The Ontario Securities Fee has printed a securities fraud warning towards Karatbars Worldwide.
The OSC added Karatbars to its warning listing again in July. We missed that discover however are masking it now as a matter of document.
As per the OSC’s July seventh warning;
Karatbars Worldwide GmbH and Karatbit (together with Karatbit Change) are usually not registered or acknowledged in Ontario, Canada to have interaction in both the enterprise of buying and selling in securities or the facilitation of transactions referring to securities (together with shopping for and promoting securities), respectively.
Karatbars Worldwide isn’t registered to supply securities in Canada or wherever else on the earth.
Canada’s AMF beforehand issued a securities fraud warning towards Karatbars Worldwide in March 2014. This was adopted up by an outright ban issued in 2016.
The OSC’s current warning seems to be a reiteration that Karatbars Worldwide remains to be illegally soliciting funding from Canadian residents.
Following regulatory warnings over the previous yr and a bit from Namibia, Germany, South Africa and New Zealand, Karatbars introduced it was altering its title to Freebay in September.
The reboot follows the disastrous 2019 KaratGold Coin Ponzi coin launch, which resulted in widespread investor losses.
Freebay brings with it V999, a brand new Ponzi token for Karatbars to rip-off traders by way of. KaratGold Coin (KBC) has been deserted.
Karatbars Worldwide and Freebay are operated by Harald Seiz from Germany.
Regardless of Karatbars working as a rip-off for years (BehindMLM first reviewed Karatbars’ preliminary pyramid scheme mannequin in 2014), German authorities have did not take any motion.