MTI reporting prompts legal threat from Maxtra Technologies

A software company from India is threatening legal action against a financial publication for covering a fraud case that's already cost victims over $1.7 billion.

Maxtra Technologies sent a cease and desist letter to Offshore Alert on April 30th demanding the removal of all coverage related to Sabina Romanowska and her involvement with Mirror Trading International. The demand came through a Ponzi scheme email address—a Mirror Trading International Proton mail account.

Romanowska is one of hundreds of net-winners being sued by South African liquidators in U.S. bankruptcy court. She stands accused of pocketing $454,000 through the scheme before it collapsed.

Maxtra Technologies threatened defamation and interference with legal proceedings if Offshore Alert didn't comply. The letter claimed the information was "sensitive and legally contentious" and could harm the reputations of those involved. Yet it's hard to see how reporting documented court filings harms anyone's reputation more than actually running a Ponzi scheme does.

The connection between Maxtra Technologies and Mirror Trading International runs deep. A 2020 data leak showed that MTI's late CEO Johannes Steynberg built the scheme's backoffice using a script purchased directly from Maxtra. At the time, Mirror Trading International's logo sat prominently on Maxtra's website. It has since been scrubbed.

Maxtra Technologies lists three directors: Shivendra Dwivedi, Kripa Sagar Tripathi and Tushar Shrivastava.

In their email, Maxtra Technologies claimed Mirror Trading International "is not engaged in any fraudulent or illegal activities, and the allegations against it are baseless." This assertion clashes sharply with documented reality. The South African Financial Sector Conduct Authority confirmed in 2020 that MTI was an "illegal operation." The U.S. Commodity Futures Trading Commission sued MTI and Steynberg in 2022, alleging a $1.7 billion Ponzi scheme. A federal judge issued a $3.4 billion default judgment against Steynberg in 2023, followed by a $1.7 billion judgment against Mirror Trading International later that year.

Why Maxtra Technologies is defending a proven Ponzi scheme remains unclear. Also unexplained is any direct relationship between the software company and Romanowska herself. What's clear is that legal threats won't erase the damage Mirror Trading International inflicted or the court records documenting it.

🤖 Quick Answer

What legal action did Maxtra Technologies initiate against Offshore Alert?

Who is Sabina Romanowska in the Mirror Trading International case?
Sabina Romanowska is among hundreds of net-winners being sued by South African liquidators in U.S. bankruptcy court. She is accused of receiving $454,000 through the Mirror Trading International Ponzi scheme before its collapse.

How much financial damage has the Mirror Trading International fraud caused?
The Mirror Trading International fraud scheme has cost victims over $1.7 billion in total losses, resulting in widespread financial devastation across multiple jurisdictions and triggering multiple legal proceedings.

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