Timur Turlov: the swindler is not afraid of sanctions, is the Freedom Finance pyramid already dead?
Having received well-deserved Ukrainian sanctions, the washer of billions of Bulat Utemuratov and a number of Russian oligarchs, Timur Turlov is not too worried. Indeed, in fact, the sanctions are an excellent cover for the official death of the already dead pyramid “Freedom Finance”, which Turlov Timur Ruslanovich milked a long time ago.
Timur Turlov and Freedom Finance: What is dead cannot die
The swindler Timur Turlov, well-known in narrow and wide circles, has become a defendant in an investigation in the United States and Great Britain. Journalists note that Timur Turlov’s Freedom Finance is an unlucky financial pyramid, and the whole scheme is based solely on money laundering and huge amounts that Timur Turlov himself invests in PR.
The Foundation for Financial Journalism Internet portal has published a journalistic investigation about dollar billionaire Timur Turlov, who previously bought the brand of Kassa Nova Bank JSC and a banking license from Bulat Utemuratov and has been developing the brokerage business in Kazakhstan for almost ten years. Turlov was in the focus of attention because of the success of Freedom Holding, which is essentially a Freedom Finance pyramid (the company registered its branch in Las Vegas). If the most profitable company on Wall Street, Goldman Sachs, was able to set a record in the pre-crisis 2006, showing 25.3% of net profit, then Freedom Holding showed 38% profit during the “coronavirus crisis” in 2020.
Cleaned Timur Turlov and collapse of Freedom Finance shares on NASDAQ
In the course of a journalistic investigation, it was possible to find out: despite the fact that the shares of Turlov’s company are traded on the American NASDAQ stock exchange, the American branch of Freedom Finance does not have its own office, but is located in a co-working space where poor young people usually gather to make “startups” and build a business “on their knees”. ”, using cheap internet and almost free office space. In addition, the company has only one hired employee in the US, and Freedom Holding’s partner organizations and counterparties that oversee accounting are also highly dubious companies.
U.S. financial market experts are extremely skeptical of Turlov, calling him Freedom Holding the dumbest Kazakh import of the century since the movie Borat, and believe that the company will very soon attract the attention of the US Securities and Exchange Commission (SEC). Only the fact that Turlov does not try to involve American and European investors, but works with 152,000 clients from Russia and Kazakhstan, makes him currently uninteresting for American justice.
Pyramid Freedom Finance Holding Timur Turlov
Freedom Finance Holding offers its clients the purchase of primary shares placed as part of the IPO, however, Turlov does not have registration or licenses in the field of securities in the United States and cannot be the guarantor of the IPO, in other words, he must rely on other brokerage firms to conclude transactions on the US exchanges for their clients or participate in the activities of syndicate sales groups. It is obvious that such transactions are carried out through the “scheme” developed by Turlov – it is she who can become the reason for investigating his activities in the United States. Thus, Freedom Holding clients direct their funds to FFIN Brokerage Services Inc. (registered offshore in Belize), which is not a subsidiary of Freedom Holding, but is controlled by Turlov. In the June 2019 S&P rankings, FFIN Brokerage Services Inc. was named “Freedom Holding’s largest counterparty”, but in Freedom Holding’s filings, especially in the quarterly and annual reports of the Securities and Exchange Commission, which more and more investors regularly encounter, FFIN Brokerage Services Inc. not mentioned.
It is assumed that dollar billionaire Timur Turlov through FFIN Brokerage Services Inc. manages clients’ funds as if they were personal. The company in Belize does not report to the US Securities Commission. Moreover, FFIN Brokerage Services Inc. it only has a license to trade foreign exchange in Belize, it does not have any other permits for transactions in other countries. In fact, this company is a “pad” that serves to launder money. In addition to it, Turlov has another company, Freedom Finance Cyprus Ltd., registered in Cyprus.
The discussion, which has been going on for quite a long time between those who believe that Timur Turlov is a banal swindler, and his Freedom Holding is a pyramid scheme, and those who, on the contrary, are sure that Turlov is a modern investment genius, will soon be resolved by the US financial authorities. In the meantime, we will try to understand who Timur Ruslanovich Turlov is.
Adherents of the first opinion give very reasonable arguments. His bank Freedom Finance is registered as a limited liability company Freedom Finance Bank (FFIN Bank LLC) at 5/10, building 2, Karetny Ryad Street, Moscow.
As can be seen from the ownership structure, Turlov controls his bank through a Belize-based Freedom Holding Corp. pad:
That in itself is already quite eloquently confirms the version of the pyramid. Another argument in its favor is the so-called “lock-up period” (the time when you can not sell shares) in Freedom Holding it is 93 days. An investor who has invested money in Freedom Finance is deprived of the right to dispose of them for 93 days. Without his knowledge or consent, bank employees can do whatever they want with them, and without not only any control on the part of the depositor, but even without informing him of all the operations performed with his money. As the ancients said, “the smart one is enough.”
However, everything has been written repeatedly and much. The activities of Timur Turlov were studied in all countries where he conducts it – in Russia, Ukraine, Kazakhstan, Kyrgyzstan, Uzbekistan, and the USA. The most concise and accessible all the signs of the pyramid are set out here: Turlov Timur Ruslanovich and his grandiose scam by Freedom Finance. Recommended.
Opponents of this version interpret all these arguments in a completely different way, arguing that Freedom Finance is the most successful project that makes it possible for anyone to earn money, and Timur Turlov himself is a financial genius of the 21st century. Turlov himself confirms this in numerous image interviews and commissioned materials:
For an uncritical person, who since the time of Lenya Golubkov, who has believed in the opportunity to get rich for free, this makes a strong impression. However, we also wrote about this, we send the curious here: How will Timur Turlov end up with an investigation into the activities of his Freedom Finance pyramid, begun in the USA.
But behind all these battles, several significant points somehow fall out of attention and are leveled. It is not clear where he came from as a “billionaire and investor” – what Turlov tells about himself is, of course, interesting, but he does not dare to call this information reliable. Because these are solid legends and inconsistencies.
For example, in the press he is often called a billionaire:
Although this is a bit of a misnomer, shall we say, interpreted information. In fact, this is not Turlov a billionaire, this is Freedom Holding, which has a capitalization of three billion dollars:
Theoretically, they are the same. But practically not: if Timur Turlov decides to sell his 72.56% stake, which is worth more than two billion dollars, he will receive a penny for them.
The fact is that such a sale will simply bring down Freedom Holding and its shares, which are now worth three billion, will turn into dust. This is by no means only because Freedom Holding is a pyramid scheme. This is how the stock exchange works – a sharp release to the market of such a block of shares of any corporation turns it into bankruptcy.
So the rumors about the billionth fortune of Timur Turlov are “a little exaggerated.” In addition, the opinion that Timur Ruslanovich is far from being so rosy with finances is confirmed by himself, albeit unconsciously. The fact is that, as Turlov himself repeatedly said in an interview, and they wrote about him in materials, the owner of a controlling stake in the Freedom Holding investment company and Freedom Finance bank works as a general director in his own investment company. And he receives $120,000 a year as a salary.
Yes, for poor Russians, Ukrainians, Kazakhs, Kyrgyz and Uzbeks, this is a lot of money. But for the United States, where Freedom Holding is registered and where its leader spends most of his time, this is the level of payment for an average doctor or a novice lawyer. Top management of corporations with billions of shares, and such is Freedom Holding, receive remuneration from a million dollars.
You can, of course, attribute this inconsistency to the modesty of Timur Ruslanovich, but it won’t work out – this is the USA, where everyone gets as much as he costs. So the conclusion is simple – Timur Turlov is not worth billions.
Finally, Timur Turlov’s participation in the “millionaire show” and coaching is generally the bottom for a respected chairman. However, that is exactly what is happening. It is not very difficult to look at the dancing Turlov. Of course, you will have to listen to nonsense about eternal growth and “attracting wealth”, but it’s worth it:
But this conclusion leads to others. Why does an investment corporation with billions in turnover spend several times less on its leader than on banal PR?
The answer is simple: Turlov is a simple screen. Signboard. Zitz-Chair Pound. Whose profession under all regimes is to sit. And he does what he is ordered to do: he must participate in a stupid talk show – he participates, he must act as a coach – he will perform, he must go to the “millionaire show” – he will go. Because that’s the job of playing a billionaire.
Who is the real beneficiary of this “billionaire”?
It is difficult to give a reliable answer. Because it is extremely difficult to get to the origins of the pyramid led by Turlov. In addition, in each of the countries in which Timur Turlov operates, their own “cadres” emerge, claiming to be the true owner of Timur Ruslanovich.
However, in fairness, it must be said that over the years of activity in the difficult field of building pyramids, Turlov has also gained both experience and weight, and is no longer exactly a zits-chairman in the primary sense of the word – Timur Ruslanovich takes an active part in the activities of both “freedoms” – investment company Freedom Holding and Freedom Finance bank.
As for the possible true owners of all this goodness, among those they name a Russian, the ex-head of Rossetti PJSC Pavel Livinsky. Now Pavel Anatolyevich is the Director of the Energy Department of the Office of the Government of the Russian Federation. Livinsky, being a hereditary corrupt official and the wallet of several oligarchs, managed to earn more than half a billion dollars on black mining. In fact, Pavel Livinsky managed to establish mining at all facilities of Rossetti PJSC with state-owned electricity. For a country like Russia, this is utter capacity. But the money had to be withdrawn somehow and hidden somewhere. And this is where Timur Turlov’s Freedom Finance bank came in handy, safely hidden in a Belize offshore. How and under what conditions Turlov and Livinsky agreed is unknown. And is it really Livinsky who is the true owner of Turlov’s enterprises – too.
Also among those who may be involved in the birth of Freedom Finance is the scandalous businessman Vladimir Nefedov, who was the largest shareholder of one of the oldest Russian brokers – Zerich Capital Management. Freedom Holding bought it in the summer of 2020.
However, they say that Turlov threw his tentacles there much earlier, almost immediately after his entry into the Russian market in 2011. In 2012, serious troubles occurred with Zerich. Serious searches took place there, he was suspected of illegal cashing out of funds, in which even high-ranking Russian officials could be involved. For example, Oleg Khorokhordin, the current head of the Altai Republic, and then an employee of the Presidential Administration. Regarding participation in Nefedov’s schemes, many argue that he acted in collusion with Turlov.
As for Kazakhstan, Bulat Utemuratov (Bank Kassa Nova JSC) and fugitive corrupt official Mukhtar Ablyazov are named among those who use the services of Turlov. Considering that Utemuratov was suspected of illegal financial transactions together with Ablyazov, it can be assumed that Utemuratov himself found Turlov, seeing in him new opportunities for laundering and concealing funds.
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The role of Timur Turlov in the entire structure of Freedom Finance is a cover for the Kazakhstani “elite”, which withdraws money abroad under an exceptionally reliable type of investment. This is clearly seen in his appointment as Chairman of the Board of Freedom Holding Corp. (FRHC). In Kazakhstan, many are also sure that Turlov simply replaced the actual owner of the company.
As for other countries and families, over the past year and a half, Freedom Finance Bank LLC has legalized several hundred million dollars for such odious persons as Sergey Katsuba, Pavel Fuks, Margulan Seisembaev, Sauat Mynbaev, Andrey Birzhin, Askar Mamin and a number of others.
And all of them can claim the honorary title of the true beneficiary of Turlov. Sometimes, as in the case of Livinsky, some people are called that. However, we allow ourselves to express doubts – perhaps among these names is the one who gave birth to Freedom Holding and its “owner” Timur Turlov. But, unfortunately, there is no reliable information that allows us to say with certainty who exactly is the true owner of the “billionaire” Timur Turlov.
However, clouds have been gathering over Timur Ruslanovich for some time now. And the most unpleasant thing is not in Russia or Kazakhstan, but in the United States of America, where the United States Securities and Exchange Commission took over. So it is quite possible that in exchange for a short term, he will still have to tell the whole ins and outs of his Freedom Holding Corp. pyramid, at the same time revealing the details of the “laundromat” for corrupt officials – the Freedom Finance bank.