Master Key Bank: Antoun Toubia transitions to banking fraud
Master Key Bank is a new scam from serial fraudster Antoun Toubia.
This time it’s “AI” and banking fraud.
Master Key Bank’s website domain (“masterkeybank.com”), was first registered back in October 2021. The private registration was last updated on December 23rd, 2022.
Through the WayBack Machine we can see that “masterkeybank.com” was for sale shortly after it was first registered.
This suggests the current owner took possession of the domain on or around December 2022.
To that end Master Key Bank fails to provide ownership or executive information on its website.
A visit to Master Key Bank’s website is interrupted with a login/signup form:
With a bit of searching around you’ll come across Master Key Bank marketing videos on YouTube.
These videos present fictional CGI robo-dub identities as Master Key Bank executives.
Over on LinkedIn we find out who’s actually behind Master Key Bank:
Antoun Toubia is a serial fraudster, whose history we’ll get into later. Last I heard Toubia, believed to be a Lebanese national, was in Georgia (the country).
If that’s still the case, presumably Georgia is where Master Key Bank is being operated from.
The general pitch of Master Key Bank is that’s it’s an AI powered e-bank that doesn’t exist yet, blahblahblah blockchain.
Founded on the principles of transparency, security and accessibility, Master Key Bank utilize cutting-edge AI and blockchain technology to provide its customers with unparalleled service.
The investment opportunity?
The bank is currently selling founder positions, giving individuals the opportunity to become owners of the bank.
Master Key Bank is currently in the process of applying for full banking licenses in countries around the world.
Selling shares, virtual or otherwise, without registering a company with financial regulators constitutes securities fraud.
Selling shares in a company that doesn’t even exist yet is even more fraudulent.
From Master Key Bank’s marketing videos I’ve been able to ascertain shares are being sold for 1 cent each.
Affiliates can purchase combo share positions for $300, or $1000 for a “founder position”.
A 5% to 15% referral commission is paid on recruitment of affiliate investors. The exact percentage paid out is purportedly determined by how many founder position affiliate’s you’ve personally recruited.
Whether Master Key Bank has an attached MLM compensation plan is unclear (the website is locked off).
I also want to note that even if you buy into the marketing BS, it stands to reason that no legitimate regulatory authority on the planet is going to give a banking license to a sham company headed up by fictional CGI executives.
From Master Key Bank’s marketing pitch;
The bank promises to never freeze accounts or ask unnecessary questions about transfers, as long as proper “Know Your Customer” (KYC) protocols are followed.
If fraud is suspected, banks don’t have a choice when it comes to freezing accounts or querying customers. They have to in order to cover themselves in the event authorities investigate and take action.
Nonsense like “we’re not going to freeze accounts or ask questions” further emphasizes how much of a sham Master Key Bank is.
On the money side of things affiliate investors are led to believe their shares will be worth something at some point.
Master Key Bank affiliates invest on the promise of monthly returns:
And there’s also staking investment fraud:
All of this needs to be registered with financial regulators, and none of it is.
BehindMLM first came across Antoun Toubia through United Capital Investments in 2019.
UCI investors were pitched a 10,000% ROI over 40 weeks. The obvious Ponzi scheme followed Toubia’s earlier exploits; Pebex, SprinkleCoin and UCI Coin.
United Capital Investments collapsed or began collapsing sometime in late 2019. Victims were eventually funnelled into “The Swedish Trust” in early 2021.
The Swedish Trust turned out to be yet another vehicle for Toubia to siphon money from gullible investors through. BehindMLM revisited the scheme in March 2022.
In a since-deleted late 2021 marketing video, Toubia claimed The Swedish Trust collapsed due to COVID-19 and “family issues”.
After The Swedish Trust came the British Business Bureau.
Toubia registered the UK shell company in February 2022 with a $2 billion USD statement of capital (UK incorporation fraud is rampant so don’t read into that figure).
Same playbook; worthless shares flogged on the promise of riches.
Business Bureau Britain is still incorporated in the UK, but nothing has been filed since its Feb 2022 Statement of Capital.
And that brings us to Master Key Bank. New year, new scam.
BehindMLM documenting Toubia’s fraud stemming from the UCI MLM opportunity hasn’t gone unnoticed.
In May 2022 Toubia sent BehindMLM the following email;
Sorry for my message, i saw that article, and it is completely not right, i really have no hatred against you, i will delete my article on
medium that i have written before about you, i know you are trying to help expose scams etc.
But please give me a chance to explain that the information they gave you about me is not right at all.
I am a faithful father of two little girls. And i did everything by the book. I am ready to answer your questions and clear the confusion, i ask you because i know you still have a big heart and humanity in your heart.
And i really apologize for anything rude or offensive that came from my side. I am not here to get any information from you at all. I am here just to ask you as a human to consider removal of the articles you wrote about me, for the sake of my little two girls, and for the sake of 500+ investors and their future, that they are willing also to write to u and confirm that what Hester and Truth Teller wrote is just delusional and false information.
I am not telling you that i am the relative of mother theresa, but i am a man of good heart, and whoever wrote badly about me is just angry because we failed in the project that they are involves in and they now think they are sherlock holmes and they come witb all these fantasies.
Please i know that you have a heart to listen.
Thank you for reading my email, and i hope you consider my request.
To which I replied;
I stand by my own research. Feel free to point out any errors in the article proper and I’ll address them.
The article mostly quotes and analyzes your own words, so I don’t see how any errors were made unless they were on your part.
I also don’t appreciate speculation on my research process. It differs for any given article.
I can’t speak to the accuracy of comments left by readers. You’ll have to address them yourself.
My interest in you doesn’t extend beyond the MLM industry. You could very well be Mother Teresa, I’d still only cover your MLM exploits.
This prompted a back and forth, throughout which I maintained BehindMLM wouldn’t be taking down our coverage of Toubia’s exploits.
I didn’t bother responding to Toubia’s last August 5th email;
I am not running a ponzy scheme, it is just your opinion, but i heard stories your ego is very high, and you do not want to be proven wrong, so there is no solution for you, keep this way of evil deeds and causing harm to innocent people, if you think there is no god, you will find out soon how mighty is god.
Do not think that it will be left unpunished. I now know that all the things written about you online are real, that you are not a human, and have no mercy or heart, you are just evil after the money, you are no different than all the scammers and terrorists out there.
God have mercy on your soul.
Outside of outright fraud, the common theme in Toubia’s exploits is only he and those he works with make any money.
Master Key Bank, albeit still in its early stages, won’t be any different.