Freebay added to New Zealand’s Karatbars fraud warning
Freebay has been added to New Zealand’s Financial Markets Authority’s Karatbars International securities fraud warning.
Freebay launched late last year, after the FMA issued its initial Karatbars International securities fraud warning in May 2021.
Freebay is a reboot of Karatbars’ failed G999 crypto token Ponzi scheme.
Instead of heading up the company himself, owner Harald Seiz put Karatbars executive Jurgen Pulvermuller in charge.
Explaining why they’ve updated their warning, the FMA writes;
We have been made aware that Karatbars is associated with Freebay.
We recommend exercising caution before dealing with Karatbars International GbmH, Karatbit Foundation and associated companies as they are not registered companies or financial service providers in New Zealand. Seminars have been held in both Auckland and Christchurch.
Along with Freebay, the FMA has additionally named a host of companies/schemes associated with Karatbars.
Karatbars Leaders and Investors Pool International, Karatbars Digital Stock Exchange, KC Bank Miami, KC Bank Hong Kong Gold Trading, Karatbit, KCB Coin and KBC Coin.
Karatbars and its associated companies operate illegally the world over. Neither Karatbars or owner Harald Seiz (right) are registered to offer securities in any jurisdiction.
Seiz operates Karatbars from Germany. Other than BaFin issuing a securities fraud warning in 2019, German authorities have failed to take action against Karatbars and Seiz.