SCB releases list of companies that may be conducting illegal activities
The Securities Commission of The Bahamas has issued warnings on severalcompanies it stated may be conducting illegal activities in The Bahamas.
The companies are listed as Tradevolt, Karatbars International, Wiseling and Qubittech and are not registrants of the commission, according to public notices on the SCB’s website.
The SCB warned members of the public who may be considering engaging any of the companies to exercise “extreme caution”.
The commission added that the multi-level marketing entity Karatbars has conducted several meetings in The Bahamas for members of the general public that have been labeled as investment seminars.
“Members are invited to participate via conference, social media and word of mouth. In addition, members are asked to recruit persons to join the unregistered program. The aforementioned entities are allegedly promoting ‘Karatbar activities’, with the promise of the possibility of earning large payouts,” the SCB stated.
“As an incentive to the public to pay into this scheme and recruit additional people, Karatbars promises to provide a precious metal, namely a small gold bullion to members of the public. The commission cannot confirm the veracity of this claim.”
Wiseling was also referred to as a multi-level marketing entity which has recruited Bahamian citizens to host regular Zoom meetings that are used to encourage other Bahamians to invest money into Wiseling’s several trading programs.
“Wiseling claims to be a proprietary trading desk located in Finland. Wiseling further claims to trade equities, cryptocurrency, options, futures and foreign currency,” the SCB stated.
The SCB pointed out that other regulators in Finland and Ghana have issued similar warning notices about Wiseling.
Regarding Tradevolt – which has claimed to be a broker providing small accounts direct access to the trade market, the SCB noted that its investigations found that the company was not occupying the location listed on its website as its base of operations – Elizabeth Avenue, Nassau, Bahamas.
There were also ten other companies – Assetval PLC, Ex97 PLC, Forex PLC, Ifxon PLC, Globalvc PLC, Metaex PLC, Popsmart PLC, Profitpro PLC, Traderx PLC and Uniten-Ex PLC – which have falsely claimed on their websites that they are authorized and regulated by the Securities Commission of The Bahamas.
Companies and their agents are liable for criminal prosecution if they claim to be in compliant with the SCB and are not.