Around 90% of the 300,000 investor accounts advertised by Mirror Trading International were simply emailed addresses.
That is, Mirror Trading International had just about 30,000 real investors.
It is fairly uncommon for owners and top recruiters to hold numerous roles in MLM organizations. 270,000 fraudulent accounts, on the other hand, are suspicious.
MoneyWeb reports on “forensic analysis” given by MTI liquidators in South Africa.
Almost 90% of the accounts were so-called slave accounts,’ which were set up by investors to receive rewards for referring new participants to the program.
Some people had over 20’slave accounts,’ which were set up in the names of family members, fictitious identities, domestic servants, and family pets, all to earn commissions on funds deposited by ‘downline’ members.
Around 15,300 of the 300,000 MTI investor accounts, fake or otherwise, were net-winner accounts. The exact number of MTI net-winner investors is unknown.
This shows that losers were more likely to construct a huge downline slave account,’ frequently with their own money, to make a high payout in the future.
Investor claims are “pouring in,” according to MTI Liquidators. It will be fascinating to observe if the number of claims submitted exceeds the real 30,000 investor count.
Apart from SARS, which is attempting to recover stolen victim monies as unpaid taxes, South African authorities have failed to prosecute MTI’s ringleaders.
In late 2021, CEO Johann Steynberg was detained in Brazil. Steynberg is still in the process of being extradited.
MTI’s top earners and suspected owners, Clinton and Cheri Marks, are still at large and living openly in South Africa.
