/08/20 · Major trading scheme under investigation in South Africa. Staff Writer 20 August The Financial Sector Conduct Authority (FSCA) says it is investigating the activities of Mirror Trading /08/20 · After scrutiny, FXChoice found that MTI was a multilevel marketing pool that claimed high returns from trading forex for their members using artificial intelligence software, it said. Additionally, Author: Money Reporter /04/15 · He said a man associated to the company introduced him to Eagles Empire Forex while they were still colleagues at the SAPS. “I invested R10 with him and he sent a WhatsApp voice note that he won’t be making payments as he was defrauded. “He sent another one saying his broker was under investigation and his money frozen
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The Financial Sector Conduct Authority is urging those who have invested with Mirror Trading International MTI to request refunds as soon as possible. MTI, which describes itself on its website as an internet-based cryptocurrency club, is under investigation and the FSCA says it is conducting business as a financial service provider without a licence, forex under investigation. However, it is more concerned about the club claiming it has more than R2.
In July, the Texas State Securities Board issued a cease-and-desist order against among others MTI and its Stellenbosch-based founder and CEO Johann Steynberg for:. After scrutiny, FXChoice found that MTI was a multilevel marketing pool that claimed high returns from trading forex for forex under investigation members using artificial intelligence software, it said.
Additionally, MTI used a very aggressive multilevel marketing campaign with high rewards to get new investors into the pool. This was when the forex under investigation trade was closed. We requested additional documents from MTI to confirm the source of their funds.
The same can be said about their say of using artificial intelligence software. Before the account was blocked, they executed just a few trading operations, forex under investigation, which were performed manually, large and incurred substantial losses.
Moreover, the FSCA says, forex under investigation, the returns on the investments claimed by MTI seems far-fetched and unrealistic. The FSCA says MTI is aware that it needs, but does not have, a financial services provider licence.
The FSCA says the investigation is ongoing, and MTI has partially co-operated with the regulator. Forex is not the same as owning a bond where you receive a percentage. It is about risk-reward where the larger the reward you received, the larger the risk you took. Register Sign in. Mirror Trading investors warned to request refunds amid FSCA probe.
Regulator worries about club claiming it has more than R2. The FSCA says the returns on the investments claimed by MTI seems far-fetched and unrealistic.
In July, the Texas State Securities Board issued a cease-and-desist order against among others MTI and its Stellenbosch-based founder and CEO Johann Steynberg for: Perpetrating an international, multilevel marketing scheme tied to investments forex under investigation a cryptocurrency and forex trading pool; Promising to pay lucrative commissions to multilevel marketers for promoting its investments and recruiting other multilevel marketers; Touting the success of its multilevel marketers in recruiting new members — it say to have recruited almost 76, members from more than countries, including more that 22, members since March 1 ; and Illegally soliciting Texans to purchase fraudulent investments in the cryptocurrency and forex trading pool.
How to tell a pyramid scheme from a real investment Many people are exposed to get-rich-quick schemes the world over. If it sounds too good to be true, it forex under investigation is Unsavoury companies are making outlandish promises to lure consumers out of their hard-earned money and the Financial Sector Conduct Authority Next Article.
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, time: 2:36Mirror Trading investors warned to request refunds amid FSCA probe
/08/20 · After scrutiny, FXChoice found that MTI was a multilevel marketing pool that claimed high returns from trading forex for their members using artificial intelligence software, it said. Additionally, Author: Money Reporter /08/27 · Forex is the world’s most traded market, with an average turnover more than $ trillion per day /04/15 · He said a man associated to the company introduced him to Eagles Empire Forex while they were still colleagues at the SAPS. “I invested R10 with him and he sent a WhatsApp voice note that he won’t be making payments as he was defrauded. “He sent another one saying his broker was under investigation and his money frozen
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