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MTI – Scam Review

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While the South African authorities do nothing, civil Mirror Trading International liquidation processes are ongoing.

The most recent is a ten-page preliminary injunction outlining true victims of the scheme versus net-winners.According to the High Court’s August 31st judgment, MTI’s liquidators are to regard bitcoin invested in the Ponzi scheme as “property.”

As a result, liquidators will classify MTI investors as follows:

Class 1 Investors are those who invested and received nothing from MTI. Class 2 Investors are those who invested, received some money back, but are still net losers.
Class 3 Investors – scumbags who stole money through MTI Class 1 and Class 2 Investors who wish to submit a claim must do so in South African Rand, as determined at the time of investment

It should be noted that claims for monopoly money backoffice sums are not permitted. Class 1 and 2 investors can only claim the amount they really invested.

According to the Insolvency Act, the court authorized liquidators to pursue Class 3 investors. This appears to be predicated on Class 3 Investors submitting claims, which I’m not clear why would happen.

Because this is a temporary order, the High Court has yet to accept any of this.

Anyone who is upset by the order (Clynton and Cheri Marks, for example) has until October 31st to complain to the court. After those objections are resolved, the court will most likely make the order final.

It is still unclear what the outcome of the MTI liquidation procedures will be. South Africa’s Revenue Service announced in July that they plan to take more than has so far been recovered.

Sorting investors into victim groups is pointless unless someone takes action against the Marks criminal family and other MTI insiders.

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