One of the top-ranking members of Mirror Trading International (MTI), South Africa’s largest-ever pyramid scheme, is at risk of losing properties valued in the millions. Liquidators have secured a provisional order to wind up Uprobuzz, a company allegedly used by Clynton Marks to channel unlawfully obtained funds.
MTI: South Africa’s Largest Pyramid Scheme
MTI launched in 2019, luring investors worldwide with promises of 10% monthly returns and recruitment bonuses. At its peak, at least R14.7 billion worth of Bitcoin flowed through the scheme, surpassing other notorious scams like Krion, Travel Ventures International, and Africrypt.
In 2020, the scheme’s facade crumbled after a group known as Anonymous ZA exposed vulnerabilities in MTI’s website. Investigations revealed the inner workings of the scheme, with Marks allegedly occupying one of the highest positions, above even late founder Johann Steynberg.
Ill-Gotten Gains
Liquidators claim Marks exploited the scheme until its collapse, withdrawing 220 Bitcoin—worth R74.9 million at the time of liquidation—while having invested only 22 Bitcoin.
Further investigations revealed that Marks, along with accomplices, misappropriated at least R19.45 million in member deposits to purchase two properties through Uprobuzz:
- A luxury home in Monteith Estate, Durban North, valued at R11.5 million.
- A farm property in Pietermaritzburg.
Liquidators allege these assets were deliberately concealed using Uprobuzz as a front to obscure Marks’ involvement.
Legal Proceedings
The return date for Uprobuzz’s liquidation hearing is 9 December 2024. In their 1,574-page application, liquidators detailed the transactions, tracing misappropriated funds from MTI wallets to the purchased properties. They argue that the properties belong to MTI’s estate, as they were acquired using member funds.
Marks and his former partner Cheri Ward have denied wrongdoing, asserting that any funds they used came from personal trading activities outside MTI.
MTI’s Collapse and Aftermath
MTI’s implosion in late 2020 left thousands of investors out of pocket. Liquidators estimate that Marks and other senior figures accumulated significant profits at the expense of unsuspecting members. Steynberg, the scheme’s founder, was declared deceased in 2023 in Brazil.
Conclusion
As the liquidation process unfolds, this case highlights the devastating impact of fraudulent investment schemes. It serves as a warning to investors to remain vigilant against promises of unrealistic returns.
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