Global Crypto has received news that key members and members of the operational team behind Mirror Trading International (MTI), Clynton and Cheri Marks, allegedly had their home raided by South Africa’s FSCA (Financial Sector Conduct Authority) this morning, Monday 26 October 2020. This after MTI had been included in a “threat awareness” wiki site over the weekend.
Global Crypto received a copy of a Telegram message sent to MTI support groups confirming the news of the alleged raid:
The text of the message reads as follows:
[SIC] “I would just like to tell everyone what has happened, please don’t be concerned, nothing will be changing and the MTI lawyers are onto this. This morning the FSCA and 15 police arrived at Clynton and Cheri’s house, they confiscated all electronics like phones and computers. MTI will carry on as per usual. The FSCA said they want to see the trades and the proof of deposits, which they have provided. The news will sensationalize this so I would like to pre warn everyone. MTI will be releasing a video later today or tomorrow. More attacks will happen. This is just to let you know MTI is not going anywhere”
This message was further validated with a voice message sent to these groups, allegedly from Cheri herself. In the voice note, the sender sounds calm and fairly unperturbed:
Much investigative work has been conducted by Global Crypto’s team of reporters, but immense credit must be given to the members of the MyBroadband forums who have been instrumental in uncovering crucial facts related to MTI’s operations.
Global Crypto will report further as and when more information becomes available.
Would you mind sharing some of the “crucial facts” uncovered by My Broadband forum? I have friends with money invested in MTI and I would like to warn them.
Good morning Conrad, let me put this out there from the outset. I am unashamedly an MTI investor and I have only seen positive results from my investment. I will continue to encourage people to invest with MTI based on their transparent and simple business model.
I have read some of the investigations and “CRUCIAL FACTS” and I fail to see any concrete evidence or proof of the “alleged” wrong doing by MTI Members or their leadership.
There are many opinions such as it is impossible to work a bot the way MTI does,
It is impossible that they have not had any negative trades, It’s impossible for the current business model to work etc.
They do not promise any particular returns but do promise profit share,
They do have daily negative trades which are fully disclosed,
They do encourage their investors to withdraw their coin,
They are more than willing to comply with FSCA even though Brendon Topham and his team fail to communicate this fully and truthfully to the public.
They still do profit share and have not yet had one negative report lodged regarding access to monies,
Investors have a full view of how many Coin is in hand, which was proven to FSCA and if the investigative team were unbiased they would report that.
Ask yourself this question, in the light of the current political environment, why is the FSCA (the Government’s watchdog) after MTI. They want the money…..
They claim to want to protect peoples interests. Which people and what interests?
They had their nose put out of joint when they demanded information that they were not obligated to have and they were told so, (not by MTI).
Another major stick that is used to beat MTI is the fact that they dropped trading with FOREX, which they admitted to doing and maybe the root cause of all these issues (in my opinion).
The fact is that any company can change step if it better suits their business model. I know that some imply that the timing of the change is questionable. But that is just what it is, implications and innuendos.
MTI operates in an unregulated market and it, therefore, stands to reason that they should be in lockstep with operating in an unregulated manner. Forex requires regulation while Crypto Asstest do not. No one seems to report that this move actually impacted on the trade and if the reporting were honest, they would tell you that the tweaking of the bot did not really take 3 days as stated but took a bit longer.
Once again, it is my opinion that there is not unbiased reporting taking place here.
According to the interdepartmental working group that was established by the government to determine the legal implications and requirements of the crypto assets environment, a company such as MTI have no legal obligation to be registered or governed by the FSCA. That is a fact! You can actually get this report from them. (https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/south-africa#:~:text=There%20is%20currently%20no%20fintech,assets%20are%20also%20not%20prohibited.)
That same working group has only now made representation on how such companies in SA could potentially be regulated. Why have the reporters left this critical piece of information out of their reports? Webber Wentzel attorneys give a sneak-peek into that submission.
The question that still is begging an answer is simply “based on what legal premise is FSCA working then?”
What is also a little strange to me is that I have not yet seen any report from these jurnos that have actually sat with MTI and asked then for their side of the story and subsequently and unbiasedly reported such. ( I do not claim to have read every article printed on this matter so there may well be)
There is a continual reference to some of the leaderships involvement with companies such as KIPI, BTC Global etc. Since when has this been equal to criminal activity or intent. Once again no report that I have seen has asked them for their side of the story.
Maybe we should also charge the current CEO of ESKOM with the same charge because of his “alleged” irregularities with his previous company.
What I see here on a daily basis is a company that is actively getting out and helping people on their feet and not trying to fleece their investors. I see a company that has a business model that is working and is transparent. I can unfortunately not say the same about the reports generated about MTI or about the “complaints” lodged against them.
There are some very interesting questions that I would love to see the answer to:
Who lodged the complaint against MTI?
What legal basis is the FSCA using to harras and terrorise a company who is doing well?
Will the reporting be as vigorous when MTI is cleared of wrongdoing?
So, Conrad, it would be great if we actually had unbiased information in hand so that we could allow the reader to make fully informed decisions about a company without over sensationalising speculations, assertions and half-truths.
Another interesting discovery that I have made is that many of the Web Sites proclaiming MTI and other companies to be dishonest, either offer a service to “reclaim your funds” or investigate on your behalf and even refer you to another company that trade in crypto assets. Make me wonder what the reasons and motivations are?
I just wonder if the leadership of MTI learned a couple of secret handshakes and were party to some pseudo secret organizations if that would have any impact on the business? Just asking for a friend.
Hi Conrad. Thanks for your comment. I’d suggest going through our reports over the past few months using this tag:
Our reporter Andrew Drake has done most of the work on those above stories, and while not all of them I do know many of his facts can be attributed to the work done from that forum’s members.
I hope that helps.
The mybroadband bunch is a complete and absolute circus….
I am just wondering how much ” investigation” was done before posting this latest news. Hopefully lots and hopefully ALL facts before dragging names through the mud.
My honest suspicions are that these editors/reporters are most probably young and prime tools to elicit fear and uncertainty amongs investors. Possibly in the pockets of larger competion. Just my opinion!
Don’t police have some violent criminals to chase after? This company provides a valuable service.
It’s a shame really, FSCA seems to want the masses of people to suffer sir some reason or another.
Go search for the 500 Billion that disappeared from Government, why aren’t you talking about REAL crimes against our people.
The reason we aren’t talking about such crimes is because our website is dedicated to cryptoasset news. MTI is a company that accepts Bitcoin and allegedly trades cryptoassets. They are also a prominent company in the industry, and thus it behooves us to report on matters relating to their operation.
In the event government officials (or any executives for that matter) become embroiled in affairs related to cryptoassets and blockchain technology, then we shall report on it as necessary, like we did only last week when this story broke:
[…] according to a report by Global Crypto that cites a Telegram message sent to MTI members, the defiant sender says […]
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