Two executives of Mirror Trading International (MTI) have been summoned by a high court in connection with another cryptocurrency investment scam called BTC Global. The court summons followed a civil lawsuit filed by 18 plaintiffs demanding compensation from them.
Two MTI Executives Linked to BTC Global Scam
A High Court summons was issued to Clynton Marks, Cheri Marks, and Andrew Caw in connection to a bitcoin investment scam called BTC Global, South African news outlet Mybroadband reported last week, noting that it has seen the court document.
The court summons followed a civil lawsuit filed by 18 plaintiffs demanding compensation of R2.5 million (approximately $174,662) plus 7% annual interest for the losses they have suffered from the BTC Global scam. In addition, they asked the court for “further and alternative relief” and the legal costs they have incurred as part of the lawsuit.
The court document explains that between September 2017 and March 2018, the defendants “conducted business under the names and style of BTC Global or BTC.” This scam claimed to allow clients to invest in a trading pool managed by a “master trader” called Steven Twain.
According to the publication, there is no evidence that Twain ever existed. In addition, when investors could not withdraw their funds from the scheme, they were informed that Twain was attacked in his home and his equipment was stolen.
Twain disappeared in early 2018; some say his disappearance led to the collapse of BTC Global. More than 27,000 people were reportedly scammed by this bitcoin investment scheme, including investors in South Africa, the U.S., and Australia.
Clynton Marks and Cheri Marks are also involved in a larger bitcoin investment scam, Mirror Trading International (MTI). In its latest crypto crime report, the blockchain data analytics firm Chainalysis named MTI the biggest cryptocurrency scam of 2020.
The news outlet explained that Clynton is a 50%…