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Regulator opens a criminal case against Stellenbosch-headquartered company fingered as 'get-rich-quick scheme'


The FSCA has said the investigation on MTI is near completion. (Photo: Getty Images).
The Financial Sector Conduct Authority s investigation into Mirror Trading International (MTI) is near completion and a criminal case has been opened with the South African Police Services, the regulator said on Thursday.
FSCA found that MTI was not licensed to conduct financial services and had not applied for such a licence, it said.
The Authority believes that MTI and its senior management are conducting an illegal operation, misleading clients and have contravened several laws, read the statement.
In August, the regulator recommended clients withdraw funds from MTI as it was being investigated. Authorities in Texas had in July ordered MTI to stop trading in the US State after the company was fingered as a multi-level marketing get rich quick-scheme .   ....

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