Shocking announcement in multi-billion MTI bitcoin scheme

Hanno Labuschagne

Hanno Labuschagne

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Shocking announcement in multi-billion MTI bitcoin scheme

Every member of Mirror Trading International (MTI) who withdrew money from the scheme will have to pay the money back to liquidators, FSCA head of investigations and enforcement Brandon Topham has said.

MTI was a scheme that claimed to offer automated forex and later cryptocurrency trading services.

The company and its leadership claimed that MTI had a magical automated trading program - a "bot" powered by artificial intelligence - that could yield growth of 0.5% to 1.5% per day.
 
Members of the scheme may be in for a shock. Topham has stated that all MTI investors – even if they didn’t make a profit from MTI – will be required to hand over any money they took out, including their original deposit.
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So what - basically a participation fine? Some people who were blatantly naive are now actually going to incur a loss?
 
saor said:
So what - basically a participation fine? Some people who were blatantly naive are now actually going to incur a loss?
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They can get a criminal record as well as they partook in an illegal investment scheme. They will take all the money involved and then pay out in accordance with the law. Its gonna be a rough time for a lot of people.
 
So if someone "invested", but then realized things were off or for whatever else, then withdrew just their initial investment, thus making no profit, they now lose that?
 
It would have been "fairer" to recover only the profits / bonuses. But definitely take everything from those who were running this scheme.

"The Financial Sector Conduct Authority (FSCA) even issued a warning in August 2020 last year that people should withdraw their money from the scheme."
So if someone heeded that warning and luckily withdrew their money why punish them?
 
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B-1 said:
They can get a criminal record as well as they partook in an illegal investment scheme. They will take all the money involved and then pay out in accordance with the law. Its gonna be a rough time for a lot of people.
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Still seems highly unfair to punish the naive who only took out what they put in or just got their deposits back.
 
saor said:
Still seems highly unfair to punish the naive who only took out what they put in or just got their deposits back.
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Hopefully lesson learned. People in this country need to understand just how evil Ponzis are. Hopefully word gets around. We seem to be a special continent where so many people think it's OK as long as you get your money out before it implodes.
 
saor said:
Still seems highly unfair to punish the naive who only took out what they put in or just got their deposits back.
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Its definitely a hard line and the liquidator may take leniency but its the same if you make a mistake with SARS you will still be charged interest and penalties etc. Even if the liquidator likes you you will still get cents on your rands.
 
saor said:
Still seems highly unfair to punish the naive who only took out what they put in or just got their deposits back.
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In the Carte Blanche episode it seems to go into more detail. . In the example they gave, if you put in R50 000 and withdrew R70 000, you dont pay back just R20 000. You have to give the full R70 000 to the liquidators and from there you might get cents on the rand. Eina.
 
ghoti said:
In the Carte Blanche episode it seems to go into more detail. . In the example they gave, if you put in R50 000 and withdrew R70 000, you dont pay back just R20 000. You have to give the full R70 000 to the liquidators and from there you might get cents on the rand. Eina.
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Haven't seen it but that's certainly not what the article is claiming. Article says everything must be paid back.
 
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