SCAMBUSTERS BLOG
MTI Boss Johan Steynberg Guilty
Boss of South Africa’s biggest pyramid scheme in history found guilty in Brazil — fined R595,000Mirror Trading International (MTI) CEO Johann Steynberg has been found guilty in Brazil of using a forged identity document, with the judge handing down an aggravated...
MTI’s top net-winners summoned to pay back ~$242 million
Behind MLM 24th May 2023 Liquidators in South Africa have issued a summons against eighteen of Mirror Trading International’s top net-winners. Together, the scammers are being held liable for R4.66 billion (~$244 million USD). As reported by My Broadband’s Jan...
Planet Mining Pool Crashes
Hundreds left reeling after crypto scam crashes IOL Published May 20, 2023Cape Town - A CRYPTOCURRENCY scam has plunged scores of “investors” across the country into deep financial trouble after it abruptly closed down. Cryptocurrency is a digital payment system that...
Mirror Trading International Ponzi Declaration
My Broadband 27th April 2023 by Jan Vermeulen Acting high court judge Alma de Wet has finally declared Mirror Trading International (MTI) an unlawful scheme. “MTI’s business clearly amounted to an unlawful Ponzi scheme, i.e. a fraudulent investing scam promising high...
It’s time to state the obvious: Crypto + MLM = Legally Impossible.
Published by Kevin Thompson of Thompson Burton PLLC on the 20th March 2023 Kevin Thompson is an MLM attorney, proud husband, father of four, and a founding member of Thompson Burton PLLC. Named as one of the top 25 most influential people in direct sales, Kevin...
OmegaPro Ponzi collapses
Eric Worre distances himself as OmegaPro Ponzi collapses BEHIND MLM Published 24th November 2022 OmegaPro is collapsing and the scumbags that ran, promoted and enabled the Ponzi scheme are abandoning ship. Back in May 2022 MLM veteran Eric Worre joined OmegaPro...
Investigation — Beneath the dark cloud hanging over alleged solar power Ponzi operation, Gollong Investments
Daily Maverick 17th November 2022 The shadowy outfit provides few public details and no traceable physical addresses or spokespersons, yet offers get-rich-quick returns on investment that seem far too good to be true. “Do you think it will last until December?” This...
Nearly 90% of MTI’s 304 000 ‘members’ were slave accounts
Article from Moneyweb 9th November 2022 Forensic analysis shows the failed bitcoin scheme had far fewer members than previously thought. A clearer picture is emerging of Mirror Trading International (MTI), the bitcoin scheme that collapsed in December 2020 when...
Major crackdown on crypto scams in South Africa – with millions in fines and up to 10 years in prison
Businesstech 21st October 2022 The Financial Sector Conduct Authority (FSCA) has declared cryptocurrencies a financial asset in South Africa, opening a path to professionalize and regulate the crypto industry in the country. It also opens the door to taking on...
Crypto Assets to Be Treated as Financial Products in South Africa
Bloomberg 19/10/2022 Crypto assets are to be treated as financial products in South Africa, to make it easier for regulators to monitor the market and help safeguard consumers. The Financial Sector Conduct Authority defined crypto assets as “a digital representation...
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