Mirror Trading International said it had 300,000 investor accounts, but about 90% of them were just email addresses.
That means that only about 30,000 people actually put money into Mirror Trading International.
In MLM companies, it’s not unusual for owners and top recruiters to have more than one job. 270,000 fake accounts, on the other hand, is a lot of fake accounts.
MoneyWeb cites “forensic analysis” done by MTI’s liquidators in South Africa;
Nearly 90% of the accounts were so-called “slave accounts” that investors set up to make money by bringing in new members.
Some people had more than 20 “slave accounts,” which were set up in the names of family members, fictitious people, household workers, and even family pets, so that they could get commissions on the money that “downline” members put in.
About 15,300 of the 300,000 MTI investor accounts, real or fake, were net-winner accounts. It is still not clear how many MTI investors ended up with a net gain.
This suggests that losers were more likely to build a big downline of “slave accounts,” which they often paid for with their own money, in order to make a big profit in the future.
MTI Liquidators say that claims from investors are “pouring in.” It will be interesting to see if the claims filed are more than the actual number of 30,000 investors.
Except for SARS, which is trying to get stolen victim funds back as unpaid taxes, South African authorities haven’t done anything to stop MTI’s leaders.
Late in 2021, CEO Johann Steynberg was caught in Brazil. Steynberg is still waiting to be sent to prison.
The top earners at MTI, Clynton and Cheri Marks, are thought to be its owners. They are still at large and live openly in South Africa.