CFTC Takes Action against MTI: Imposes $1.7B Fine

In a landmark ruling, the Commodities Futures Trading
Commission (CFTC) has secured a staggering USD $1.7 billion in restitution from
Mirror Trading International. The South African company was allegedly involved
in a massive Forex fraud scheme.

The legal matter
involves a complaint filed by CFTC on June 30, 2022, which highlighted
fraudulent activities, including deceiving retail investors through Forex
transactions, violating registration requirements, and flaunting regulations
governing commodity pool operators (CPOs).

According to CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term, MTI’s
founder and CEO, Cornelius Johannes Steynberg, played a central role in
orchestrating this elaborate scam. Steynberg, acting both individually and as
MTI’s controlling figure, allegedly solicited Bitcoin from unsuspecting individuals. He allegedly
enticed them to participate in an unregistered commodity pool supposedly
operated by MTI.