Two executives at Mirror Trading International (MTI) have been summoned by a Supreme Court in connection with another cryptocurrency investment fraud BTC Global. The subpoena followed a civil action brought by 18 plaintiffs seeking compensation from them.
Two MTI executives associated with BTC Global fraud
Clynton Marks, Cheri Marks and Andrew Caw received high court summons in connection with a Bitcoin investment fraud BTC The global South African news agency Mybroadband reported last week and found that it had seen the court document.
The subpoena followed a civil action brought by 18 plaintiffs seeking compensation of R2 2.5 million (approximately US $ 174,662) plus 7% annual interest for the losses they suffered from BTC Global fraud. In addition, they asked the court for “further and alternative relief” and the legal costs they have incurred as part of the lawsuit.
The court document states that between September 2017 and March 2018, the defendants “did business under the name and style of BTC Global or BTC. “This scam is supposed to allow customers to invest in a trading pool managed by a“ master trader ”named Steven Twain.
According to the publication, there is no evidence that Twain ever existed. When investors were unable to withdraw their money from the program, they were informed that Twain’s home had been attacked and his equipment was stolen.
Twain disappeared in early 2018; Some say his disappearance led to the collapse of BTC Global. More than 27,000 people have reportedly been defrauded by this Bitcoin investment program, including investors in South Africa, the US and Australia.
Clynton Marks and Cheri Marks are also involved in a larger bitcoin investment scam, Mirror Trading International (MTI). In its latest report on cryptocurrency, blockchain data analytics firm Chainalysis named MTI the biggest cryptocurrency scam of 2020.
The news agency stated that Clynton has a 50% stake in MTI, while Cheri was the program’s communications director. It was found that MTI and BTC Global stocks have “striking similarities,” and both promised the investment is too good to be true and used a tiered marketing program to attract new members.
The release also alleged to have signed a legal notice by Selzer Law attorneys stating that Caw and the brands intend to defend themselves against them BTC Global allegations.
Caw previously told Mybroadband that he was only an investor in BTC Global and lost a significant sum when it collapsed. “However, I was neither a founder nor a leader BTC Global, although I was later accused of being both, ”he contended, claiming he was not involved in MTI but made an early proposal that would allow MTI to provide cryptographic evidence on its Bitcoin holdings.
Cheri Marks has refused to own or control BTC Global. She has also declined to use the program to steal investor money, create fake profiles for Steven Twain, or knowingly promote anything illegal. In a statement from her attorney, Marks said, “Steven Twain is a real person and his disappearance came as a shock.” The statement adds that “It is denied that Cheri was / is Steven Twain.”
What do you think of the two crypto scams? Let us know in the comments below.
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