September 7, 2023.
Johann Steynberg, the former CEO of Mirror Trading International (MTI), has been found guilty in Brazil for using forged identity documents in connection with a massive cryptocurrency fraud scheme. Steynberg, accused of orchestrating one of the largest crypto-related frauds, had fled to Brazil to evade charges in South Africa. According to regulatory authorities, from May 2018 to March 2021, Steynberg engaged in an international pyramid scheme through MTI, soliciting Bitcoin from the public under the guise of bot-trading with promised monthly returns of 10%. However, the trading was deceptive, and investor funds were misused for personal gain. Steynberg, facing extradition to South Africa, received a significant penalty from the U.S. Commodity Future Trading Commission (CFTC) for restitution and civil monetary penalty. TRM’s analysis indicates MTI used new investor funds to pay old ones, with no substantial trading activity taking place.
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