Stellenbosch-headquartered company fingered as 'get-rich-quick scheme' by Texas authorities

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schumi

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A Stellenbosch-headquartered company has been fingered by the Texas Securities Commission as a "multilevel marketing get-rich-quick scheme" and provisionally ordered to cease from trading in the US state.

Mirror Trading International (MTI) describes itself on its website as a "trading and networking company" that makes use of the cryptocurrency Bitcoin as its "base currency and to pay member bonuses".

It says that it offers "passive and sustainable income" to users to sign up to use the service, and they can expect a "reasonable daily profit". The group says it has 90 836 members in 184 countries.

But Texas Securities Commissioner Travis J. Iles alleged in a statement this week that the company is "recruiting multilevel marketers to illegally sell fraudulent investments in a bitcoin and forex pool".

The Texas State Securities Office oversees the trade of securities in the state, as well as the registration of companies giving investment advice. It includes an enforcement division which can initiate civil or criminal action.

In an emergency enforcement order, Iles said investments in cryptocurrencies and forex are classed as securities, and Mirror Trading cannot offer them to Texans without being registered. He further alleged that the respondents are engaging in fraud.

Mirror Trading is able to request a hearing to argue why the order should be set aside and not become binding. It will have to submit a notice by the end of the month.

Still active

But Mirror Trading, which is headquartered in Stellenbosch, wrote in an email to Fin24 that the matter is "under control".

"We are aware of the rumours and articles written about MTI in Texas and we have forwarded the matter to our communications and legal departments," said MTI in response to a request for comment by Fin24.
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More at : https://www.news24.com/fin24/compan...ch-quick-scheme-by-texas-authorities-20200711
 

Mirror Trading International

Hello Everyone I am curious if you are any one has heard of the company Mirror Trading International ? Their website: https://mymticlub.com/ Some how this seems like an official legitimate business. Registered with CIPC as well there are videos on youtube supposedly interviewing their CEO. A...
mybroadband.co.za mybroadband.co.za
 
Sollie said:
Oh lol, register a company in ZA, then deliver investment products worldwide. Really? Not much their legal rep will be able to do in the US if they not registered there.

Waiting for the "...but it's crypto" crowd. :X3: :ROFL: :ROFL: :laugh:
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ITS a LEGITIMATE Currency , just like arctic moonbase bigfootses.
its defo not a skam.
 
So many of these pyramid schemes. What happened to Crowd1 that was using rugby players Eben Etzebeth, Duane Vermeulen, Jacques Potgieter singer Nicholis Louw, reality star Ferdinand Rabe to promote it.
 
Sollie said:
Oh lol, register a company in ZA, then deliver investment products worldwide. Really? Not much their legal rep will be able to do in the US if they not registered there.

Waiting for the "...but it's crypto" crowd. :X3: :ROFL: :ROFL: :laugh:
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Please don't get us confused. Because I'm part of the crypto crowd and def not part of this crowd. We have been commenting on this since Jan this year not in the last few days...

Mirror Trading International

Hello Everyone I am curious if you are any one has heard of the company Mirror Trading International ? Their website: https://mymticlub.com/ Some how this seems like an official legitimate business. Registered with CIPC as well there are videos on youtube supposedly interviewing their CEO. A...
mybroadband.co.za mybroadband.co.za
 
skimread said:
So many of these pyramid schemes. What happened to Crowd1 that was using rugby players Eben Etzebeth, Duane Vermeulen, Jacques Potgieter singer Nicholis Louw, reality star Ferdinand Rabe to promote it.
Click to expand...
Someone at work work tried to recruit several people. They all laughed at him. I laughed and told him to withdraw all his "investments".

He claims he "invested" only R15k but I suspect it's more than that.
 
how f-ing dumb can people be? ... wait, don't answer that /sigh

just a few months ago I get a family member inviting me to invest in a whatsapp "stokvel", despite her dad having lost over 100k in the past in a scam ... immediately set her straight, even sent an article:
www.businessinsider.co.za

If you joined a ‘WhatsApp stokvel’ you’ve probably been scammed

A stokvel association warned South Africans that 'WhatsApp stokvels' are likely pyramid schemes, not a way to save.
www.businessinsider.co.za www.businessinsider.co.za

but no, already made some profit, and the people who recruited her are trusted friends /facepalm

some scams even come with a sordid, well documented, past and a f-ing drama movie explaining what happened, they don't even bother to rebrand and South Africans fall for it in droves *cough* MMM *cough*

it is stupidly easy to spot these scams a mile away, but I'm done pulling moths away from the flame, the flame is beautiful, the flame is warm and friendly, embrace it with every cent you have saved
 
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