South African CEO Ordered to Pay Record $3.4 Billion Fine for Bitcoin Fraud
TL;DR Summary
Cornelius Johannes Steynberg, the founder and CEO of Mirror Trading International Proprietary Limited (MTI), has been ordered by a US federal court to pay over $3.4 billion for his involvement in an international fraudulent multilevel marketing scheme to solicit Bitcoin from members of the public for participation in an unregistered commodity pool MTI operated. Steynberg is also permanently enjoined from engaging in conduct that violates the Commodity Exchange Act (CEA), as charged, registering with the CFTC, and trading in any CFTC-regulated markets.
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