The Texas Securities Commissioner, Travis J. Iles, has taken emergency action this week. This action is to stop Mirror trading International PTY LTD. According to the Commission, Mirror Trading stands as a multilevel marketing get-rich-quick scheme that is based in South Africa.
A Range Of Accusations
The action taken by Iles was done with the Commissioner citing four other multilevel marketing agents of Mirror Trading International. Iles has accused this company of illegally soliciting Texas-based investors into its schemes.
In particular, the allegations made is that Mirror Trading was actively recruiting multi level marketers within the state to try and illegally sell fraudulent investments. These investments were within a forex or Bitcoin trading pool. As it stands now, the company is allegedly under the control of one Cornelius Johannes Steynberg, commonly going by the moniker “Johan.”
Illegally Operating And Intentionally Omitting
The order itself alleges that Mirror Trading International has advertised itself as a company that pools the Bitcoin it receives from investors. From there, the company claims it transferred them to FX brokers, which have yet to be identified. Through the age-old claim of artificial intelligence, it’s said that this bitcoin is traded, and the company promised an average profit of 10% per month.
Commissioner Iles gave comments about the scheme at large, doing so in a statement he made from the Texas State Securities Board. He stated that these schemes rely on a small play of smoke and mirrors to keep investors fooled. Iles warned that these schemes often promise a lucrative return that is entirely safe. However, he noted that these promoters often failed to provide the mandated, basic information to inform these prospective investors, thus failing to satisfy the legal obligations of their roles.
Bringing Down The Hammer
The order holds further allegations. These allegations state that Mirror Trading had actively concealed material information to their investors, the most prominent being who the forex brokers are that they used in this trading. Further concealments were in regards to how they handle the cryptocurrencies at large, and what form of artificial intelligence they use to achieve these promised monthly returns.
As such, Commissioner Iles’ order accuses Mirror Trading of operating an illegal multilevel marketing program, recruiting unregistered salespersons for securities, and committing fraud through doing both.
Iles had named four multilevel marketers in this matter: Micheal Cullison, ForexAndBitcoin.com, Brian Knott, as well as Steve Herceg. He accused all four parties of violating the laws of the state, which mandates the registration of all sellers of securities and the securities themselves to be registered.