A Karatbars scammer wants to be Wilmington’s treasurer
Wilmington city councilman Vash Turner is running for treasurer.
His involvement in the Karatbars Ponzi scheme has raised questions among his constituents.
Turner (right), aka Va’Shun Turner, has been a Wilmington city councilman for four years. Wilmington is a city of ~70,000 in Delaware.
According to copy used to promote Karatbars in late 2019, Turner joined the then pyramid scheme in 2014.
GOLD IS FREEDOM GUYS
I was introduced to KaratBars from my hospital bed in 2014 and if it wasn’t for KaratBars International & me going through some of the trials and tribulations that I had to go through I wouldn’t be here talking to you about it today!
Ever since I found out about KaratBars I’ve been hitting it hard!
The most exciting thing about KaratBars is the amount of lives I am able to save‼️
Turner credits his involvement with Karatbars with his “being a city councilman”.
Circa 2014 Karatbars was a pyramid scheme, operating under the ruse of “saving gold”.
The gold pyramid scheme model began to collapse in 2017, promoting Karatbars, and Turner, to jump on the MLM crypto fraud bandwagon.
This began with a Karatbank Coin ICO in February 2018.
When Karatbank Coin ICO failed Karatbars tried again with KaratGold Coin.
Through KaratGold Coin, Karatbars managed to dupe a bunch of affiliates to invest in their worthless KBC shitcoin.
By mid 2019 the hype machine was in full-effect, with many expecting promised riches on Karatbars’ “Independence Day” event.
At the center of the marketing pitch was owner Harald Seiz’s promise that 100 KBC could be converted into 1 gram of gold.
The July 4th Independence Day came and went, KBC dumped 62% and the 1 gram of gold promise was predictably exposed as a lie.
Wholly abandoned, KBC today has a public trading value of 0.2 cents.
Karatbars recently announced it was rebooting with a new Ponzi token as Freebay.
Vash Turner was very much active in the promotion of KBC in the US throughout 2019.
Worryingly, Turner has been accused of promoting Karatbars to his constituents.
Some in his district, particularly in the Cool Spring neighborhood, are raising questions.
Thomas Natoli and others said Turner personally sent them messages promoting the gold coin product.
As per a report from Delaware Online, Turner’s involvement in Karatbars caused a stir at a recent September 3rd virtual council meeting.
“My concern is that you’re my voice in the city, and you’re using your elected position to sell what I thought was a pyramid scheme,” said Natoli, who supported Turner’s election as councilman.
Greg Luna said he found the promotions “cryptic.”
“As an elected official, he brings credibility to any product or service he represents and in that regard there should be full disclosure that this is an investment and with every investment there is a risk,” Luna said.
Turner has yet to publicly comment on his involvement in Karatbars, citing recent “oral surgery”.
On Facebook Turner appears to be dismissing questions about Karatbars as “smear campaigns”.
Turner’s last Karatbars promo on Facebook was in May 2020.
Whether he’s involved in the recently announced Freebay reboot is unclear.
Turner is running for a position that would put him in charge of taxpayer funds, including overseeing the city’s bank accounts, payments and investments.
He also would play a role in the city’s decisions to borrow money on the bond market.
What I do know is instead of posting boomer memes to Facebook (ex. right), as a voter I’d be far more interested in the following:
- how much has Vash Turner made in Karatbars since joining in 2014?
- specifically, how much did Turner make shilling KBC last year?
- how much KBC did Turner sell during the July 2019 pump?
- how much KBC, if any, Turner still holds?
- has Turner invested in or has he acquired any V999 tokens by any other means?
- why does Turner think it’s appropriate for an elected official to be promoting a pyramid scheme cum crypto Ponzi scheme?
- does Turner think it’s appropriate for a treasury candidate to have engaged in securities fraud?
At all times during its reboot as an MLM crypto Ponzi scheme, Karatbars has not been registered with Delaware’s Investor Protection Unit. At a federal level neither Karatbars or Turner are registered with the SEC.
As a Wilmington councilman, Turner is currently the subject of an ethics complaint.
Late last year Turner, on multiple occasions, threatened to reduce the salary of a city auditor to $1 unless his demands were met.
Having been delayed by COVID-19, the outcome of the complaint remains pending. Wilmington’s city treasurer election is scheduled for September 15th.
Update 17th September 2020 – As reported by Delaware Public, Vash Turner lost his run for Treasurer to Dawayne Sims.
As per figures provided by Turner on his Facebook page, he lost the vote 6067 votes to Sim’s 7055. Turner is also no longer a City Councilman.
Wilmington is a more important city than its population indicates. It is the urban center of Delaware and part of a metro area of over 6 million.
Anyone can make a mistake, but Karatbars was an obvious, obvious fraud. Anyone either a) taken in by it and/or b) in on it, has no business in public office, in any capacity. Public servants are supposed to be held to a higher standard.
The fact that this guy is unwilling to even address his past role in promoting a fraudulent scheme (“smear campaign”? really?) is just icing on the shitcake.
This is a political hit job. Where is any proof that this is a ‘pyramid scheme’ and/or ‘crypto Ponzi scheme’? And where is the proof that ‘Karatbars’ or Turner might need SEC approval.
This is simply a character assassination.
(Ozedit: derails removed)
Pointing out the fact that Vash Turner has promoted a pyramid/Ponzi scheme isn’t a hit job. The reality is Turner character assassinated himself by promoting a scam.
All I’ve done is air the dirty laundry. Laundry that was hanging out on the line for anyone who wanted to see it.
Right here, and here, and here.
One need only look at Karatbars’ various business models over the years to confirm it was a pyramid scheme turned crypto Ponzi.
MLM companies offering securities need to be registered with the SEC. Ditto promoters of companies offering unregistered securities.
The fact that the legendary anonymous “Oz” manipulates and manipulates postings according to his own preconceptions shows the criminal energy behind this website and its operators: Nothing can be proven.
The alleged “evidence” will not stand up in any court of law. The main thing is that you can destroy people and escape the courts.
The SEC and state regulators go after MLM companies and promoters that commit securities fraud.
Karatbars’ business model is proof the company operated as a pyramid scheme and still does, now with added securities fraud.
Vash Turner promoted Karatbars while it was a pyramid scheme and committing securities fraud, thus himself committing securities fraud.
Vash Turner destroyed himself by committing securities fraud and promoting Karatbars. That’s entirely on him.
I suggest you do some research into MLM and securities fraud. You’re obviously coming at this from a political stance whilst knowing fuck all about securities regulation in the US.
Oh and cutting out your derail bullshit isn’t “manipulation”. Leave the whacky conspiracy theories on Facebook. Thanks.
Here is a fair offer: (Ozedit: derails removed)
Counter-offer: Stop posting derails and offtopic waffle and I’ll keep you out of the spam-bin.
Not interested in your politics and legal threats.
1. Karatbars is a pyramid scheme turned crypto Ponzi committing securities fraud.
2. Vash Turner promoted Karatbars, thus himself promoting a pyramid scheme and committing securities fraud.
The facts have been laid out for you in this article, you can either respond to said facts or stay quiet.
By now some voters are no doubt following along. You not addressing the above points directly will reflect accordingly.
And threatening reporters with legal action right before an election? Great optics.
Oz – the master of fake news. We have taken screenshots of all posts and will now release them to the media.
This will allow everyone to understand how this website expresses opinions and that truth is not valid. Let’s see how this fake website will look like in the public opinion afterwards. (Ozedit: derails removed)
Oh please do. It was Wilmington’s local media that alerted me to this story to begin with.
And just so we’re clear: At no point has Selest Lopez challenged Karatbars being a pyramid scheme committing securities fraud, or Vash Turner’s promotion of Karatbars constituting securities fraud.
The derails I’ve removed are legal threats and “dark net” whacky conspiracy theories.
Even for a less well-off writer like Oz, it should be clear that the announcement of a legal action for fake news on this website is exactly that: a denial of the unsubstantiated allegations and insinuations, a distortion of the facts and an arbitrary interpretation of the facts that should be clarified in court.
A filthy bastard (Ozedit: abuse and derails removed)
No I’m sorry legal threats in response to facts are not a denial. It’s attempted censorship and the undermining of open democratic public discourse.
You have failed to address the fact Karatbars is a pyramid scheme that incorporates securities fraud, and the fact that Vash Turner promoted/promotes Karatbars.
You want to deny those facts, you provide evidence. I’ve already provided my supporting evidence, which you’ve also failed to address.
1. An MLM company generating the majority of its revenue from affiliates (i.e. Karatbars’ original “gold” business model) = pyramid scheme (as per the FTC)
2. Karatbars’ KBC was a Ponzi coin pump and dump. KBC was promoted on the premise of a Karatbars affiliate’s investment increasing in value (which didn’t happen).
3. MLM + passive investment opporunity (KBC) = securities offering.
4. At no time has Karatbars been registered to offer securities in the US.
5. Freebay and V999 are a continuation of Karatbars’ securities fraud.
6. Canada, Namibia, Germany, South Africa and New Zealand have taken regulatory action against Karatbars for being a pyramid scheme and/or committing securities fraud.
7. Vash Turner promoted Karatbars both while it was a pyramid scheme and while it committed and continues to commit securities fraud (screenshots provided in article).
Feel free to address the facts and supporting evidence. I’ll be marking any further abuse, legal threats and conspiracy theories as spam. Thanks.
Please keep us informed as to when said “legal action” is set to take place.
It would be worth spending good money to be in court to watch Vash Turner and / or his lawyer explain to a judge exactly how Karatbars works and its’ “legality”.
You do know how the law works when it comes to allegations of libel and slander, don’t you “Selest” ?
So rather than address his involvement in Karatbars and clarify whether he’s still involved, Turner uploaded a non-answer video: youtube.com/watch?v=2PLwVREeWzA
Despite promoting a pyramid scheme turned crypto Ponzi scheme, Turner claims his investments “comply with all US and Delaware protocols and regulations”.
Neither Karatbars or Turner have at any time been registered to offer securities in the US. Securities fraud is of course illegal in the US and Delaware.
Oh and apparently the treasurer election is today (Sep 15th). I’d locked down the early November date based on the mayoral election.
Wow. 124 views and only 1 comment. Voting is single digits and about evenly split up/down. Not a lot of traction, there.
The presentation quality is awful. He sits slumped in a chair droning at the camera in monotone, while cheesy library music practically drowns out his voice. I’d be embarrassed for him if I didn’t know his history.
That one can be overlooked. As I understand it Turner is wheelchair bound.
And so much for not abusing public office to promote Karatbars:
facebook.com/photo.php?fbid=10211404634424585&set=a.1042848964497&type=3&theater
I did not know that, and I regret my criticism of his posture. As to the rest, however…
Article updated with news Vash Turner lost his Treasurer campaign.
Now you’ve done it Oz. Turner lost his election bid and it’s all your fault by writing about his involvement in a Ponzi. Selest will be suing you shortly (cough, cough) for causing him to lose the election by all the lies you told about him.
I have only one problem though, I have checked all the media and I can’t find one article or report that Selest promised was going to happen.
Now you don’t suppose she was merely huffing and puffing trying to make herself sound intelligent and more important than she really is? After all living at home with your parents will do that to you.
So please Selest do come back and tell us all the media you reported Oz, and where we can find the links to the articles or news reports. You did do it, right?