On Might fifth, a Texas District Court docket gave the CFTC a Might twenty sixth deadline to file for default judgment in opposition to Mirror Buying and selling Worldwide (MTI).
This prompted the CFTC to file a movement requesting the deadline be stayed on Might fifteenth.
In that submitting, the CFTC revealed it had reached a settlement with MTI.
The Fee and MTI have engaged in substantive and good-faith negotiations for months and have reached an settlement on phrases for the entire decision of the Fee’s civil enforcement motion in opposition to MTI by way of a negotiated
proposed Consent Order for Everlasting Injunction, Restitution and Different Equitable Reduction, topic to approval by the total Fee.It’s respectfully submitted that the submitting of the proposed Consent Order, following approval by the total Fee, will render moot the need of submitting a default judgment movement in opposition to MTI, keep away from any potential uncertainty related to the entry of a default judgment, and convey last aid to defrauded pool contributors.
Mirror Buying and selling Worldwide within the US is represented by US regulation agency Redmond Legislation Agency LLC and South African liquidators:
- Kobus Schabort of Schabort Potgieter Attorneys
- Christopher Roos of Sebenza Belief and
- Riaan van Rooyen of Investrust
Sadly we don’t have a timeline for “full approval” of the CFTC’s MTI settlement.
Usually the SEC’s settlement approval course of takes 6 to eight weeks. The CFTC’s approval course of is probably going of the same timeframe.
The Court docket accredited the CFTC’s movement on Might sixteenth. Since then there have been no additional filings on the docket.
Particulars of the CFTC’s MTI settlement might be made public pending Fee approval and submission to the courtroom.
The CFTC contends Mirror Buying and selling Worldwide was a $1.7 billion greenback Ponzi scheme.
A $3.4 billion default judgment was secured in opposition to CEO Johannes Steynberg final month.