Aubit has dropped its name.
In an announcement made on January 3rd, the Ponzi scheme revealed it will go by “Freeway”.
In a subsequent announcement, AuBit announced it would be referring to affiliates as “FreewayFam”.
Freeway is the name of Aubit’s token. In late December the company also rebooted the token “under a new smart contract address” because reasons.
Other than the name-change, Freeway’s business model appears to be the same as Aubit’s.
The pitch is an 8% to 16% annual return. Through “supercharger” investment plans, Freeway’s offered returns climb to 43% annually.
Freeway claims this is legal because it has “fully regulated brokerage accounts”.
This pertains to Ardu Prime, through which Freeway has registered the Ardu Prime SA shell company with financial regulators in Greece, Germany and the UK.
AuBit Prime is a registered trading name owned and operated by Ardu Prime.
Ardu Prime SA is an EU Regulated entity and MiFID II compliant. (Hellenic Capital Market Commission License: 4/164/20.7.1999, FCA reference: 725166, BaFin ID: 10146106)
Initially Aubit represented it was in a partnership with Ardu Prime. In late 2021 this facade was dropped, with Aubit taking an “ownership share” in Ardu Prime.
This saw Aubit claim it was now owned and operated by Ardu Prime. Aubit Prime branding was created but doesn’t appear to have stuck.
Regardless of where Ardu Prime is or isn’t registered to offer securities, at no time has Aubit, now Freeway, been registered with a financial regulator.
From mid August 2021, Aubit began soliciting investment from US residents. This continues in Freeway under “Freeway Lite US”.
Whereas Freeway’s website boasts of annual returns, Freeway Lite US’ website is a barebones login form:
A corporate address in Wyoming is provided in the Freeway Lite US website footer.
This address belongs to a shell company incorporation service. Freeway has no physical business operations in the US.
Neither Ardu Prime, Freeway or any of its attached shell companies are registered with the SEC.
In a January 8th marketing video featuring co-founder Sadie Hutton, she claimed Freeway took in $13.7 million over December 2021.
Hutton and Freeway’s two other co-founders, Mark Kearns and Graham Doggart, represent they are based out of Malta.
Update 20th July 2022 – A UK incorporation entry for GSCD LTD suggests there may be a personal relation between Sadie Hutton and Graham Doggart.
GSCD Ltd was a shell company dissolved earlier this year in February.
If the DOBs are accurate that rules out a sibling relationship. Hutton and Doggart could be distant relations or spouses.
In any event, the personal connection has not been disclosed in Aubit or Freeway marketing. /end update
Malta is a scam-friendly jurisdiction with little to no regulation of MLM related securities fraud.
Neither Ardu Prime, Freeway or its executives represent they have registered with the Malta Financial Services Authority.
Update 24th October 2022 – Freeway has collapsed.