Of the 300,000 investor accounts Mirror Buying and selling Worldwide boasted, round 90% have been simply electronic mail addresses.
That’s to say, Mirror Buying and selling Worldwide solely had round 30,000 precise buyers.
Homeowners and high recruiters having a number of positions in MLM corporations is nothing new. 270,000 bogus accounts nevertheless is unquestionably up there on the dodgy scale.
Citing “forensic evaluation” offered by MTI liquidators in South Africa, MoneyWeb stories;
Near 90% of the accounts have been so-called ‘slave accounts’ arrange by buyers to earn commissions for introducing new members to the scheme.
Some people had greater than 20 ‘slave accounts’ – arrange within the identify of members of the family, fictitious identities, home servants and household pets, all for the aim of incomes commissions on funds deposited by ‘downline’ members.
Of the ~300,000 MTI investor accounts, bogus or in any other case, round 15,300 have been net-winner accounts. The precise variety of MTI net-winner buyers stays unclear.
This means that losers have been extra inclined to construct a big downline of ‘slave accounts’ – usually funded with their very own cash – to earn an enormous payday in some unspecified time in the future sooner or later.
MTI Liquidators report investor claims are “pouring in”. It’ll be fascinating to see whether or not submitted claims exceed the precise ~30,000 investor depend.
Apart from SARS, who’re making an attempt to claw again stolen sufferer funds as unpaid taxes, South African authorities have didn’t take motion towards MTI’s ringleaders.
CEO Johann Steynberg was arrested in Brazil in late 2021. Steynberg stays in extradition limbo.
Clynton and Cheri Marks, MTI’s high earners and suspected homeowners, stay at massive and stay brazenly in South Africa.
