In a jaw-dropping turn of events, the Commodity Futures Trading Commission (CFTC) announced a staggering $3.47 billion judgment against Cornelius Johannes Steynberg, a South African fraudster who orchestrated one of the largest Bitcoin (BTC) scams in history. This penalty marks a new record high in CFTC cases, sending shockwaves through the financial world.
Hailing from Stellenbosch, South Africa, Steynberg is the mastermind behind Mirror Trading International Proprietary Limited (MTI), which is currently in the process of liquidation. He is now facing severe consequences for his fraudulent schemes, including a permanent ban from engaging in any CFTC-regulated activities and registering with the organization.
This high-stakes drama began when the CFTC filed a complaint in June 2022, leading to a default judgment and permanent injunction issued by Judge Lee Yeakel of the U.S. District Court for the Western District of Texas. Steynberg's fraudulent enterprise operated from May 2018 until March 2021 and involved an elaborate international multilevel marketing scam that lured unsuspecting victims into investing their hard-earned Bitcoin (BTC) in an unregistered commodity pool.
Steynberg and MTI falsely claimed that their proprietary “bot” or software program would generate profits through off-exchange, retail forex trading. In reality, they misappropriated all the Bitcoin (BTC) they received from at least 23,000 individuals in the U.S. and thousands more worldwide, amassing a fortune worth over $1.73 billion by March 2021.
Although the CFTC has ordered Steynberg to pay $1,733,838,372 in restitution to defrauded victims and an equal amount in civil monetary penalties, it remains uncertain whether the victims will ever see their stolen funds again. The CFTC is committed to vigorously protecting customers and holding wrongdoers accountable.
In a thrilling twist, Steynberg is currently a fugitive from South African law enforcement. However, he has been detained in Brazil since December 2021, thanks to an INTERPOL arrest warrant. The CFTC's litigation against MTI continues as they pursue justice in this high-profile case.
The successful outcome of this case is due in part to the collaboration of multiple organizations, including the South African Financial Sector Conduct Authority, the Financial Services Commission of Belize, the Texas State Securities Board, the Alabama Securities Commission, the North Carolina Secretary of State, Securities Division, and the Mississippi Secretary of State, Securities Division.
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