The US Commodity Futures Trading Commission filed a civil action against Mirror Trading International and its former CEO Johann Steynberg on Thursday, charging them with fraud and registration violations. The charge sheet says Steynberg “created and operated, through MTI, a global foreign currency commodity pool that only accepted Bitcoin to purchase a participation in the pool, with a value of over $1,733,838,372.
” Of the more than 200 000 MTI investors worldwide who participated in the scheme, which was offering bogus returns of 10% a month, 23 000 were US investors. Of these 23 000, 1 341 are known to reside in Texas. The US complaint says Steynberg made fraudulent misrepresentations, claiming a trading bot was achieving 10% profits a month, and that these funds were being traded in a pooled account, first at the Belize-based broker FX Choice, and later at the fictitious entity Trade300.
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