While Mirror Trading International’s liquidators are serving summons on everyone who made money on the scheme, it remains unclear whether the scam’s kingpins will face criminal charges.while under house arrest in Brazil, but many of the serial scammers who were leaders in the scheme remain at large.It launched in 2019 and drew in members worldwide by promising average monthly returns of 10%. It also offered ways for members to earn substantial bonuses by recruiting more people into the scheme.
The scheme collapsed after Steynberg “disappeared” in Brazil on 15 December 2020. An application to liquidate the company was filed on 20 December. Therefore, anyone who followed the FSCA’s advice is now required to repay the liquidators at a much higher rate than they originally bought their bitcoin for.
Bester explained the legislation was designed to balance the interests of creditors who didn’t make any withdrawals and lost everything, as well as those who withdrew some or all of their funds from the scheme before it collapsed. The order required Steynberg to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty — the highest such penalty ordered in any CFTC case.
Source: Digital Coin News (digitalcoinnews.net)
Headline Herman Bester Mirror Trading International (MTI) Cryptocurrency
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