Mirror Trading International declared a pyramid scheme

Acting high court judge Alma de Wet has finally declared Mirror Trading International an unlawful scheme.

“MTI’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors,” De Wet wrote in her judgement, handed down on Wednesday. De Wet ruled that statements made by the scheme’s promoters themselves proved it was a pyramid scheme.

She specifically called out MTI CEO Johann Steynberg, communications head Cheri Ward, and promoter Ignatius Bell as having inadvertently provided evidence that it was a pyramid scheme.He was arrestedWard, besides serving as MTI’s spokesperson, is married to Clynton Marks, who owned a 50% stake in the company. Steynberg owned the other 50%.

On the conspectus of the evidence, it cannot seriously be argued, that MTI did not conduct a pyramid scheme, in contravention of [sections] 42 and 43 of the CPA if one considers the evidence of Steynberg himself, the binary structure explained by Ward during the enquiries and in the public domain, Marks’s explanations at board meetings regarding the growth of membership numbers through teams and leaders, and the evidence of Ignatius Bell who, save for an investment of R7,000.

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