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Rabu Gary – Is He Running an MLM Ponzi Scheme? The Truth Exposed (Update 2024)

Rabu Gary
This is a user-generated post. Gripeo does not take responsibility for the accuracy of any statements made in this post.
Rabu Gary has received a lot of accusations of running an MLM Ponzi scheme through Mirror Trading International. Find out more in this review.

Rabu Gary- Mirror Trading Worldwide Ponzi exposed via a data breach

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Because of the usage of pre-made scam software, Mirror Trading International’s internal workings have been known.

We know how much the business has on deposit right now, how much debt they have, and who has taken what from them so far.

“anonymous_za” has posted the MTI data dump to a website on the Tor network.

I won’t go into further detail because, given MTI’s answer, it is irrelevant where the leak originated (more on that later).

Maxtra Technologies is the software provider from which Johann Steynberg purchased the back-office script for MTI.

A “mobile app development company” from India is what Maxtra Technologies bills itself as. On its website, Mirror Trading International displays its logo.

The disclosed leaked information is valid through September 14, 2020.

To reflect what has been stolen in currency, I’ve included current USD quantities; but, due to the volatility of bitcoin, please be aware that these figures are liable to change.

According to the statistics, affiliates of Mirror Trading International invested 22,984.038907 BTC, or around $251.1 million.

A total of 16,503.804706 BTC, or almost $180.3 million, have been withdrawn from the invested money.

17,247.03597 BTC (or around $187.7 million) is due based on returns given to MTI affiliates in their back office and commissions that have not yet been withdrawn.

The issue?

7/12/2023 Update
As of now, Rabu Gary has not responded, nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by his victims. Furthermore, he has only focused on propagating his fake PR.

Rabu Gary- Mirror Trading International only has 7331.05472 BTC on deposit (~$80.2 million).

A 9915.98124 BTC deficit results from this. And because Rabu Gary’s MTI is a Ponzi scam, that number will keep rising over time.

More than 160,000 affiliate accounts had been created as of September 14th. Of these, 4923 are from Namibia, 10,867 are from the US, and 99,077 are from South Africa.

In none of these nations is MTI authorized to offer securities.

Moving onto withdrawals, MTI’s top net-winners of September 14th are as follows:

  • Ignatius Bell – 273 BTC (~$2.9 million)
  • Ignatius Michael Bell (second account) – 183.58702 BTC (~$2 million)
  • Clynton Marks (MTI admin) – 130.20470 BTC (~$1.4 million)
  • Alice Potgieter – 110.46455 BTC (~$1.2 million)
  • M Bell (third account) – 79.30734 BTC (~$867,979)
  • George Beetge – 76.57953 BTC (~$838,124)
  • Kathleen Meinking – 75.8 BTC (~$829,593)
  • Nico van der Merwe – 58.22434 BTC (~$637,236)
  • Sean Logan – 45.06488 BTC (~$493,212)
  • Henriette Bell – 44.57892 BTC (~$488,464)
  • Johannes Fourie – 42.18916 BTC (~$462,279)
  • XG Int Ltd – 39.15 BTC (~$428,978)
  • Crypto Analyzer (aka Gary Jeremiah Handley) – 38.19548 BTC (~$418,519)
  • Morne Kapp – 38.09453 BTC (~$417,413)
  • Mine Hendriksz – 35.70899 BTC (~$391,274)
  • Ignatius Bell, Clynton Marks, and Alice Potgieter received additional funds through a “founders pool”.
  • MTI founders are also reported to get “better ROI” rates over regular affiliates.

According to the analysis of leaked data;

To increase their binary revenue, members have been observed to take advantage of the pyramid scheme by using several accounts and positions as well as internal deposit transfers (member-to-member) between positions.

Members and founders have (ab)used the internal transfer method to move money between the weaker and stronger legs of their pyramid shortly before bonus computations take place.

The best illustration of this is Ignatius Bell and the narratives that pertain to him.

Top recruiters (or at least MTI accounts with the largest downlines) are:

  • Janire Pascual Dominguez – 910
  • Eduardo Daniel Cardona Ramirez – 855
  • Johann Steynberg (MTI’s owner) – 752
  • Crypto Analyzer (YouTube shill) – 658
  • Rabu Gary – 230
  • Ron Singh – 188
  • Madison Romero – 175
  • Sean Logan – 169
  • Manuele Claudi – 154
  • Joel Santiago – 137

There is no indication of external revenue creation anywhere in the data.

MTI first asserted that a Forex bot was being used. When that backfired on them, the business declared it was utilizing a cryptocurrency trading bot.

Mirror Trading International has asked affiliates “to not give any comments on the matter” in response to the disclosure.

The business says that it is “happy with our system and security.”

Notably, Rabu Gary’s MTI does not dispute the veracity of the information that was disclosed. MTI had no choice because affiliates had the ability to search for and confirm the information as it relates to their own accounts.

Mirror Trading International has received regulatory notices in the US and South Africa so far.

Johann Steynberg, the founder of MTI, and any other net winners of the business have not been specifically targeted.

Let’s have a look at some of the reviews from people

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Discussions on Rabu Gary (Source)
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More discussions on Rabu Gary
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Rabu Gary- CFTC accuses Johann Steynberg of MTI fraud ($1.7B Ponzi scheme).

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The CFTC has filed a lawsuit against Johan Steynberg, CEO of Mirror Trading International.

Mirror Trading International was a $1.7 billion Ponzi fraud, according to the authorities.

On June 30, the CFTC filed a lawsuit against Cornelius Johannes Steynberg (right) and Mirror Trading International.

How exactly does a Ponzi scheme operate?

An investment fraud known as a Ponzi scheme draws investors with claims of great returns and no risk but fails to invest the money as stated. Instead, it pays off earlier investors with money from future investors while maybe keeping a portion of the profits. These schemes typically fail when recruiting investors becomes challenging or when multiple investors attempt to cash out. They depend on a steady flow of new buyers to operate. They are called after Charles Ponzi, who ran a similar scam using postal stamps in the 1920s.

The CFTC has identified “at least 23,000” US-based MTI investors, but there are likely many more around the globe.

Together, Mirror Trading International investors turned over 29,421 bitcoin, which had a street value of $1.7 billion at the time of the CFTC probe.

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After the first phase of Mirror Trading International’s operations failed, a bitcoin trading bot was introduced.

There was no MTI bot in actuality. I’ve always felt that Steynberg and his collaborators Clynton and Cheri Marks (right) are the real proprietors of MTI, and they used investor monies for their own gain.

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More proof against Rabu Gary and MTI

According to the CFTC, Steynberg, the Marks, and their allies kept the majority of the 27,574 bitcoin. MTI was operated with a little portion of the revenue (payouts to top recruiters and modest ROI withdrawals).

The defendants failed to transfer 27,574 Bitcoin from the pool’s users to the FXChoice account.

Defendants misappropriated the remaining 27,574 Bitcoin sent by participants to Defendants for trading, including by failing to use all of the funds for trading and by giving Bitcoin to certain participants as phony “profits” and “bonus” payments in the style of a “Ponzi” scheme. Defendants’ limited trading in the FXChoice Pool account resulted in overall losses.

By pitching a forex-related investment scheme to US residents and failing to register with the CFTC, the regulator alleges MTI and Steynberg violated the Commodity Exchange Act.

After MTI collapsed in late 2020, Steynberg fled South Africa for Brazil. He left behind a wife and child.

Steynberg was eventually arrested in January 2022, on an Interpol international arrest warrant requested by South Africa.

South Africa has requested Steynberg’s extradition. Steynberg is fighting extradition on the basis that he impregnated a Brazilian mistress while on the run.

Steynberg’s defense was revealed earlier this month by way of Brazilian court documents. There have been no further updates.

The C FTC’s Complaint acknowledges Steynberg’s current status but doesn’t go into any further details;

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The CFTC is seeking the following relief from Mirror Trading International and Steynberg:

Restitution to victims of Mirror Trading International, including pre-judgment and post-judgment interest, disgorgement, and restitution, as well as payment of a civil monetary fine. Confirmation that they broke the Commodity Exchange Act and CFTC Rules.

One request made by the CFTC that is particularly intriguing if granted will involve MTI and Steynberg;

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Which will almost certainly implicate the Marks as the actual operators and primary beneficiaries of Mirror Trading International.

But that’s not going to happen until the CFTC wins the case. First things first, when is Steynberg being extradited and what will happen to him once he lands in South Africa?

The CFTC acknowledged the assistance of a raft of cooperating authorities, including South Africa’s FSCA;

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However, aside from that, the FSCA has not demonstrated any desire to prosecute the fraudsters at Mirror Trading International. In South Africa, Clynton and Cheri Marks are still at large.

The possibility of Steynberg and his collaborators being charged in the US is a wild card. The CFTC and DOJ’s cooperation raises the possibility that this took place (in which case the indictment would be sealed).

In either case, it’s unlikely that we’ll learn anything about the status of the legal processes until Steynberg is extradited from Brazil.

Let’s have a look at some of the reviews from people

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Rabu Gary- SA authorities searched the offices of Mirror Trading International.

The Financial Sector Conduct Authority has searched the South African offices of Mirror Trading International.

Additionally, Clynton and Cheri Marks’ homes have also been searched.

The FSCA seized “electronic and telephonic records from cell phones, notebooks, and PCs” during the operations in Stellenbosch, Polokwane, and Durban.

After receiving warrants from the top courts in the appropriate jurisdictions, the FSCA carried out the raids.

The FSCA serves as South Africa’s answer to the SEC. The FSCA is responsible for, among other things, overseeing securities regulation nationwide.

Since they are a civil organization, they lack the authority to make arrests. Uncertainty exists regarding whether Mirror Trading International and the Marks (right) are the focus of a criminal investigation.

Beyond notifying MTI about securities fraud in August, the FSCA hasn’t disclosed how deep its inquiry has gone.

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The returns on investments touted by MTI “seem far-fetched and unrealistic,” according to the FSCA’s prior statement. 

In October 2019, BehindMLM evaluated Mirror Trading International. We decided it was a Ponzi scheme based on its business approach.

This was validated by a data breach that occurred last month, which showed the business was operating with a $80.2 million USD deficit at the time. In other words, if every member of MTI withdrew their money, MTI would fall $80.2 million short.

MTI asserts that it can use a trading bot to deliver returns of up to 10%. The company responded that the law doesn’t apply to them when questioned about why it chose not to register with the FSCA and operate legally at the time.

MTI asserts that it can use a trading bot to deliver returns of up to 10%. The company responded that the law doesn’t apply to them when questioned about why it chose not to register with the FSCA and operate legally at the time.

Cheri Marks has been quoted as endorsing this idea. Marks, also known as Cheri Ward, is thought to be involved in the day-to-day operations of MTI. Cheri Ward was one of the masterminds of the defunct BTC Global Ponzi scheme.

Johann Steynberg, the CEO of MTI, has not yet made a public statement. Steynberg is starting to look more and more like a puppet as regulators hone in on MTI and the Marks.

Marks leaked a voicemail in which she disparaged MTI’s regulatory actions as “attacks”.

“This morning, the FSCA sent fifteen police officers to assemble at our home.

Is this really how anxious we are? I was eating breakfast with a friend and my children when fifteen police officers showed up at my house.

Afterward, they went ahead and took all of our laptops, phones, personal items, and paperwork (that had no relevance to any potential investigations).”

The seizure warrants, according to Marks, were obtained on the grounds that MTI had failed to establish that trading revenue was being utilized to fund withdrawals.

Based on her comments, Marks appears to be unaware that live trading or even films of random deals are not a replacement for audited financial reports.

Marks contradicts FX Choice and asserts that MTI didn’t engage in any meaningful trading activity. “Bitcoin transfers” are the foundation of this.

Early in August, FX Choice disclosed MTI’s

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At the time MTI was claiming their monthly returns were possible because of trading through FX Choice.

After FX Choice terminated MTI’s account, the company rebooted itself as a crypto bot trading scheme.

Based on Marks’ frustration, the FSCA appears to have confirmed MTI wasn’t generating external revenue through FX Choice.

Marks claims the FSCA lied to the High Court to secure its seizure warrants.

It’s unclear if Marks knew at the time of recording that MTI’s offices had also been searched.

MTI responded to the FSCA raids with the following cryptic statement:

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From here, it appears to be quite simple. The FSCA ought to have access to sufficient information to verify that trading revenue is not being utilized to cover affiliate withdrawals.

They should be able to verify MTI’s operational deficit, which is unavoidable in all Ponzi schemes if MTI has given them up-to-date information on affiliate backoffice balances.

As the FSCA case progresses, be sure to check back for updates.

Rabu Gary- Johann Steynberg of Mirror Trading International is detained in Brazil

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Johann Steynberg, the CEO of Mirror Trading International, has been detained by Brazilian authorities.

On the basis of an Interpol international arrest warrant, Steynberg was taken into custody in Goiania.

Brazilian officials had been following Steynberg (right) for some time, according to UOL, which cited a local police officer.

After intense work of identification and follow-up, and with the help of information passed on by the Federal Police, it was possible to identify and approach the suspect, who presented a false document at the time of the approach.

Police in Goiania searched Steynberg’s home after his arrest on December 29. “Two false documents, two laptops, a cell phone, and six credit cards” were all taken.

Steynberg may have had three false identities, as the “false documents” are thought to be identity documents.

Steynberg left South Africa after Mirror Trading International failed in late 2020.

Nerina Steynberg, his wife, later confirmed that he was in Brazil.

Steynberg claimed to be the CEO of Mirror Trading International, but Clynton and Cheri Marks are thought to have been in charge of the Ponzi scheme.

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The Marks have not yet been targeted by South African authorities.

Last July, the FSCA hinted that it “might” punish Mirror Trading International. There haven’t been any developments from South Africa since that time.

In order to recover losses, disgruntled investors have been forced to use civil liquidation processes.

Investor losses at Mirror Trading International are estimated to be over $500 million.

To prevent Bitcoin from being stolen through Mirror Trading International, Clynton Marks is fighting in court.

Update 8th January 2022 – Local media are reporting Steynberg, married, was arrested at his Brazilian girlfriend’s residence.

Rabu Gary- Review of Mirror Trading International: Daily Forex returns

Operating in the MLM forex trading sector is Mirror Trading International.

South Africa is where the company was founded and is headquartered. Johann Steynberg, the company’s CEO and founder, is in charge of Mirror Trading International.

Steynberg (right) was pushing Syntek Global before he founded Mirror Trading International.

Steynberg’s interest in cryptocurrencies was evident at some point, based on his Twitter account behavior.

On Twitter earlier this year, Steynberg promoted an opportunity to “turn $25 into $75 over and over again”:

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Guess that didn’t work out.

Read on for a full review of Mirror Trading International’s MLM opportunity.

Rabu Gary- The Products of Mirror Trading International

Affiliates can only promote Mirror Trading International affiliate membership; the company offers no resaleable goods or services.

Rabu Gary- Compensation Plan for Mirror Trading International

Affiliates of Mirror Trading International invest $100 or more on the promise of ongoing profits from trading.

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Rabu Gary-Employer commissions

Affiliates of Mirror Trading International are paid a 10% commission on the money invested by affiliates they actively recruited.

Rabu Gary-Recurring Commissions

The remaining commissions are paid by Mirror Trading International using a binary compensation scheme.

An affiliate is positioned at the head of a binary team that is divided into two sides (left and right) by a binary remuneration structure.

The binary team’s first level has two slots. By dividing these initial two slots into two more positions each (4 positions total), the binary team’s second level is created.

The binary team is formed in stages, with each stage containing twice as many slots as the preceding stage.

Direct and indirect affiliate recruitment is used to fill positions on the binary team. The depth to which a binary team can grow is unbounded.

The amount of money a Mirror Trading International affiliate has directly invested determines how many binary team levels they will receive residual commissions on:

  • Earn residual commissions down ten binary team levels by investing $200 to $999.
  • Earn residual commissions down twenty binary team levels by investing $1,000 to $4,999.
  • Earn residual commissions down thirty binary team levels by investing $5000 to $9999.
  • Gain access to your whole binary team (infinite depth) by investing $10,000 or more.
  • Weekly calculations of residual commissions are based on 20% of overall company-generated returns.

According to Mirror Trading International, affiliates receive their portion of the 20% set aside according to “the total business your team structure contributes.”

Residual commission payments are obviously based on binary team investment volume, albeit not stated directly.

Rabu Gary- Conclusion

Mirror Trading International combines a passive investment opportunity with a pyramid recruitment scheme.

Since the system is entirely automated, you can unwind by sitting back.

It is unknown where and how Mirror Trading International trades because Johann Steynberg doesn’t seem to have experience in FX.

This is significant since the passive investment opportunity offered by Mirror Trading International qualifies as a securities offering.

The Financial Sector Conduct Authority oversees the regulation of securities in South Africa.

Even though Johann Steynberg and Mirror Trading International don’t seem to be registered with the FSCA, the company may have been incorporated in South Africa.

Therefore, Mirror Trading International is conducting its business unlawfully in South Africa.

In fact, Mirror Trading International is operating unlawfully all over the world if it is not registered with securities regulators in every jurisdiction where it solicits investments.

Mirror Trading International would only choose to engage in securities fraud if they weren’t carrying out their stated obligations. paying returns on trading profits, specifically.

Providing an audited accounting that shows trading revenue was really used to pay returns is a requirement of the securities regulator registration process. In addition, Mirror Trading International would have to inform its customers and the general public about what happens to investor monies.

Once more, this is a need. Mirror Trading International is engaging in securities fraud by neglecting to register and provide disclosures. Right now, new investment is the only verified source of income entering Mirror Trading International.

Mirror Trading International is a Ponzi scheme if new investments are used to pay out daily returns to current affiliates.

The mathematics underlying Ponzi schemes ensures that when they fail, the majority of investors lose money.

Rabu Gary – Is He Running an MLM Ponzi Scheme? The Truth Exposed (Update 2024)
Rabu Gary – Is He Running an MLM Ponzi Scheme? The Truth Exposed (Update 2024)

5 Comments
Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. The ‘complete automated’ schemes provide a huge window to scammers. These Ponzi scammers do whatever they wish and remain undistracted, as even the clients are sitting back.

  2. I am so grateful to my friend that he rescued me from the scammers by making me aware about the dicey image of Rabu Gary and his firm, Mirror Trading International. If my dear friend was not there, I must have invested at least 2-3 thousand dollars, being irritated by them solicit calling.

  3. Who invests under such shady firms, Rabu Gary or his whatever firm is not too common. Anyways, thanks to the author to let us know about the modern-day scammers and their tactics, in the world of trade.

  4. Rabu Gary is the Joker of ‘The Dark Knight’. He assures a massive income enhancement and then sit and chuckles around the fooled ones. He is smart and has tricks to manipulate the naive traders.

  5. Obviously, any automated trading firm, that has international links is not worth affiliating. Affiliate to the affiliates, and eventually die affiliate the affiliates.

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