MTI Scam: South African Victim Claims Approach $396 Million
Victim claims against Mirror Trading International (MTI) in South Africa have reached nearly $396 million.
This figure comes from 9,441 filed claims, according to liquidators’ latest update.
Funds Held by Liquidators Continue to Shrink
As of the latest report, MTI liquidators hold only $35.8 million in recovered funds. This is down from $38.8 million in mid-2024.
Four years after the collapse, victim recovery remains below 10% and is still decreasing.
Claims Keep Rising
The number of claims is still increasing. Liquidators are updating their records to include new submissions received after February 16, 2026.
Note: None of the claims have been officially verified yet. While some may be inflated or false, legitimate losses are expected to far exceed the available funds.
South Africa’s Largest Pyramid Scheme
Mirror Trading International is widely recognized as South Africa’s biggest pyramid scheme. Despite this, local authorities have taken no action against the main suspects.
Key Figures Still Living Freely
- Clynton Marks and Cheri Ward (former couple) are believed to be the primary beneficiaries of the stolen funds.
- Both continue to live openly in South Africa, with lifestyles allegedly funded by MTI victims’ money.
- MTI CEO Johannes Steynberg died in Brazil in 2024. Funds linked to him remain missing.
Ongoing Failure by Authorities
Despite massive losses and clear evidence, South African authorities have failed to hold anyone accountable. This inaction has left thousands of victims with almost no hope of meaningful recovery.
