With out motion by legislation enforcement, Mirror Buying and selling Worldwide liquidation proceedings have recovered solely a fraction of what was stolen.
Now it’s been revealed 1 / 4 of that, round $9.8 million, will go to liquidators.
Liquidation is the South African equal of a Chapter 7 chapter. If a $1.7 billion Ponzi scheme going into chapter 11 sounds ridiculous to you, you’re not alone.
Sadly the MTI liquidation facade happened and continues to play out as a consequence of inaction by South African authorities.
The FSCA did certify Mirror Buying and selling Worldwide was an unlawful Ponzi scheme, however since then there’s been no regulatory updates.
Suspected homeowners and first MTI beneficiaries Clynton Marks and Cheri Ward (proper), stay at massive.
Not too long ago separated, each Marks and Ward dwell brazenly in South Africa on ill-gotten good points.
After declaring she “simply couldn’t deliver” deliver herself to run one other MLM Ponzi, Ward used her stolen cash to begin up Academix.
By way of Academix, Ward sells examination preparation programs to college students.
Clynton Marks and the remainder of the Marks crime household have gone underground since Mirror Buying and selling Worldwide collapsed in 2020.
Of the $1.7 billion MTI took in and sans liquidators paying themselves, simply $33 million has been recovered.
MTI liquidators declare “they’re ready for a declaratory courtroom order on how they need to deal with claims.”