vince Ward get into the Founder's Club if he only joined in April?
Monica Coetzee talks about KYC not being FICA. (31:10) But being FAIS-compliant means that KYC includes FICA.
Also, Marinus mentions that the accounts are being sorted out using KYC - which hasn't been implemented yet (around 41:40).
DesertWrangler
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All animals are equal, but some are more equal than others...
Venator
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For me the most ironic thing was how they were talking about how people were"rolling" their balances and having multiple accounts and how Johann was apparently so disappointed that people were trying to "trick" the system....and yet...THE BELLS HAVE MULTIPLE ACCOUNTS AND WERE ROLLING THEIR BALANCES! Not to mention that nearly ALL of the so-called "corporate team" had multiple accounts, including the all-mighty CEO Johann Steynberg!
warrenpridgeon
Expert Member
They break their own T&Cs yet complain about members doing it... lol.
What an absolute load of cods-wallop. What the Hell does JS expect of people who are helping him grown a scam - of course they will try to work the system, JUST AS HE IS.
To me most of the material here simply strengthens the evidence that MTI was never intended to be a proper business. All they want is to give enough of a facade to fool people into deceiving THEMSELVES that they are dealing with a reputable company.
Easy you related to the ward or marks you in automatically heck cheris daughter or daughters are founding members
Not only complain about it, but blatantly say if you caught doing anything like that you will be kicked out of MTI.
My oh my! What an ingenious exit strategy! The new COO or whatever "discovers" that most of the core members are in breach of Ts&Cs and they are all expelled. JS leaves SA in embarrassment and tears. Sadly, the COO forgot that JS is the only one with the keys to the MTI wallet.
ShirleyJames
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Well Wary GOM if they survive when the proposed KYC is implemented a whole new industry will start up in the "Townships" called " Rent an ID "
mark_mcallister
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So I’ve emailed the enforcement case officer at the FSCA and offered support to the investigation.
It appears that MTI’s strategy will be to simply say crypto isn’t covered by FAIS or the financial markets act 2012. There is gap in the wording of the regulations in this regard (how can legislation foresee new technologies) BUT they are accepting deposits which they then return with an interest payment on (allegedly of course as we know there is NO bot).
This is a preposterous angle because they are generating an interest payment, one could see that as a coupon but ultimately an income derived from holding a security, normally a share or a bond. This is the angle the SEC in the USA went down to close these schemes down, we need the FSCA to commit to this kind of strategy to provide clarity.
If it’s not a security and it’s interpreted as a currency then it must still fall in the remit of a financial product similar to FX Trading so either way it’s going to fall within either FAIS or the financial markets act 2012.
There are two other anglea to approach this on, first is the “Al Capone” angle. Famously Capone was taken down by the tax authorities due to concrete evidence and lack of witnesses - so I’ll follow up with our contacts there to see if this is on their radar. What I mean by this is that if it’s generating interest, they must pay income tax on their “profits” as they are withdrawn. This has been discussed previously with SARS, those who trade in crypto short term are no different to FX trades, that profit is income and must be taxed accordingly. CGT could apply for the longer term holds but as MTI is so new, they will struggle to argue this point.
Secondly, this scheme has huge potential for money laundering and thus could put them in breach of Financial Intelligence Centre Act 2001 because they aren’t doing sufficient DD on source of funds / wealth. If one criminal or terrorist deposits with them and they don’t pick that up they are liable for prosecution also.
Again their standard defence is it’s crypto it’s not fiat so it’s not covered doesn’t excuse you in relation to FICA but does need action from the authorities.
I hope we can assist the FSCA and bring this enforcement action forward in time before these guys exit scam. This linked with reports to SARS should help tighten the noose a bit more.
It appears that MTI’s strategy will be to simply say crypto isn’t covered by FAIS or the financial markets act 2012. There is gap in the wording of the regulations in this regard (how can legislation foresee new technologies) BUT they are accepting deposits which they then return with an interest payment on (allegedly of course as we know there is NO bot).
This is a preposterous angle because they are generating an interest payment, one could see that as a coupon but ultimately an income derived from holding a security, normally a share or a bond. This is the angle the SEC in the USA went down to close these schemes down, we need the FSCA to commit to this kind of strategy to provide clarity.
If it’s not a security and it’s interpreted as a currency then it must still fall in the remit of a financial product similar to FX Trading so either way it’s going to fall within either FAIS or the financial markets act 2012.
There are two other anglea to approach this on, first is the “Al Capone” angle. Famously Capone was taken down by the tax authorities due to concrete evidence and lack of witnesses - so I’ll follow up with our contacts there to see if this is on their radar. What I mean by this is that if it’s generating interest, they must pay income tax on their “profits” as they are withdrawn. This has been discussed previously with SARS, those who trade in crypto short term are no different to FX trades, that profit is income and must be taxed accordingly. CGT could apply for the longer term holds but as MTI is so new, they will struggle to argue this point.
Secondly, this scheme has huge potential for money laundering and thus could put them in breach of Financial Intelligence Centre Act 2001 because they aren’t doing sufficient DD on source of funds / wealth. If one criminal or terrorist deposits with them and they don’t pick that up they are liable for prosecution also.
Again their standard defence is it’s crypto it’s not fiat so it’s not covered doesn’t excuse you in relation to FICA but does need action from the authorities.
I hope we can assist the FSCA and bring this enforcement action forward in time before these guys exit scam. This linked with reports to SARS should help tighten the noose a bit more.
MONTHEBIFF733B
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How does the “rolling balance” thing work? I saw their multiple accounts and also saw them transferring money from one to the other
1. If the company adopts a custom MOI then a Special Resolution is required. In fact any change to the MOI requires one.
2. A custom MOI can embrace matters not covered in the short form standard MOI, but it must still be in line with and must comply with companies act. It only takes effect from the date it is approved by CIPC
3. By 17/8/2020 there was no custom MOI, it was still the standard profit short form. bear in mind that any modification cannot be retrospective.
4. A company with a club structure actually is meaningless in so far as it can only apply where it is not in conflict with the Act.The MOI must be in accordance with the Act or it will not get accepted and approved by CIPC.
5. A director, usually the first mentioned, automatically gets appointed by SARS. That's how it stays unless specifically changed with a resignation and appointment.
6. The Act also requires that any director changes must be notified to CIPC within 10 business days; in other words at least 2 weeks.
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