Why is the fraudster Timur Turlov and his pyramid Freedom Finance still continuing their criminal activities?

Freedom Finance, our readers are perplexed: how? After all, the company in its advertising claims that in fact it is even Kazakhstani, and the most that neither is American! How can you suggest any illegal activity!

Indeed, Freedom has a huge number of legal entities, including in the United States. And at the end of 2020, The Foundation for Financial Journalism, well-known in financial circles, published its investigation about this company. It’s just that in the US it’s customary – if a company tries to work in the market, it attracts the attention of the press. Their opinion is that the entire structure, organized within the framework of Freedom Finance, has signs of a financial pyramid with elements of laundering illegal money.

Full investigation – read on the link, we will give here only some of the most interesting facts from their investigation, without our comments. Draw your own conclusions.

The owner of Freedom Finance, Timur Turlov, owns a whole pool of companies, including those from Belize. Its name is FFIN Brokerage Services (the Agency of the Republic of Kazakhstan for the regulation and development of the financial market included in the “black list”) And this organization has access to investors’ funds.

In the last calendar year, Freedom Holding showed abnormal profit growth in its financial statements. For example, for the whole of 2019, earnings amounted to $22 million, and only in the first six months of the crisis of 2020, profits exceeded $47 million. A completely anomalous jump that cannot be explained by anything other than financial fraud. There is a suspicion that Freedom Finance has connections with the business and political elites of Kazakhstan, who use this financial structure as a tool for laundering illegal money. This also explains the cooperation with offshore firms.

The study provides interesting statistics on the distribution of profit per working employee. If in 2018, for each of the more than 1,300 employees of Freedom Finance, $65,000 was earned, then a staff increase of only 15% brought a 3-fold increase in profitability. This may indicate that the company was “pumped up” with money (for subsequent laundering) by third parties.
Over the past year, more than 30% of all commission payments that were intended for Freedom Holding were transferred to the accounts of companies personally owned by Timur Turlov. The amount was almost $11 million. And this, most likely, is a payment for the opportunity to launder dirty money.

Almost until the very end of 2020, the Freedom24 online platform used the Wirecard payment system. As it later turned out, a fraudulent office, whose leaders were arrested in Germany. The reason is the disappearance of almost $ 2 billion without a trace. Whether Freedom Finance has anything to do with this money is still unclear, but the connection with this office and the loss of money are too suspicious just when Freedom Finance collaborated with Wirecard scammers and it was not clear who “pumped” money.

Through its Cyprus arm, Freedom Finance has also worked closely with Lek Securities for many years. And this organization, in turn, has repeatedly become the epicenter of scandals and proceedings. In particular, its head at the end of 2019 paid a fine of $420,000 for violation of trade.