At the request of the CFTC, Johannes Steynberg, the CEO of Mirror Trading International, has been given a “Entry of Default.”
After the papers were sent to Steynberg by publication, he had until November 15 to file an answer.
Steynberg (right) didn’t do this, so on November 17, the regulator filed for a “Entry of Default.”
On November 18, an Entry of Default was made against Steynberg by the court clerk.
The CFTC can file for a default judgment at a later date with the Entry of Default.
Steynberg is being held in a prison in Brazil, where he was taken after an international warrant led to his arrest.
Steynberg’s situation hasn’t been confirmed in over a year, but it is thought that he is in the middle of being sent to South Africa.
The CFTC says that MTI was a Ponzi scheme that cost $1.7 billion. Even though South African authorities knew who was behind MTI and knew that they lived openly in South Africa, they haven’t made any arrests.
Since nothing is being done about Clynton and Cheri Marks (right), it seems unlikely that much will happen if Steynberg is sent to South Africa.
Until the CFTC gives more information, it’s not clear how their case will affect the liquidation process in South Africa.
Instead of criminal charges, civil liquidation proceedings were started under the ridiculous pretense that MTI was a real business.
BehindMLM says that the MTI liquidation process has been a waste of time up to this point.
Update, January 22, 2023: After Steynberg’s Entry of Default, the CFTC asked that an Entry of Default be made against Mirror Trading International on January 19.
On January 20, the court clerk wrote down the Entry of Default that was asked for.