An Entry of Default has been made against Mirror Trading International CEO Johannes Steynberg at the request of the CFTC.
Steynberg has until November 15th to submit an answer after service by publication.
Steynberg (right) did not comply, causing the regulator to file an Entry of Default on November 17th.
On November 18th, the court clerk entered an Entry of Default against Steynberg.
The Entry of Default enables the CFTC to apply for a default judgment at a later time.
Steynberg is now being incarcerated in a Brazilian prison after being arrested on an international warrant.
Steynberg’s whereabouts have not been established for almost a year, however he is thought to be in the midst of extradition procedures to South Africa.
According to the CFTC, MTI was a $1.7 billion dollar Ponzi scam. Despite this, and despite the fact that the perpetrators of MTI are known to them and live freely in South Africa, South African police have made no arrests.
The current lack of action against Clynton and Cheri Marks (right) shows that if Steynberg is deported to South Africa, nothing will happen.
In the absence of more clarity from the CFTC, it is unclear how their case would affect South African liquidation procedures.
Under the absurd guise of MTI being a genuine business, civil liquidation procedures were initiated in lieu of criminal accusations.
According to BehindMLM, the MTI liquidation procedures have been a waste of time thus far.