ludoamy
Ponzi Promoter
- Messages
- 8
Ponzi Scheme Can anyone tell me about My MTI Club? (mirrortradinginternational.com/mymticlub.com)
- Thread starter EU Investor
- Start date
Guaranteed profits become guaranteed losses.
ludoamy
Ponzi Promoter
- Messages
- 8
But ofcource do what ever makes you feel good. I onley try to help, i am scammed a few times also. I realy think this is a good and legid company.
Pharaoh
Brigadier General
- Messages
- 20,304
Ludo,
I'm so happy you are back. You're filling in the checkmarks on my Ponzi Bingo card at an amazing rate. Let's list those:
1. Accused anyone (including me) of trying to send people to another business? Did you bother to read my blog warning against Ponzi schemes and HYIPS? Did you read my blog article about How to Select a Forex Broker? Did you read ANY post of mine outside of this thread? If you had bothered to do a few minutes of reading, you would find out that I have a serious hatred for scams, especially Ponzis. You would also find out that I don't recommend brokers or investment managers. I had a 2 week long set of PMs from a guy earlier this month. He was begging me for a personal recommendation. I had to explain to him that risk and reward are related and that quick and easy money is an obvious sign of a scam.
So, before making such a foolish accusation again, so a little reading and learn that it's false. Trying to trash the reputation of someone who's warning against a Ponzi is a very common tactic of shills, people blinded by profits, and people unethical enough to try to grab profits (often via referrals) before the scam fails.
2. You made a profit for 6 months. A well run Ponzi pays like clockwork - until the income slows too much and it disappears. How much of this "profit" is on the alleged trading of your investments, and how much is from you luring innocent investors into the scheme?
3. You not only tried to promote your affiliate link, you even offered an affiliate link somewhere else. You have a vested interest in luring people into investments. I guess if it "looks OK to you" and pays you more than you put in, you don't care what happens later.
For everyone else looking for managed accounts, here's how to seriously research a company:
How to Not Lose All of Your Money with a Managed Forex Account
There is NO recommended company in the blog article itself. The closest I ever came to a recommendation in the comments on any of my blog articles was something like "I don't see any immediate flaws with that company. Research it more carefully. If you decide to test it, put in a very small amount of money."
Why don't you do something useful, like ask MTI what broker that very suspicious statement you posted as "evidence" came from. Also, invite them to this thread. Maybe they can do a better job than you about addressing the issues raised here.
acertablet
Master Sergeant
- Messages
- 295
so anyone know which broker they use so far?
Zercon
Private
- Messages
- 10
No that is a secret no one knows, they will probably say if they show results then people will see their strategy. And try to copy it lol ! No real evidence of real trading is shown if they say it is fxchoice. Looks like no one from MTI wants to reply on this. No reply gives me a answer scam should move this tread to scam.
Pharaoh
Brigadier General
- Messages
- 20,304
My best recommendation to anyone with money in MTI Club is to try to withdraw all your money now. If they later come back and can prove they are legitimate, you can always rejoin them. If they truly are a Ponzi scheme, the sooner you get out, the better.
Pharaoh
Brigadier General
- Messages
- 20,304
@ludoamy
Any comments to what Zercon found?
Here's the original press release from the Texas State Security Board:
https://www.ssb.texas.gov/news-publications/commissioner-shuts-down-fraudulent-international-multilevel-marketing-investment
July 7, 2020
Texas Securities Commissioner Travis J. Iles entered an emergency action to stop Mirror Trading International PTY LTD, a South African international, multilevel marketing get-rich-quick scheme. He also cited four of its stateside, multilevel marketing agents, accusing them of illegally soliciting Texas investors.
According to the order, Mirror Trading, controlled by Cornelius Johannes “Johan” Steynberg, is recruiting multilevel marketers to illegally sell fraudulent investments in a bitcoin and forex pool. Investors allegedly purchase the products by transferring bitcoin to Mirror Trading. Mirror Trading purportedly pools bitcoin received from investors and transfers the cryptocurrencies to various unidentified forex brokers. According to the order, the bitcoin is then supposedly somehow traded on the forex market using artificial intelligence, generating ‘conservatively’ projected profits of 10 percent per month.
“These quick-to-profits schemes rely on a little bit of smoke and the shine of mirrors,” said Commissioner Iles. “Investors are often promised safe, lucrative returns; but promoters often fail to provide basic, required information to fully inform their prospective investors and satisfy their legal obligations.”
According to the order, Mirror Trading is concealing material information from potential investors, including important information about Steynberg, its forex brokers, its handling of cryptocurrencies, the artificial intelligence used to place trades and the significant risks associated with the product.
The order also accuses Mirror Trading of perpetrating the fraud though an illegal international multilevel marketing program. According to the order, in furtherance of the scheme, Mirror Trading is recruiting unregistered securities salespersons by promising to pay up to four streams of lucrative commissions. The actual value of the commissions depends on their success in recruiting new investors and multilevel marketers.
According to the order, Mirror Trading is boasting the accomplishments of its multilevel marketers, claiming it has now enrolled almost 76,000 members from more than 170 countries, including more than 22,500 since March 1, 2020.
Commissioner Iles named four multilevel marketers in the order: ForexAndBitcoin.com, Michael Cullison, Steve Herceg and Brian Knott. He accused them of illegally soliciting Texans by violating state law that requires the registration of securities and sellers of securities. The order also accused Mirror Trading and Steynberg of violating the same state laws.
“This may just be the tip of the iceberg,” said Joe Rotunda, the agency’s director of enforcement. “Fraudulent multilevel marketing get-rich-quick schemes gain momentum and spread like wildfire through the internet. We brought this action to quickly stop the illegal scheme before it irreparably harms Texans.”
Although the multilevel marketers are accused of promoting lavish returns generated by complex financial transactions, Commissioner Iles accused them of misleading Texans by concealing their qualifications and financial experience. According to the order, Cullison was a debtor in four bankruptcy cases and Knott twice filed for bankruptcy. Herceg also allegedly filed for bankruptcy protection.
They also have missed the deadline for the Pharaoh Challenge I issued.
I believe it's plain. MTI Club/MarketTraders International is nothing but an oversized scam.
For anyone who still has money with them, try to withdraw your initial investment TODAY.
P.S. Ludo, are you honest enough to come back and admit that the only person who tried to promote any other investment scheme in this thread was you? Are you man enough to come back here and admit that I never promoted any other investment in this thread or any other thread where I've said a company looks like a Ponzi?
Based on my experience with other Ponzi promoters like you, there's at least a 95% chance you will never be brave enough to come back. In the unlikely event of your return, I believe there's well over a 90% chance you will try to defend the scheme and say that any scam was solely with the other promoters and not with the highly questionable investment itself.
Any comments to what Zercon found?
Here's the original press release from the Texas State Security Board:
https://www.ssb.texas.gov/news-publications/commissioner-shuts-down-fraudulent-international-multilevel-marketing-investment
July 7, 2020
Texas Securities Commissioner Travis J. Iles entered an emergency action to stop Mirror Trading International PTY LTD, a South African international, multilevel marketing get-rich-quick scheme. He also cited four of its stateside, multilevel marketing agents, accusing them of illegally soliciting Texas investors.
According to the order, Mirror Trading, controlled by Cornelius Johannes “Johan” Steynberg, is recruiting multilevel marketers to illegally sell fraudulent investments in a bitcoin and forex pool. Investors allegedly purchase the products by transferring bitcoin to Mirror Trading. Mirror Trading purportedly pools bitcoin received from investors and transfers the cryptocurrencies to various unidentified forex brokers. According to the order, the bitcoin is then supposedly somehow traded on the forex market using artificial intelligence, generating ‘conservatively’ projected profits of 10 percent per month.
“These quick-to-profits schemes rely on a little bit of smoke and the shine of mirrors,” said Commissioner Iles. “Investors are often promised safe, lucrative returns; but promoters often fail to provide basic, required information to fully inform their prospective investors and satisfy their legal obligations.”
According to the order, Mirror Trading is concealing material information from potential investors, including important information about Steynberg, its forex brokers, its handling of cryptocurrencies, the artificial intelligence used to place trades and the significant risks associated with the product.
The order also accuses Mirror Trading of perpetrating the fraud though an illegal international multilevel marketing program. According to the order, in furtherance of the scheme, Mirror Trading is recruiting unregistered securities salespersons by promising to pay up to four streams of lucrative commissions. The actual value of the commissions depends on their success in recruiting new investors and multilevel marketers.
According to the order, Mirror Trading is boasting the accomplishments of its multilevel marketers, claiming it has now enrolled almost 76,000 members from more than 170 countries, including more than 22,500 since March 1, 2020.
Commissioner Iles named four multilevel marketers in the order: ForexAndBitcoin.com, Michael Cullison, Steve Herceg and Brian Knott. He accused them of illegally soliciting Texans by violating state law that requires the registration of securities and sellers of securities. The order also accused Mirror Trading and Steynberg of violating the same state laws.
“This may just be the tip of the iceberg,” said Joe Rotunda, the agency’s director of enforcement. “Fraudulent multilevel marketing get-rich-quick schemes gain momentum and spread like wildfire through the internet. We brought this action to quickly stop the illegal scheme before it irreparably harms Texans.”
Although the multilevel marketers are accused of promoting lavish returns generated by complex financial transactions, Commissioner Iles accused them of misleading Texans by concealing their qualifications and financial experience. According to the order, Cullison was a debtor in four bankruptcy cases and Knott twice filed for bankruptcy. Herceg also allegedly filed for bankruptcy protection.
They also have missed the deadline for the Pharaoh Challenge I issued.
I believe it's plain. MTI Club/MarketTraders International is nothing but an oversized scam.
For anyone who still has money with them, try to withdraw your initial investment TODAY.
P.S. Ludo, are you honest enough to come back and admit that the only person who tried to promote any other investment scheme in this thread was you? Are you man enough to come back here and admit that I never promoted any other investment in this thread or any other thread where I've said a company looks like a Ponzi?
Based on my experience with other Ponzi promoters like you, there's at least a 95% chance you will never be brave enough to come back. In the unlikely event of your return, I believe there's well over a 90% chance you will try to defend the scheme and say that any scam was solely with the other promoters and not with the highly questionable investment itself.
Unfortunately, they don't hear you. They are ready to believe in any lie coming from MTI.
