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South Africa Regulator Is Investigating Mirror Trading International

Lily Yang

Summary: South Africa’s Financial Services Conduct Authority (FSCA) is investigating Mirror Trading International (MTI), warning against the company which had just been forced to shut down by Texas State Securities Board.  In a statement released on August 18, FSCA claimed that MTI alleged to have more than $168 million (Rand 2.9 billion) in clients’ funds in ...

South Africa’s Financial Services Conduct Authority (FSCA) is investigating Mirror Trading International (MTI), warning against the company which had just been forced to shut down by Texas State Securities Board. 

In a statement released on August 18, FSCA claimed that MTI alleged to have more than $168 million (Rand 2.9 billion) in clients’ funds in trading accounts. However, FSCA said they were unable to conclusively confirm that the funds exist. FSCA is most concerned with MTI’s far-fetched promise to return its clients as much as 10% per month.

FSCA stated that they are currently reviewing information and will involve South Africa Police Services once their concerns are confirmed.

By Lily Yang

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