Mirror Trading International’s two officials have been linked to the BTC Global fraud and now the Court has beckoned them to appear before. These summonses are a result of a lawsuit filed against the BTC Global fraud.
Reportedly, a South African High Court in relation BTC Global fraud summoned Cheri Marks, Andrew Caw, and Clynton Marks.
What initiated these summons was a civil lawsuit filed by eighteen complainants demanding damages for losses incurred from the Bitcoin investment fraud. The demanded compensation is to the tune of R2.5 million that rounds off to $174,662 in addition to 7% annual interest. The complainants in their complaint also prayed additional relief and any alternate remedy along with legal costs incurred.
According to the court document from September 2017 to March 2018, the accused carried out business under two names, BTC Global and BTC. The fraudulent scheme offered customers to invest in a trading pool that was managed by a purported master trader named Steven Twain.
A South African news outlet noted that there was no evidence of Twain’s existence. Additionally, on being able to withdraw funds the investors were told that Twain had been attacked and his equipment was embezzled.
Twain went missing in the earlier half of 2018 and according to some; it’s his disappearance that led to the failure of BTC Global.
The BTD Global scam has reported defrauded 27,000 investors originating from various parts of the world such as South Africa, Australia, and the US.
Another Bitcoin investment scam and one of the biggest scams of 2020 is Mirror Trading International (MTI). Cheri Marks and Clynton Marks are supposedly the executives of this Bitcoin investment scam, with Cynton holding 50% shares in MTI. Cheri on the other hand was heading the fraudulent scheme’s communications.
Striking similarities were noted between MTI and BTC Global with both guaranteeing too-good-to-be-true profits on investment. In order to engage new members both used multi-level marketing.
According to the South African news outlet, Mybroadband, Caw and Marks have shown an intention to defend themselves against the BTC Global allegations.
Reportedly, Mybroadband was formerly told by Caw that he himself was an investor in BTC Global and had lost a substantial amount. He also clarified that contrary to the accusations he was neither a founder nor a leader at BTC Global. He additionally asserted that he was not involved in MTI either. He also added that he just proposed a scheme that would allow MTI to deliver cryptographic proof of its bitcoin holdings.
Marks also denied ownership or control of BTC Global and embezzling funds thereunder. Mark’s lawyer on her behalf called Steven Twain was a legit existing person whose disappearance was a surprise. Cheri Marks being Steven Twain was also denied in the statement.