South African Prosecutors Set to Pursue Collapsed Pyramid Scheme Co-Conspirators

South African prosecutors are reportedly investigating co-conspirators of Mirror Trading International and may charge them with fraud or forgery. The declaration of the scheme as unlawful may have strengthened the National Prosecuting Authority’s case against the masterminds of Mirror Trading International.

MTI Directors May Face Charges Under the Prevention of Organized Crime Act

South Africa’s National Prosecuting Authority (NPA) is reportedly investigating the co-conspirators of Mirror Trading International (MTI), a collapsed bitcoin pyramid scheme masterminded by the late Johann Steynberg. Although no charges have been filed against the co-conspirators, Isaac Dludlu, the NPA’s director of media relations, said the prosecuting body is considering several charges, including fraud and forgery.

According to a local report, the co-conspirators, many of whom remain at large, also face charges related to violations of the Prevention of Organized Crime Act and the Financial Advisory and Intermediary Services Act. The NPA’s pursuit of MTI co-conspirators was revealed just a few weeks after Steynberg “died” while under house arrest in Brazil.

As reported by Bitcoin.com News, Steynberg, who had contested his planned extradition to either South Africa or the U.S., was waiting to learn his fate when he died. With Steynberg now out of the picture, South African regulators are reportedly eager to charge the late MTI mastermind’s fellow executives.

Pieter Walters, a senior associate at Barnard Incorporated Attorneys, had previously warned of the risks faced by MTI directors and promoters. Walters added that by declaring the scheme unlawful, the South African court had strengthened prosecutors’

“The finding that the scheme is unlawful does bolster the case of the National Prosecuting Authority, but the NPA will still be called upon to make its own findings,” Walters said.

Meanwhile, in addition to facing possible NPA criminal charges, MTI directors and promoters are being targeted by liquidators who seeking to recover investors funds.

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