December 20, 2020 by Brian Priest Welcome to my Mirror Trading News Review.
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Hello everyone and welcome to my review of the latest news involving the Mirror Trading International company. The company is in serious trouble as the FSCA investigators dig deep into the Mirror Trading company. And while Cheri Marks, who is the companies co-owner, fires back the company CEO flees South Africa.
There’s a lot to cover. So stay with me until the end and pay close attention as we go through this Mirror Trading News Review.
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Mirror Trading News Review – (The Latest)
On Thursday December 17, 2020 The FSCA came out with their press release stating that their investigation into the Mirror Trading International company, which was launched earlier this past October, is getting close to wrapping up. And according the their statement:
“The Financial Sector Conduct Authority (FSCA) has previously warned the public against trading with MTI (Mirror Trading International (Pty) Limited) and makes this information available, because it believes it is in the public interest to warn financial customers and to protect the public.”
“The FSCA now reports that its investigation into this entity is near completion as MTI is not licensed to conduct financial services and has not applied for such a license.”
“The Authority believes that MTI and its senior management are conducting an illegal operation, misleading clients and have contravened several laws.”
“Mr. Cornelius Johannes Steynberg, CEO of MTI has actively assisted in the operations by Mr Clynton Hugh Marks and Mrs Cheri Marks (“Marks”).”
Now up to this point the Mirror Trading International company has been firm in their stance to the point of defending their statement in which they said that they talked to the FSCA and showed them documentation proving everything within the Mirror Trading Company is legal.
Mirror Trading International Raid and Cheri Marks
When the Mirror Trading International company was raided. Cheri Marks was adamant that the FSCA was lying about everything. And that they will continue to do business as usual:
“The FSCA pitched up at our house with fifteen policeman this morning.”
“Really, is this how nervous we are? But anyway, pitched up at my house with fifteen policeman, while I was having breakfast with my friend and my children.”
“And proceeded to take all of our laptops, our phones and personal belongings and documentation (that) had no bearing on any investigation that they might have.”
“She also claimed that the FSCA lied ato the high courts about these warrants.”
“They’re going to find proof of trade, which we’ve already given them, and they’re going to find proof of bitcoin balances, which we’ve already given them as well.”
“This whole situation does not stop anything. We still trade. We’re still gonna make sure that everyone gets their profit today. Withdrawals will still be processed later today.”
“So literally, this means nothing.”
In addition to that Johannes Steynberg testified under oath from April 2019 to July 2019. Stating that a Mirror Trading International’s member trading accounts would be linked to a trader appointed by MTI through company’s multi account manger. Which was linked to Meta Trader 4. And Trading was based on Forex pairs.
And to add to add fuel to the fire Steynberg stated that the Mirror Trading International company has experienced heavy losses of up to 80% and then had their members delink them from FX Choice and move their bitcoin to a pooled account.
As a result of that Steynberg claimed that beginning in August 2019 the Mirror Trading Company had created a bot. Which was high frequency artificial intelligence trading and had had great success ever since.
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Fake Trading Accounts
Now while investigating the Mirror Trading International company the FSCA said that FX Choice had received queries from clients of MMirror Trading. And in that process Mirror Trading clients had provided FX Choice with trading statements they had received from the Mirror Trading International company.
However those trading statements were based on demo trading accounts and not actual member trades. And as a result of that the FX Choice froze the balance of the crypto assets linked to the Mirror Trading International company on the FX Choice company platform.
In addition to that FX Choice confirmed that Mirror Trading International had put in 1846.72 Bitcoin from January 29th, 2020 until June 3rd 2020 and made a loss of 566.68 bitcoin. Which is a 30% loss.
HOLY CRAP!!!
Trade300 – Mirror Trading News review
And the FSCA tried to track down Trade300 and get statements from them as well. Because the Mirror Trading International company has not provided the right information. So the FSCA decided to see if Trade300 even existed. And they only able to verify ONE Trade300 reference. Which by the way was just the actual Trade300 website.
However it was under maintenance. And the only reference link on the site was to Joe Steyn. Which a known alias of Steynberg.
In light of this information the FSCA seizure warrants and raided the homes of Steynberg and Marks. As well as the offices of the Mirror Trading International company. And on Steynberg’s desktop computer investigators found proof relating to Trade300. And they say that the Trade 300 company is linked to Steynberg.
FSCA Verification Requests
Now when the FSCA requested more information on the transfer of client assets from FX Choice to Trade300. The Mirror Trading International Company said they that have proof of the transfers. However they are in the form of bitcoin wallets saying that they transferred 16,444 Bitcoin from FX Choice to Trade 300 over 4 installments during the month July 2020.
But the FSCA could not find any information reguarding the withdrawal of bitcoin by the Mirror Trading International company from FX Choice in July at all. And evidence shows that the last withdrawal of bitcoin by Mirror Trading from FX Choice was in August of 2019.
In addition to that the FSCA also confirmed that none of the eight sending wallets are related to FX Choice. And FX Choice never received any deposits of any sent payment.
So what this means is that the FSCA didn’t find ANY significant store of crypto assets on any trading platform. Which means that there was no real trading going on period. And they were paying off existing members with new member investments.
In addition to that the FSCA also stated that in the last few days, Mirror Trading International company investors couldn’t pull any of their investments out.
And as of right now the investigation into the Mirror trading International company is on going. And a criminal case has been opened by the FSCA with the South African police.
So it looks like the fit hit the shan for Mirror Trading International.
Mirror Trading News Review – Missing CEO
As of December 14, 2020 it has been reported that the Mirror trading International company’s CEO, Johannes Steynberg, has disappeared. And it doesn’t seem that any one knows where he is.
I was able to find this from the IRS Forensic Investigations:
It is reported by the Mirror Trading International company’s management that he is just busy moving servers.
But remember that no one has been abl to locate him in almost a week.
So there you have it. Ill will keep you updated as the saga unfolds.
And be sure to come back tomorrow to find out the twist in the plot that’ll blow your mind.
Thanks for stopping by and I hope you enjoyed my Mirror trading News Review and if you have any questions or comments, please feel free to comments section below. And i will get back to as soon as I am able.
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