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South African Mirror Trading's CEO Fined $3.4B by U.S. in Bitcoin Forex Fraud Case

The head of bitcoin pool operator Mirror Trading International (MTI), Cornelius Johannes Steynberg, has been ordered by a US court to pay $3.4 billion in restitution and penalties, the highest civil monetary penalty ordered in any case brought by the Commodities Futures Trading Commission (CFTC). The regulator charged Steynberg with fraud in June 2022, alleging that he accepted BTC valued at more than $1.7 billion from 23,000 Americans for running an unlicensed commodity pool scheme. MTI is undergoing liquidation in South Africa, and Steynberg is a fugitive from South African law enforcement detained in Brazil since December 2021. The order finds MTI liable for fraud and failure to comply with CPO regulations.

(By Sandali Handagama)

Related News:

Mirror Trading International Liquidators Spent More Than $6 million on Lawyers and Investigators

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