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Kingpins of South Africa’s biggest pyramid scheme in the crosshairs

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Barnard Incorporated Attorneys News

Headline,Herman Bester,Johann Steynberg

The National Prosecuting Authority is investigating the masterminds and co-conspirators behind Mirror Trading International.

The National Prosecuting Authority says it is investigating co-conspirators and associates of the late Johann Steynberg, Mirror Trading International’s former CEO.

This dwarfs all other South African pyramid and Ponzi-type schemes for which estimated deposits are available, including Krion, Travel Ventures International, and the Africrypt “Bitcoin Brothers”. However, a liquidation’s powers to claw back profits withdrawn from an unlawful scheme like MTI are a dragnet that traps victims and scammers alike.

The liquidation application was made five days after Steynberg “disappeared” in Brazil and MTI collapsed. “The effect of Section 29 of the Insolvency Act is often viewed by innocent investors as extremely harsh and unreasonable,” said Herman Bester, one of MTI’s liquidators.

 

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Going after the kingpins of South Africa’s biggest pyramid scheme in historyThe CEO of Mirror Trading International may be dead, but there were lots of people involved in his scheme exploiting trusting victims.
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