DIRS.INFO top alerts submit data jurnalism about API
login
Top related persons:
Cornelius Johannes Steynberg - 1 MTI - 1 Paul Grant - 1 Caitlin Webber - 1 Chizu - 1
Top related locs:
African
Top related orgs:
U.s . Commodity Futures - 1 U.S - 1 Futures Trading - 1 Mirror - 1 Proprietary - 1 CFTC - 1 Thomson - 1

Search resuls for: "Cornelius Johannes Steynberg"


2 mentions found


☆ US court orders Mirror Trading International to pay $1.7 bln in restitution for crypto fraud
  + stars: | 2023-09-07 | by ( Pete Schroeder | Thomson Reuters | Covers Financial Regulation | ) www.reuters.com   time to read: +1 min
Companies U.s. Commodity Futures Trading Commission FollowWASHINGTON, Sept 7 (Reuters) - A U.S. District Court judge has ordered a South African to pay over $1.7 billion in restitution to victims for operating a fraudulent commodity pool worth roughly that amount in bitcoin, the Commodity Futures Trading Commission announced Thursday. The order against Mirror Trading International Proprietary Limited (MTI) resolves an enforcement case the CFTC had filed against the company and its CEO, Cornelius Johannes Steynberg. In a June enforcement order, the CFTC claimed that MTI solicited bitcoin online from thousands of people to purportedly operate a commodity pool. In reality, only a small portion of the pooled bitcoin was ever invested, at a loss, and the rest was "misappropriated," according to the CFTC. The company ultimately filed for bankruptcy in 2021, shortly after which South African authorities launched a fraud investigation.
Persons: Cornelius Johannes Steynberg, MTI, Paul Grant, Caitlin Webber, Chizu Organizations: U.s . Commodity Futures, U.S, Futures Trading, Mirror, Proprietary, CFTC, Thomson Locations: African
☆ US court orders South African firm's CEO to pay $3.4 billion for bitcoin fraud
  + stars: | 2023-04-27 | by ( Kanishka Singh Chris Prentice | Kanishka Singh | Chris Prentice | ) www.reuters.com   time to read: +1 min
WASHINGTON, April 27 (Reuters) - A federal judge in Texas ordered the head of a South African firm to pay a whopping $3.4 billion for what the U.S. commodities regulator said was its largest-ever fraud case involving bitcoin. Cornelius Johannes Steynberg was ordered to pay $1.7 billion in restitution to victims of the fraud scheme and another $1.7 billion as a civil penalty, a record for any Commodity Futures Trading Commission case, the regulator said in a statement on Thursday. The CFTC charged Steynberg in July, saying Mirror Trading solicited bitcoin online from thousands of people to purportedly operate a commodity pool. The firm claimed to trade off-exchange, retail foreign currency with participants who were not eligible to trade, the regulator said. The default judgment against Steynberg was granted by Judge Lee Yeakel in the Western District of Texas, according to a court filing.
0 next >>
Total: 2