Clynton Marks and accomplices Henri Honiball and Cecil Rowe filed an attraction in opposition to the Excessive Courtroom of South Africa’s “Mirror Buying and selling Worldwide was an unlawful and illegal scheme” ruling.
The ruling, handed down earlier this yr in April, paved the way in which for legal proceedings and Liquidators going after Marks and co.
The prolonged (and complicated) order might be considered on the Southern African Authorized Data Institute’s web site.
The gist of it although is;
Marks’s [sic] voluminous affidavits had been of no help to this court docket in figuring out the correctness of the factual data positioned earlier than court docket by the candidates and the FSCA.
Within the circumstances the next order is made:
The enterprise mannequin of Mirror Buying and selling Worldwide (Pty) Ltd (in liquidation) (“MTI”) is said to be an unlawful and illegal scheme.
All agreements concluded between MTI and its traders in respect of the buying and selling/administration/funding of bitcoin for the purported advantage of the traders, are declared illegal and void ab initio.
The rest of the aid claimed by the candidates is refused.
Numerous purposes and counter-applications, filed by Marks and co., had been additionally dismissed with prices awarded.
As a consequence of unfamiliarity with South African regulation I’m unsure what occurs subsequent. Presumably Liquidators can proceed no matter it’s they’re doing.
I’d prefer to say it’s possible South African authorities will lastly make a transfer however that appears unlikely.
In considerably associated information, it appears Clynton and Cheri Marks are separated.
In an August twentieth FaceBook put up Cheri, who now goes by “Cheri Ward”, wrote;
I bought “divorced” in Could this yr. And I learnt a pair (of) VERY humbling classes.
By no means let a person (even your husband) management your cash. Don’t let a person (even your husband) make unilateral enterprise selections and by no means take the laborious knocks for him.
By no means consider every part … By no means put your happiness on the again burner – real love and soul connections are actual, I by no means thought I might love wholeheartedly… I used to be so improper.
I lose perspective. I misplaced me.
So I discover myself at 38 beginning once more. It has been the hardest 4 months of my life however I can truthfully say I’ve by no means been this pleased.
I’m extra “me” than I’ve been within the final 10 years. I’m free…
Clynton Marks and Cheri Ward (proper) are believed to be the operators and first beneficiaries of Mirror Buying and selling Worldwide. The CFTC has pegged MTI investor losses at $1.7 billion.
For that reason it will probably’t be dominated out that Marks’ and Ward’s separation is being staged for monetary causes.
Why South African authorities haven’t arrested the operators of a $1.7 billion Ponzi scheme stays an ongoing thriller.