Ardu Prime pretends it wasn’t part of Freeway Ponzi scheme
Ardu Prime, the brokerage that Freeway represented was an integral part of its business model, is now pretending it had nothing to do with the company.
Shortly after Freeway announced its exit-scam collapse yesterday, Ardu Prime began deleting references to “Aubit Prime” on its website.
Seeing as Freeway isn’t responding to investors, Twitter user “Steve H” reached out to ArduPrime for comment on Freeway’s fictional trading activities.
What’s the current relationship with Freeway guys, are you also issuing a statement? How much of those trading accounts remain(?)
To which Ardu Prime replied;
We do not issue statements on clients accounts or comment clients activities.
When asked about Freeway and Ardu Prime being one and the same company, Ardu Prime stated;
This is not the case and this has never been stated by Ardu.
Ardu Prime was a failed dormant brokerage until it was resurrected by Aubit/Freeway through “Aubit Prime”.
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)
The effective acquisition of Ardu Prime gave Freeway access to financial regulatory licenses. Of course none of these pertained to Freeway, which remained unregistered to offer securities in jurisdictions it was soliciting investment in.
That didn’t stop Freeway trumpeting Ardu Prime’s licenses in “legitimacy via association” marketing:
The exact nature of Freeway’s acquisition of Ardu Prime wasn’t disclosed, but Freeway very much represented it owned the company.
In a February 2022 Q&A, Freeway co-founder Graham Doggart answered a question pertaining to Freeway’s plans for Ardu Prime;
Q41. “Could you clarify, in the simplest terms possible, how AuBit, Freeway Lite, and Ardu Prime are related?”
AuBit was the original brand and is in the main company name, AuBit International, and carries on for now with AuBit Prime.
Freeway was originally the name of the platform, we considered it the AuBit Freeway platform, but our marketing research showed that it was much better to drop it and make the overall brand and project “Freeway”.
Ardu Prime is the brokerage providing the deposit rewards and crypto custody, it has a trading name of AuBit Prime, and over time will eventually fully rebrand to Freeway Prime as will all the other entities move to a Freeway related naming convention, we expect to rename AuBit International to Freeway Inc.
This was evidently fine with Ardu Prime, up until Freeway’s collapse yesterday. It’s expected Ardu Prime will now return to dormant status.
Evidence linking the two companies has likely already been deleted.
Speaking of deleted, Freeway co-founder Graham Doggart nuked his public Twitter profile:
BehindMLM can also confirm one of Freeway’s top net-winner is crypto Ponzi shill “Coach K”:
As above, Coach K, aka Joel Kovshoff, claims to have stolen almost a million dollars through Freeway as of early October.
On LinkedIn Kovshoff cites himself as a resident of Bangkok, Thailand. “Coach K Capital” was set up in the BVI in August 2022, through which Kovshoff is likely to have laundered his Freeway ill-gotten gains.
Total Freeway investor losses are pegged at over one hundred million. A significant amount of that is believed to have been stolen from US residents.
Neither Ardu Prime, Freeway, Graham Doggart, Coach K or anyone else involved in running and promoting Freeway is registered with the SEC.
If investors want any chance of recovery and/or to hold Freeway scammers accountable, their best bet is filing a complaint with the SEC.
Update 25th October 2022 – Within a few hours of this article being published, Joel “Coach K” Kovshoff marked his Twitter profile private.