Alleged South African Bitcoin Fraudster Makes First Court Appearance Since Ar...

Alleged South African Bitcoin Fraudster Makes First Court Appearance Since Ar...

Sandile Shezi, the South African bitcoin trader accused of defrauding investors, recently made his first court appearance before a Johannesburg magistrate. Shezi out on Bail The bitcoin trader’s court appearance came just days after he honored his pledge to surrender himself to the police. However, according to a report by the Sowetan, Shezi — who is now out on bail — is set to return to court on November 24. As previously reported by Bitcoin.com News, Shezi is facing fraud allegations that stem from his failure to honor promises he....


Related News

South African Court Submissions Expose Lies and Deceptive Tactics Used to Per...

New submissions by a South African regulator, the Financial Sector Conduct Authority (FSCA) and liquidators have exposed the web of lies and deceptive tactics that were used by Mirror Trading International (MTI) CEO Johann Steynberg and others to perpetuate the Ponzi scheme. Undeclared Losses In its report filed with the South African court, the regulator also exposes the true extent of losses that were incurred by the bitcoin investment company. For instance, in what the FSCA calls the “first period,” MTI had a “total of nearly 51 bitcoin (that) were deposited with....

South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi ...

A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for proof of trades and bitcoin balances. MTI Remains Defiant The raid comes after the South African regulator previously advised MTI clients to withdraw funds after determining that the company did not have the required....

South African Court Grants Order to Liquidate Mirror Trading International Af...

A South African High Court recently granted a provisional liquidation order against Mirror Trading International (MTI) following an application for relief by two investors who failed to withdraw their bitcoin. According to a statement released by lawyers of one of the aggrieved investors, this provisional order paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities. Provisional Order The order by the Cape Town court came after the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who failed to withdraw....

MTI CEO and Wife Issued With Provisional Sequestration Order by South African...

A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin scam. Sequestration Not Final According to a report, the order was reportedly served on the Steynbergs’ residential address at Eagle Crest in Polokwane. However, the report adds that the Steynbergs still “have until the return date of July 20, 2021, to give reasons why final....

Chinese Investors File Lawsuit Against US-Based Alleged Crypto Fraudster Who ...

A group of Chinese investors has filed a lawsuit against an alleged crypto fraudster based in New York, United States, who ran a Wechat group where he handled the scheme. The scammer reportedly promoted the bogus investment opportunity by promising earnings of “$200,000 in one day.” Scam Allegedly Ran From 2016 to 2020 According to the Epoch Times, the six plaintiffs – residents of China, Canada, California, Washington State, and Georgia – accused the individual, named in the documents just as “Sun,” of running a stock trading academy where he sold....