MTI CEO fined for using forged documents

Mirror Trading International (MTI) CEO Johann Steynberg has been found guilty in Brazil of using a forged identity document, with the judge handing down an aggravated sentence, reports My Broadband. He was also sentenced to a fine equivalent to 120 days’ wages. The fine is calculated using Brazil’s minimum wage at the time of his arrest, which was 1 100 reais ($221) per month. This makes Steynberg’s total criminal fine nearly $26 000. However, in Brazil, jail sentences under four years for non-violent crimes may be converted into fines. The judge commuted Steynberg’s prison time to a charitable donation of 20 months’ wages, or roughly R85 000. His defence team has appealed, arguing that he was guilty of a lesser crime with a lighter sentence. They believe Steynberg’s offence falls under Article 307 of the Brazilian Penal Code (assuming a false identity), whereas the state prosecuted him under Article 304 for using forged documents. At the same time, the prosecutor launched an appeal arguing that Steynberg should receive a harsher sentence. Although unconfirmed, it appears as though the founder of SA’s biggest pyramid scheme remains in preventative detention pending the conclusion of extradition proceedings. Steynberg travelled to Brazil in December 2020 and soon went missing. Police say that when they approached Steynberg on the night of his arrest, he presented them with an identity document in the name of Cleisson Veira da Silveira. Police said text messages on Steynberg’s confiscated iPhone showed he kept in touch with several individuals for whom he managed cryptocurrency investments, conducting transactions on their behalf. MTI was a Bitcoin-based network marketing scam that began in SA and drew in members worldwide. Western Cape Judge Alma de Wet ruled in April this year that MTI was an unlawful scheme, calling it a pyramid and a Ponzi-type scheme.