FX Choice, a forex and crypto trading company, is making new accusations that South African bitcoin investment company Mirror Trading International (MTI) is a multi-stage marketing scam.
The company uncovered this after an investigation by MTI, a company that claims to have "118,027 members in 192 countries" and allegedly sees "12,879.70 Bitcoin in retail every day".
The latest findings prompted FX Choice take action one month before the Texas State Securities Board (TSSB) issues an injunction. TSSB issued an injunction in July.
Based on this new information, FX Choice made the decision to "lock the MTI account on June 10th". The company then "requested additional documents from MTI to confirm the source of their funds."
However, before MTI was able to provide the required documentation, FX Choice said its concerns were later confirmed by a statement from the Texas Securities Commission on July 7th AMF from Canada a week later. "
In the meantime, FX Choice's statement follows a request for discussion of MTI by panelists on Forex peace army Forum, a website for reporting fraud. In the discussion thread, two members question MTI – a broker for FX Choice – and claim to "make profits every day".
In response, a person who claimed to be an FX Choice representative made a statement on behalf of the organization. The statement "clarifies the record" and at the same time summarizes the research results of FX Choice.
The research results also indicate the following:
We want everyone involved in MTI to understand the risks. It is hard to believe that such a steady stream of profits, which will return nearly 100% in one year, will be paid out to investors by trading Forex. Forex is not the same as owning a bond that gives you a percentage. It's about risk reward. The greater the reward you have received, the greater the risk you have taken. We find that there is not a single proof of the efficiency of MTI operations.
In the same statement, FX Choice states that MTI opened an account in 2017 under the name of its current CEO, Johann Steynberg. Before May 2020, FX Choice stated it had seen no suspicious activity with MTI's trading volume while deposits were still small.
However, this changed when the account was converted from personal to corporate status. MTI also began to deal with large deposits that raised red flags.
FX Choice also contests MTI's claim to use artificial intelligence software for trading.
According to the statement, "MTI has carried out only a few trades that were carried out manually, were large and caused significant losses."
Despite the ongoing fraud allegations, MTI insists on running a legitimate investment business. July reports cite Steynberg, who claims that none of the over 75,000 members of his organization worldwide has ever complained or failed to withdraw his bitcoins.
Steynberg adds that MTI is now more concerned with the involvement of regulators.
What do you think of this latest revelation? Let us know what you think in the comments section below.
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