On September 6, Judge David A. Ezra issued a consent order against Mirror Trading International (MTI), the Commodity Futures Trading Commission (CFTC) announced the following day.

The court found MTI guilty of forex fraud, commodity pool operator fraud, registration violations, and regulatory non-compliance. The case has gained notoriety as South Africa’s biggest-ever pyramid scheme.

Mirror Trading International Will Pay a Record Civil Monetary Penalty

The judge’s September 7 consent order, a court-approved agreement between two disputing parties, brings the long-running case to its conclusion.

Back on April 24, the Western District of Texas US District Court issued a default judgment against Cornelius Johannes Steynberg, MTI’s founder and CEO. Both orders stem from a CFTC complaint filed on June 30, 2022.

Authorities accused the business and its CEO, Cornelius Johannes Steynberg, of large-scale fraud involving Bitcoin. MTI operated a scam commodity pool that promised victims significant gains for pooling their assets.

The fraud managed to ensnare at least 23,000 victims, according to the CFTC. In total, MIT collected over 29,421 BTC, worth over $760 million at today’s prices. 

However, at the end of the relevant period, the cryptocurrency was worth even more: a whopping $1.7 billion. Unfortunately, t

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Author: Josh Adams

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