Under murky circumstances, the FSCA has quietly dropped previously imposed penalties against CBI Global Ponzi scammer Coenie Botha.

As per an October 7th filed consent order, the FSCA’s previous finding that Coenie Botha (right) and CBI Global violated South Africa’s Banks Act has been set aside.

Circumstances leading up to the filing of the consent order are unclear. Ditto whether any money changed hands.

The consent order has the FSCA’s case against Botha and CBI Global “remitted to the Financial Sector Conduct Authority for further consideration”.

Looking at the FSCA’s track record against MLM Ponzi schemes, this is probably code for “the case will remain in limbo in the hope everyone forgets about it”.

Cases brought against MLM Ponzi scammers by the FSCA are significant, in that it’s rare for the regulator to take action. Unfortunately in the few instances the FSCA does hand out punishment, it seems all too easy to have these orders reversed.

Mirror Trading International
(MTI) was a
$1.7 billion Ponzi scheme
that originated in South Africa.

Despite being one of South Africa’s largest scams and MTI collapsing four years ago, nobody in South Africa has been criminally charged.

After fleeing South Africa, MTI Johannes Steynberg
died in Brazil
earlier this year. Clynton Marks and Cheri Ward, the suspected owners of MTI, remain at large in South Africa.

After finding MTI to be an “illegal operation” in 2020, the FSCA announced it 
might
fine MTI R100 million in 2021
. The fine was then reduced to R50 million, before being
dropped altogether
in April 2022.

CBI Global began as
Uhuru Tribe
, an MLM crypto Ponzi launched in or around 2020. By March 2022, BehindMLM had tracked
four Coenia Botha Ponzi collapses
.

While CBI Global primarily defrauded South Africans, Coenie Botha ran the Ponzi from Namibia. This prompted local criminal and civil fraud proceedings.

The last update on CBI civil fraud proceedings is from July 2023, wherein the Bank of Namibia
overturned a court order directing it to 
fund
CBI Global’s fraudulent business operations.

Botha was
arrested
in March 2024 on CBI Global criminal charges. Our last update on those proceedings is from June 2024, wherein Namibian Police rocked up to court only to
deny knowledge of the case
.

There have been no updates since, suggesting that case is also likely dead in the water.

🤖 Quick Answer

What action did the FSCA take regarding Coenie Botha's previous penalties?
The FSCA set aside previously imposed penalties against Coenie Botha through a consent order filed on October 7th, reversing its earlier finding that Botha and CBI Global violated South Africa's Banks Act. The case was remitted for further consideration.

Who is Coenie Botha in relation to CBI Global?
Coenie Botha is identified as a central figure associated with CBI Global, an entity involved in a Ponzi scheme. The FSCA had previously found him responsible for violations of South Africa's banking regulations.

What remains unclear about the FSCA's consent order?
The circumstances surrounding the filing of the consent order are undisclosed, including whether any financial compensation occurred between parties and the reasoning behind the FSCA's decision to set aside the original penalties.

**

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