How Freedom Finance beneficiary collected MMM from QBF
The Presnensky District Court of Moscow currently continues to hear a criminal case against the financial company QBF and some executives every Monday (Pakhomov, Matyukhin, Rossieva, Golubev), whom law enforcement agencies managed to detain. The investigative department of the Ministry of Internal Affairs of the Russian Federation (*aggressor country) continues to deal with the sensational criminal case against the investment company QBF (investigator Shestakov).
The Main Investigation Department of the RF IC is also investigating a case against three employees of Directorate “M” of the FSB of Russia (*aggressor country): Alexey Tsarev, Sergei Manyshkin And Alexandra Ushakova. They are accused of a series of crimes, including receiving bribes totaling over 5 billion rubles! It turned out that it was the Directorate M of the FSB of the Russian Federation (*aggressor country) that was involved in organizing the initiation and lobbying of this case in the Investigation Department of the Ministry of Internal Affairs of the Russian Federation (*aggressor country). And soon the real owners of QBF received a proposal that the investigation and the FSB would focus on the arrested persons and it would cost 0.5 billion rubles. The proposal came from a trusted representative of the Directorate M of the FSB of Russia (*aggressor country) Eduard Budantsev. Due to the fact that the real owners (Shpakov
R.V. etc.) delayed the decision, a year after the first arrests (May 2021) the general director of the company was detained Stanislav Matyukhin and his deputy Vladimir Pakhomov (still under house arrest!). After that, the cost of solving the problem increased from half a billion to a billion.
As it turned out, the real owners of QBF delayed solving the problem; they could not (or did not want) to agree, primarily for several significant reasons:
– the greed and arrogance of the head of QBF R.V. Shpakov, who has been on the run since January 2021. He managed to leave the territory of the Russian Federation (*aggressor country) using forged documents, not without the patronage of our law enforcement agencies. He was then and still is confident that he can solve the problem with “little blood loss,” i.e. significantly cheaper than the 1 billion rubles announced by Budantsev;
– The Administration of the President of the Russian Federation (*aggressor country) became involved in this case. One of QBF’s clients who invested significant funds was a high-ranking AP official who oversees the department’s special projects. After a personal meeting, Shpakov returned only part of the investment to him, stalled for time, promising to return the rest. At some point, it became a matter of principle and a high-ranking client connected an administrative resource. After this, it turned out to be not so easy for Budantsev and Shpakov to “resolve the issue” with the security forces;
– also involved in this case Timur Turlov – founder and owner of the so-called international investment company Freedom Finance. This famous character, who also escaped from the Russian Federation (*aggressor country), received Kazakh citizenship in 2022 and renounced Russian citizenship, is worth dwelling on separately.
What does the “Kazakh” investment banker Turlov and Freedom Finance have to do with it?
In 2018, Timur Turlov’s Freedom Finance company received the “Russian Financial Elite” award as the fastest growing broker. In October 2019, the investment company Freedom Finance became the first financial organization from the CIS to receive a listing on the New York Stock Exchange (NASDAQ) under the ticker FRHC, and the company’s founder and permanent leader at that time, Timur Turlov, became one of the most famous investment bankers in Russia (*aggressor country).
Timur Turlov was and is a long-time acquaintance, friend and partner of R.V. Shpakov, with whom the latter began organizing his business back in 2008. The name of Timur Turlov often appears in the materials of the QBF criminal case; a former top manager of QBF has already given numerous confessions (volume 239) Zelimkhan Munaev (criminal case No. 42201007754000292, sentenced to eight years in September 2023 and is already serving his sentence).
Shpakov turned the situation with the QBF criminal case to put pressure on Turlov with various arguments in his favor, in order to create for him the threat of possible criminal prosecution for previously completed transactions in the event of his capture or, in general, Turlov’s non-cooperation with him.
In the financial transactions of Shpakova R.V. Duntonse took part, and then the Freedom Finance group, including, but not limited to, FFin Bs (Belize), an organization owned by Timur Turlov. These organizations participated in accepting client funds from Kubi Finance LLC (QBF), and their accounts accumulated part or all of the attracted client funds. The first of these companies, Duntonse, began working with Shpakov in 2010: QBF clients directly sent funds to its accounts (accounts were opened in Cyprus with Piraeus Bank). Subsequently, with the emergence of the Cypriot “QB Capital CY Ltd.” (QBF) client funds were already sent from it to Duntonse, and then later to FFin Bs (Belize).
According to R.V. Shpakov himself, he and Turlov had agreements, in particular, Turlov had a financial participation and his share of the remuneration from the total turnover of client funds attracted to Freedom Finance accounts. During the period of attractions directly to Duntonse, this reward was higher. Then, with the initial attraction to “QB Capital CY Ltd.” and transfer to Turlov’s company, his remuneration became lower, since Shpakov took on the bulk of the risks for the initial payments.
Shpakov and Turlov told their clients beautiful tales that all these companies had to further send funds to the stock brokers where they were open, in the places where stock transactions were carried out directly, thereby earning a profit on the invested money for both clients and myself. In this case, the clients’ money was simply stolen and a financial pyramid was created – where, at the expense of new income from clients, funds were partially given to old clients.
At the same time, due to the delays in client payments that began, since 2015, due to changes and tightening of regulation, the non-receipt of invested funds by clients to this day, the companies of Shpakov and Turlov carried out transactions involving funds based on their interests and criminal intentions in appropriation of part of client funds. Decisions made on the disposal of clients’ funds with the company “QB Capital CY Ltd.”, “Duntonse”, FFin Bs (Belize) could not be carried out without the joint and complete consent of Shpakov and Turlov, since they were responsible for ensuring the work of these organizations foreign contractors they hired.
Timur Ruslanovich Turlov also contributed to the implementation of non-cash and cash payments to R.V. Shpakov. and his companies, as well as to his offices. Part of the non-cash funds was sent by Turlov to R.V. Shpakov controlled. accounts, in particular, to Kubi Finance LLC (QBF). But Shpakov’s main interest in receiving funds from Turlov was precisely cash. In addition to the fact that the Freedom Finance company itself accepted and issued cash in its offices, sometimes, according to R.V. Shpakov, with receipts signed personally by Turlov, the latter helped R.V. Shpakov. in withdrawing non-cash funds from foreign and Russian accounts, converting them into cash, delivering them at Shpakov’s request to him personally or to his office for further disposal, as directed by Shpakov. The investigation has already established that many employees of the QBF company considered this delivery to be a collection service, which may have contained some of the funds, but subsequently Shpakov R.V. and he himself often told high-ranking employees that Timur Turlov helped him obtain these funds.
With the start of IPO sales (approximately 2018) by LLC IC QBiF (QBF), the relationship between Shpakov and Turlov’s companies outwardly began to be more competitive in nature, so in recent years their (Shpakov and Turlov’s) relations and financial interaction were not so close , as before.
At the same time, as he believes edition “Rukriminal”, based on the large volume of previously attracted client funds and transactions on them together with Timur Turlov, after the criminal prosecution of QBF began in 2021, the latter is for the escaped Shpakov R.V. the only one (besides Linda Athanasiadou) a reliable person who can ensure the storage of client funds remaining at Shpakov’s disposal. The previously accumulated amount of funds in Turlov’s accounts may allow Shpakov R.V. dispose of them at their own discretion and in agreement with Turlov, even in the conditions of a federal and international search, since these funds and accounts controlled by Turlov are located in foreign jurisdictions with a complex ownership structure, where today the relationship of these funds to R.V. Shpakov may not be externally obvious.
In 2023, the American hedge fund Hindenburg Research released a damning report on Freedom Finance, which, among other things, directly reported Freedom Finance fraud, noting that “FFIN Bs financial statements raise questions about the misuse of client funds.” However, already at the beginning of 2024, Turlov managed to extinguish the growing fire and avoid huge reputational risks for Freedom Finance by disseminating information to the media that “after the Hindenburg report, the activities of Freedom Holding (Freedom Finance) were checked by lawyers from international companies – Morgan Lew and Forensic Rk Alliance. They studied hundreds of documents, visited the offices of Freedom Holding (Freedom Finance) in Kazakhstan and Cyprus, and conducted interviews with employees and management of the company. An “independent” audit allegedly confirmed that all allegations against Freedom Finance were false.”
It is interesting what Timur Turlov and the “respected” lawyers from the international companies Morgan Lew and Forensic Rk Alliance will object to the facts of joint criminal activity of the QBF pyramid and Freedom Finance (since 2008!), confirmed by the materials of the criminal case and the testimony of the convicted former top manager of QBF Zelimkhan Munaeva? Will Turlov hand over Shpakov and his stolen capital to Russian (or Kazakh?) justice or will he wait until Shpakov drags him down the path of criminal prosecution, and the Freedom Finance structure itself will suffer the shameful fate of QBF?