The Case of ‘Karatbars’ – the Biggest Gold Pyramid Scheme of All Times? (Part 1)

The Case of ‘Karatbars’ – the Biggest Gold Pyramid Scheme of All Times?

Crypto currencies are currently en vogue and everyone is trying to get a piece of the action in one way or another. Each of these brings with it the aspirations of making money from the comfort of their home with only a few short clicks of a mouse. And, what’s better? A seemingly lucrative investment opportunity in a crypto currency which likens its risk to a zero sum game. Even better, just imagine if this opportunity is backed by, arguably, the most valuable of all commodities, gold. While considered crisis proof, gold is the most valued of all precious metals, however, as any real investor knows, there is no such thing as “crisis-proof.”

Of all the network marketing companies built on the crypto currency phenomena, there is none as dubious as Karatbars International GmbH. In short, KaratBars is just another pyramid scheme lining the pockets of the few founders, and removing hard earned savings from many good-faithed, unfortunate people. With an effort to show glamour and prestige, the unscrupulous founders of Karatbars are promising riches upon riches, all backed by gold reserves. The case of Karatbars starts in Stuttgart, Germany with Founder and Managing Director of Karatbars International GmbH, Harald Seiz, and his cohort, Croatian Board Member, Josip Heit. Allegedly, the KaratGold Coin (KBC) and the Karatbank Coin (KCB) claim to be back by gold reserves, you know, as in the gold standard that used to apply to the US dollar. And, here we have it, yet another crypto currency scam but, this time, with a special twist of adding in the “underwritten” by gold. Just like the many others who came before them, KaratBars lacks any factual proof and even less credibility, even at this early stage. According to the company, more than 500,000 people are said to have “invested” in the KBC and KCB Coin. With the prospect of dreamlike returns, these self-prophecitized financial geniuses are just a lower class Bernie Madoff, taking money from small individuals and using it to pay back the dividends and/or returns they owe from those who entered the pyramid before them. Whether or not these extraordinary returns are actually based on gold reserves, is only another sensationalized fairytale like those who came before them. As soon as the cash inflow stops and they have to start selling the Rolls to make the next set of redemptions or dividends, the real story will be revealed. Does Karatbars actually have the gold to hedge the KBC and KCB Coin? How do you establish credibility with unsuspecting investors? Our international research team has investigated this matter and uncovered a series of unbelievable brazen machinations of the self-proclaimed entrepreneurs.

The master plan starts with the development of a video shoot using a freelancer to act as their Interviewer in Hong Kong in late March 2019. The video is designed to give an impression of a serious interview with Harald Seiz and Josip Heit in a company-owned office (https: / /, a visit to a one-day rental of a staged vault in Hong Kong for 2,500 EUR at the Royal England Safe Deposit Box Ltd., two mines in Africa, a staged bank opening ceremony in Miami and a self-proclaimed Gold Independence Day to be held in Las Vegas on July 4, 2019.

The video starts on the streets of Hong Kong with Josip Heit, Harald Seiz and Romanian, Alex Bodi, who completes the management team, on a sunny March day, surrounded by bodyguards, as they make their way to a safe deposit company established in 2017 under the name of „Royal England Safe Deposit Box Ltd.“ Alex Bodi elegantly pushes a small aluminum carry-on suitcase with apparent ease that allegedly holds a total of 280 kg of gold. As the video commentator states (https:/ / on the same day, 1.12 tons of gold, were already stored in the safe deposit on behalf of the Karatbars investors. Also, in this same video, Seiz comments that they had now stored 40 kg of gold, which corresponds to the actual scenario not the overindulged lies we stated earlier. It’s easy to get confused in this sea of lies.

Why are two German-based entrepreneurs, Harald Seiz and Josip Heit, looking for a Hong Kong vault to store their gold? Harald Seiz is Managing Director of both Karatbars International GmbH in Stuttgart and GSB Gold Standard Banking Corporation AG in Düsseldorf, and Josip Heit is a member of the Executive Board. The answer is simple. Tax evasion. If they were to transfer income to and from Germany, they would be liable to the German tax authorities. Further, under German law, the onus is on the company to prove that Karatbars GmbH / GSB Gold Standard Banking Corporation AG owns any gold. If they did, they would be able to avoid the legitimacy test required under German tax code. Finally, who wants to pay taxes on an imaginary amount of gold. It should also be noted that anyone can rent a box in the vault of the safe-deposit bank. Anyone can have a safe deposit box as long as you pay the rent. Whether it’s 1.4 tonnes of fine gold or real gold, has never been proven. The bank they supposedly visit in Miami, that they own, is a Regus building, you know the shared rental space that you can pay by the hour. It is much more likely, the „fine gold“ comes from the props department of a local video production firm. In addition, it is also known that tons of counterfeit gold bars are produced in China, which are sold in large quantities. Shoppers can choose size and embossing.

The Karat Gold Coin (KBC) and the KaratCoin Bank Coin (KCB) are supposedly underwritten by company owned gold mines in Madagascar and Guinea. The official company presentation states that the Guinean MIne has a deposit of 700 tons of gold. This statement is clearly in contradiction to the statement of the Ministry of Mines and Geology of the Republic of Guinea, which estimates the total gold reserves of the whole country at 700 tons and estimates the annual gold production at about 8 to 10 tons. The Gold Standard Bank Corporation AG or any other company in the Karatbars network cannot identify even one significant gold producer in the entire country, let alone any that own a gold mine. It is important to note that the largest gold producers in Guinea are the Gold Corporation (SAG, an AngloGold Ashanti subsidiary) at around 9.9 tons and the Dinguiraye Mining Corporation (SMD) at 8.5 tons gold per year. The Mining Licenses page of the Ministry of the Republic of Guinea does not contain any active or applied for license of any company affiliated with the „KB Universe“, neither the alleged bank in Miami or the GSB Gold Standard Banking Corporation AG from Dusseldorf.

The mines in Madagascar, which according to a self-commissioned appraisal report from a rather unknown auditor in the Frankfurt area suggested that the company owns 22 tons of gold potential, listed under the license numbers 39756 and 15745. However, these license numbers are registered to TSARAVINTANA MINING S.A.R.L.U., not KaratBars and are for the mining of rubies, sapphires, uranium, rhodium, malachite and mica, not gold.

For the financial year 2018, the Croatian White Rock d.o.o. shows a loss on the income statement of 48,551 kuna (about 6,500 EUR). Based on a monetary unit in gold, that assets would be extraordinary, to the tune of at least the sums they quote in their videos. Look high and low and you will never find the asset valuation nor a corresponding book value that could even be substantiated in the slightest or approximated in the self-commissioned valuation report of 938.8 million EUR and the 50% stake in Fort Dauphin.

There is also a second, similar-named Croatian company „White Rock Minerals d.o.o.“ under the registration number 57875783006. The White Rock Minerals Annual Report d.o.o. shows annual revenue of 121 kuna, which corresponds to about 16 EUR, and a net loss of 15,663 kuna (about 2,100 EUR).

Curiosities arise from their own Whitepaper, about KaratCoin Bank. In the disclaimer regarding the gold mine, it states that the gold mine might actually not even exist: “The KBC FOUNDATION GOLD MINE is located in Madagascar and shall produce gold that will be required by the KaratGold Ecosystem. For example, the gold shall be used for the CASHGOLD, which shall have a link to the KaratGold Coin. Whether and to which extent the gold mine exists, whether its managers are professional, how the license situation is and whether it will produce substantial quantities of gold and at market conform prices, is open. (…) If such risks materialize, the KaratGold Ecosystem and with it the KaratGold Coin as well as the KARATCOINBANK COIN and the KARATCOINBANK WORLD ecosystem could collapse. A total loss of the funds invested in the KARTCOINBANK COIN could be the consequence (KaratCoinBank Whitepaper, page 14).

Approximately eight months ago, at an event in Atlanta, Karatbar executives spread untrue statements from the stage. Yes, you heard correctly, they lied and it’s documented on camera. „Did you see the bank building in Miami, did you see that the bank is real, did you see the bank building, did you like it?“, Dirk Zahlman, a former leader, screams from the stage trying to establish credibility with the audience. The bank in Miami would have $100 million in subscribed capital, with only $50 million required. Harald Seiz and Josip Heit do not let it spill, if then it is properly paddled. We looked into the local business register for companies that have included „Karat Coin“, „Karat Gold“, KaratCoin Bank „,“ Karat Bank „,“ KBC „etc. The only hit is a corporation under the name „KARAT COIN, CORP.“, headquartered in New York, but no bank in Aventura, only a business address being room number 700 at the 18851 NE 29th Ave, in Aventura. However, the office building at this address is not a bank, but rather offices that are rented on an hourly basis ( virtual-offices / facility-974) Room No. 700, from which the corporation apparently operates, is what is known as a virtual office, which can be rented for as little as $60 per month.

Gold is ordered at Karatbars, either as Classic Cards or CashGold notes in denominations of 0.1g, 0.2g, 0.4g, and 0.6g, which are then included in the profit packages. In addition, when joining the network, you are entitled to a certain amount of the KBC / KCB cryptocurrency, which is in fact worthless, because there is no gold reserve supporting the foundation. To join the MLM, the cheapest package costs 150 EUR which gives you 0.2g of cash gold. One gram of fine gold trades around 38 EUR; the value from the package is, thus, undervalued to a mere 7.60 EUR. Given that the gold commodity value of the KBC / KCB Coins has yet to be established, you must decide for yourself whether it is a good decision to pay 150 EUR in return for the lessor value of 0.2g CashGold. You can’t say you weren’t warned.

The Gold argument also seems contradictory: on one side, there is talk that the gold, which usually circulates in the form of bars or coins, however, due to its considerable value, is not issued as a form of currency for rather small amounts such as grocery shopping or gas for your car. Just like all other commodities and currencies, since a denomination is required to exchange as a currency, gold is impractical. People are not going to walk around with gold bars in their pocket. Karatbars relies on small denomination in the form of CashGold notes. The practical application of CashGold, however, seems doubtful – with a CashGold bill, one can try to persuade the cashier at the supermarket or at the gas stations to pay for their purchase… And, if you were to order CashGold directly from Karatbars GmbH it would not be delivered immediately. The only option during the ordering process is „storage“, gold is supposed to be stored. However, on the other hand, collectible cards and CashGold certainly cannot suggest an „investment in the future“.

According to the company, investors could convert 100 KBC into 1 gram of pure gold at the „Gold Independence Days“ event at the Bellagio in Las Vegas on July 4. That might not be a problem for Karatbars either, as they‘ll have enough money from the expensive packages Anyone looking for CashGold tickets can try shopping in Las Vegas with CashGold tickets. Good luck with that. Does Steve Wynn accept CashGold at the Wynn or the Bellagio? Go shopping or eat at Le Cirque and see if they accept CashGold as a payment method.

By 2020, Karatbars International GmbH and GSB Gold Standard Banking Corporation want to reach a market capitalization of $100 billion from unsuspecting investors. Windy entrepreneurs like Harald Seiz and Josip Heit are living the life of Riley at poor independent reps expense. People live in fear of increases of the interest rates and decisions of monetary policy that result in price increases and fiscal policies that ward off changes in the tax policies. Individuals would love to invest in products that promise protection against inflation. Hard-to-understand company structures, phony gold mines and a cryptocurrency based on nothing – that‘s the Karatbars history. Investment in the future? Hardly likely.

The world‘s first cryptocurrency, backed by gold, appears to be another Ponzi system and possibly the biggest fraud in recent years. The case of Karatbars is quite similar to the infamous gold scandal, Bre-X Mining Goldscam ( We have it on good word that Federal authorities have been investigating the case, and we might see the results over the next couple of weeks.

Recently, more and more fraudulent crypto companies have disappeared without a trace or went bankrupt; remember Tessline or Omnia? In conclusion, do yourself a favor and stay away from anything related to the Karatbars network.

We will continue to follow this story and how it reveals itself publicly. This is only the foundation. We have a long way to go to reach the tip of the iceberg. Stay tuned for Part II of Unveiling the Karatbars Scam.

German Version / Deutsche Version

Karatbars Scam – Beim Fälschen und Kopieren ertappt. Geht es überhaupt noch dreister? Teil 2

Akte KB/1/06.19/Ponzi

Die Skandalwelle um Karatbars International GmbH aus Stuttgart, der GSB Gold Standard Banking Corporation AG, Düsseldorf (ehemals GCC Gazella Corporate AG) sowie der vermeintlichen KaratCoin Bank reißt nicht ab. Wir erinnern uns an die nicht-existente Bank im für etwa 60 Dollar angemieteten Büro in Florida sowie an den sorfältig gescripteten Videodrehtag in Hongkong und dem angemieteten Security Vault bei der Hongkonger Schließfachfirma namens Royal England Safe Deposit Box Ltd. Es wurde scheinbar an alles gedacht, nur nicht an Details: 280 kg vermeintlichen Goldes wurden in einem Handgepäck-Koffer zur Schließfachfirma geschoben, der gerade mal in die Flugzeugkabine passt; mehrfach widersprüchliche Angaben beim “Goldbestand” – nur, nun ja, es handelte sich ja gar nicht um echtes Gold! Und ganz und gar nicht zu vergessen: Es gibt ja gar keine Goldlizenz für die angebliche Mine in Madagaskar oder Guinea oder wo auch immer… Eigentlich gibt es überhaupt kein Gramm Gold in den vorgenannten Minen, ganz abgesehen davon, dass weder die KaratCoin Bank noch die GCC, nun GSB GSB Gold Standard Banking Corporation AG, eine Mine besitzen.

Mit dreisten Lügen ergaunern sich Harald Seiz, Josip Heit, Alex Bodi ein Luxusleben. Von den Büroräumen aus in Stuttgart werden Tag für Tag zigtausende Opfer angelockt. Der Betrug basiert auf einem simplen Schneeballsystem, bekannt als das Ponzi-Schema, benannt nach dem italienischem US-Immigranten Charles Ponzi, der das Prinzip in den 20er Jahren nutzte. Er gründete eine Finanzgesellschaft mit sein Slogan: “Borg mir dein Geld und du bekommst 50 % Zinsen.” Zigtausend Menschen vertrauten ihm 65 Milliarden Dollar an. Er nutzte das neue Geld, um die alten Investoren auszuzahlen – ein typisches Schneeballsystem. Als es nicht mehr ausreichend neue Investoren gab, um die alten auszuzahlen, brach alles zusammen. Harald Seiz, Josip Heit, Alex Bodi und Co. nutzen die gleiche Technik. Regelmäßig werden Provisionen ausgezahlt auf ein Produkt, das es gar nicht gibt. So kostet das “VIP Paket” ganze 3.017 Euro und enthält nebst eine ganze Menge Papier gerade mal 0.1 Gramm sog. CashGold und wertlose 4.800 KCB Coins, denn wir erinnern uns, der Coin ist durch kein einziges Gramm Gold abgesichert.

Etwa 40 Euro kostet 1 Gramm Gold, bedeutet dass 0.1 Gramm Gold gerade mal lappige 4 Euro kosten, ganz abgesehen davon, dass CashGold Scheine nirgendwo akzeptiert werden. Über 3.000 Euro für etwa 0.1 Gramm Gold im Wert von einer Schachtel Zigarette und wertlose, durch nichts abgesicherte KCB Coins hinzublättern, ist ein typisches Merkmal illegaler Schneeballsysteme. Auf das VIP Paket werden bis zu 60 % an Provisionen ausgeschüttet, was bedeutet, dass 99,9 % der Provisionen auf neue Mittelzuflüsse gezahlt werden, und nicht auf den eigentlichen Produktwert (0.1g Gold, etwa 0.13 % des Paketwertes).

Doch hier geht es um weitaus mehr, als das Betreiben eines einzigen riesigen Ponzi-Systems. Bei Karatbars handelt es sich um einen großangelegten, gewerbsmäßigen Betrug, Diebstahl geistigen Eigentums sowie um schamlose Dokumentenfälschungen.

Karatbars, KaratGold und wie auch immer alle Firmen in diesem betrügerischen Geflecht heißen mögen, rühmen sich mit der ersten Kryptowährung, die durch echtes Gold abgedeckt sei. Dazu soll auch eine Mine in Madagaskar herhalten, die eigentlich gar keine Lizenz zur Goldexploration besitzt (wir haben bereits berichtet). Im “KBC Whitepaper” steht folgendes: “Dieses weltweit einzigartige Konzept umfasst auch die uneingeschränkte Abdeckung der Kryptowährung durch echtes Gold. Um diese reale, physische Abdeckung jederzeit gewährleisten zu können, hat KaratGold zu diesem Zweck die Beteiligung an einer voll ausgebauten, funktionierenden Goldmine in Madagaskar initiiert und diese nun erfolgreich abgeschlossen. Die Präsenz auf Madagaskar entspricht einem aktuellen Wert von bis zu 5 Milliarden Euro.” (Original: “This concept, which is unique in the world, also includes unrestricted coverage of the cryptocurrency by real gold. In order to be able to guarantee this real-physical coverage at any time, KaratGold initiated the participation in a fully developed, functioning gold mine in Madagascar for this purpose and has now successfully completed it. The presence on Madagascar corresponds to a current value of up to € 5 billion.” Ganz abgesehen davon, dass hier wieder mal geschlampt wurde, was konsistente, deckungsgleiche Angaben angeht (im Whitepaper werden der Mine bis zu 5 Mrd. Euro Wert attestiert, während im Audit sowie im Valuation-Paper von einem Fünftel des vorgenannten Wertes die Rede ist – 0.94 Mrd), baut das gesamte Konzept von Karatbars und deren Gauner Harald Seiz, Josip Heit, Alex Bodi, Ovidiu Toma & Co. auf einer dreisten Lüge auf.

Die Wahrheit ist: Der KBC und KCB Coin noch irgendeine andere Kryptowährung von KaratCoin Bank oder Karatbars sind durch einen einzigen Gramm Gold abgesichert. Das ergaben weitere gründliche Recherchen und Analysen des Investreport-Teams. Weder das Bewertungs- bzw. Valuation- noch das Audit-Paper können diese Tatsache aus der Welt schaffen.

Im Gegenteil, das Bewertungspapier unter dem Titel “Bewertung von Metallen und Bergbau / Madagaskar-Bewertung der KBC Foundation” (Im Original: “Valuation of Metals and Mining / Fort Dauphin, Madagascar Valuation of KBC Foundation”) ist ein Totalplagiat. Als Totalplagiate werden Dokumente bezeichnet – simpel ausgedrückt – die 1:1 schamlos von anderen Autoren geklaut wurden. Der Plagiat-Autor Markus Mincker aus Frankfurt am Main (“PWC & MM Revisors”, Anmerkung: Nein, PWC ist lediglich hier ein erfundener Name, damit es einen besseren Eindruck macht) fälschte im Auftrag vom Möchtegern-Saubermann Harald Seiz und seiner nicht-existenten KaratCoin Bank und absolut wertlosen Karatbit Foundation die Bewertung der Madagskar-Mine und übernahm unverändert (bis auf einen Namensaustausch) das Original-Dokument aus dem Jahre 2010 seitens Frau Svetlana Baurens aus der Schweiz, nachzulesen hier:

Fangen wir von vorne an und sehen wir uns die Dokumentfälschung sowie die schlampigsten Fehler genauer an.

Kapitel 1 “Einleitung” (im Original: “Introduction”): Auffällig durch das gesamte Bewertungspapier hinweg sind die übergroß eingefügten Fußnoten. Auf Seite 9 und 10 wurden die Fußnoten 8, 9 und 12 vergessen. Auf Seite 7 gibt es eine Fußnote 1, jedoch keine dazugehörige Quellenangabe. Auf Seite 8 wurde ganz salopp der Original-Firmename “Antofagasta” durch “KBC” ausgetauscht. Im Original heißt es: “Chapter 8 is a practical chapter. A copper mining group, Antofagasta, is valued with different valuation methods.” In der KBC-Fälschung heißt es: “Chapter 8 is a practical chapter. A copper mining group, KBC, is valued with different valuation methods.” Dumm nur, dass die Karatbars-Fälscher vergessen haben, auch Gold zu erwähnen, und nicht nur Kupfer.

Kapitel 2 “Bewertungsmodelle in der Bergbau- und Metallindustrie” (im Original: “Valuation models in mining and metals industry”): Auf Seite 13 heißt es, dass im Bergbau mehrere Jahre (5-10) dauert, bis die Mine funktional ist, also tatsächlich Gold fördern kann. Dumm nur, dass man wieder schlampig gefälscht hat, denn im KBC Whitepaper heißt es ja, dass die Mine auf Madagaskar völlig operabel und funktional sei (“In order to be able to guarantee this real-physical coverage at any time, KaratGold initiated the participation in a fully developed, functioning gold mine in Madagascar for this purpose and has now successfully completed it.

Oben: Gefälschtes Karatbars Bewertungsdokument

Unten: Das Original von Frau Svetlana Baurens

Und natürlich hat man auch hier vergessen, auf Fußnoten zu achten (Nummer 35 fehlt).

Kapitel 3 “Bewertungen von Explorationsliegenschaften” (im Original: “

Valuations of Explorations Properties”): Auch hier wurde Buchstabe für Buchstabe unverändert übernommen, ganz zu schweigen von vergessenen Fußnoten. Spannender wird es im 4. Kapitel namens “Bedeutung der Zyklen bei der Bewertung von Bergbau- und Metallunternehmen” (im Original: “Cycle importance in valuation of mining and metals companies”). Nicht nur dass Seite 31- wie alle anderen Seiten auch – unverändert übernommen wurde, sondern hier wurde dann auch noch gefälscht: Die Illustration Nummer 3 hat als Quellenangabe die Basinvest AG aus der Schweiz, der Original-Herausgeber mit Frau Svetlana Baurens, während die Karatbars-Fälschung die richtige Quellenangabe einfach gelöscht hat und stattdessen die kroatische White Rock Firma des kroatischen Karatbars-Vorstandsmitgliedes Josip Heit angeführt hat. Auch die entsprechende Fußnote unter der Nummer 62 wurde gefälscht, indem “Basinvest” durch die Verluste schreibende “White Rock” getauscht wurde.

Im Kapitel 5, auf Seite 44, geht es mit dem Fälschen schamlos weiter. Herr Markus Minker fälscht die Fußnote Nummer 96 indem er die “Antofagasta” Original-Jahresberichte aus dem Jahre 2010 ganz plump durch “KBC” ersetzt. Natürlich haben die Karatbars-Gauner deshalb die Fußnote aus dem Original-Dokument nicht völlig übernommen, da es KBC im Jahr 2010 noch gar nicht gab.

Kapitel 6 und 7 wurden auch vollständig vom Original abgekupfert. Kapitel 8, wo es um die eigentliche Minen-Bewertung geht, wurde nicht nur vollständig kopiert sondern umfangreich gefälscht. Da es im Original-Dokument um die Mine in Chile der Firma “Antofagasta” geht, wurde dieser name überall durch “KBC” ersetzt. Des Weiteren werden die Statement-Quellenangaben sowie die Zeitangabe für die Bewertung im letzten Absatz wie folgt gefälscht: “Antofagsta” wird durch “KBC” ersetzt, die Bank “Merrill Lynch” und das Jahr “2010” durch “GCC” und “März 2014” (gemeint hier ist die GCC Gazella von Josip Heit, nun umbenannt in GSB Gold Standard Banking Corporation AG). Die Investmentfirma “Raymond James” und “FD Capital” wurden durch “White Rock Minerals” (die kroatische Firma von Josip Heit) ausgetauscht.

Im Unterkapitel 8.2 geht es dann richtig zur Sache. Die Antofagasta-Mine namens “Los Pelambres” wird durch “Fort Dauphin” ersetzt, Tippfehler werden übernommen “”Company date” statt “Company Data”, und es werden sogar die gleichen Kupfer-Mengen übernommen (442.500 Tonnen), die als “caco3 Mineral” umfunktioniert werden. Die restlichen 3 Minen werden aus der Tabelle rausgeschnitten. Man hat jedoch in allem “Fälschungsfieber” vergessen, auf die konsistente Angabe von Goldmengen zu achten. Statt 22 Tonnen Gold, wie in der manipulierten Tabelle sowie an weiteren Stellen im Bewertungspapier und im “Audit” angegeben wurde, werden lediglich 600 Kilogramm erwähnt.

Im KBC-Bewertungspapier werden des weiteren auf Seite 59 ff. Tabellen-Quellenangaben durch WR (White Rock) und GCC ersetzt und die verschiedenen Mineralien werden durch andere ausgetauscht. Auf Seite 60, Illustration 15, bedient man sich der Minen-Produktionsstätten der Firma Antofagasta und benennt daher “Antofagasta Global Operations” in “KBC Global Operations” um.

Das komplette Kapitel 8 wurde gefälscht durch oben dargestellte Manipulationen. Daher verzichten wird einfachheitshalber auf weitere Beispiele, denn jeder kann das Original und die Fälschung selber frei einsehen. Amüsant fanden wir allerdings noch die lächerlichste, oder besser gesagt, die dümmste aller Fälschungen auf Seite 66 im Bewertungspapier:

Der Aktienpreis der Firma Antofagasta wird durch “Token Price KBC” ersetzt und Bloomberg als Quellenangabe muss der Krypto-Austauschbörse HitBTC weichen. So stellt die manipulierte Tabelle dar, dass es HitBTC bereits 2004 gegeben haben muss und Kryptowährungen an Austauschbörsen auch schon vor 15 Jahren. Es war eher die Zeit von Napster, CD-Playern und mühseligen stundenlangen Downloads… In Tabelle 19 auf der gleichen Seite wird der Gewinn pro Aktie der Firma Antofagasta dann durch den Gewinn pro Token ersetzt, aber Moment mal, gab es den KBC Token bereits 2008?! Wir können nicht mehr aufhören zu lachen. Mal ehrlich, das Karatbars oder KBC Bewertungspapier ist nicht nur die schamloseste Kopie, die wir jemals gesehen haben, aber zudem auch noch die dümmste. Wir attestieren Karatbars und den Betrügern Harald Seiz, Josip Heit, Markus Mincker & Co. nicht nur Diebstahl geistigen Eigentums und Dokumentenfälschung, sondern auch einen bislang unerreichten Wert dieses Bewertungsdokuments: Ganze Nullpunkt Null. Selbst Toilettenpapier hat mehr Wert. Im Eignungstest für Betrüger fallen diese Schwindler eindeutig durch. Es hätte alles so schön sein können für Harald Seiz, Josip Heit und Co., aber das Internet lacht bereits über die die dreisten und skandalösen Machenschaften von Karatbars, KaratCoin Bank, Karatbit Foundation und der GSB Gold Standard Banking Corporation AG. Es bleibt auch spannend, was Ermittlungen in verschiedenen Ländern noch zu Tageslicht fördern werden. Wir sind uns sicher, dass hier noch reichlich Potenzial drinsteckt, den aktuellen Dummheitsrekord noch zu brechen. Im 3. Teil nehmen wir die Geldwäsche-Methoden über verschachtelte Firmen-Konstrukte sowie die Personen Harald Seiz, Josip Heit, Ovidiu Toma und Alex Bodi genauer unter die Lupe. Auf jeden Fall gilt: Finger weg von allen Firmen im KB-Geflecht: sei es von Karatbars, KaracCoin, Karatbit, KaratGold, White Rock, GCC, GSB. Der Countdown zur Schließung dieser Firmen beginnt – jetzt!

Karatbars Scam – Counterfeiting, Deception, and Plagiarism (Part 2)

Just when you thought the scandal surrounding Karatbars International GmbH, the Gold Standard Banking Corporation AG (GSB), (formerly GCC Gazella Corporate AG), as well as the phoney KaratCoin bank, couldn’t get any more audacious, it does. Remember the photo shoot in front of the non-existent bank in Miami? The one at the Regus office leasing building? Or, the Video Turning Day in Hong Kong at a phoney, rented Security Vault at the locker company, Royal England Safe Deposit Box Ltd? If a phoney locker company wasn’t enough, these fraudsters thought of everything, down to the 280 kg of fake gold bars stacked in a carry-on suitcase-sized to fit just right into the overhead compartment, and, of course, the repeated contradictory information about “gold stock” that was anything but gold, this plot thickens. Let’s not forget that the purported licenses for the gold mines in Madagascar and Guinea or some such place are also forgeries. In fact, there isn’t a single gram of gold in any of the asserted mines nor any reality to the KaratCoin Bank nor the Gold Standard Banking Corporation, owning any mine, not even a play toy for a five-year-old.

With their continued bold-faced lies Harald Seiz, Josip Heit, Alex Bodi are living a life of luxury at the expense of thousands of victims who daily pledge their hard-earned savings to for the promise of riches at the end of the rainbow. Each day this unfortunate story unfolds another brazen scam which is nothing more than a classic Ponzi scheme. Ponzi schemes also referred to as a pyramid scheme, are named after the Italian US immigrant Charles Ponzi, who used the fraudulent tactic in the 1920s. Mr Ponzi founded a finance company with the slogan: “Lend me your money, and you’ll earn 50% in interest.” Tens of thousands of people entrusted him with $65 billion when all was said and done. His practice: he used new funds invested to pay off the previous earlier investors that continued on and on until such a time that there were not enough new investors to pay off the old ones, and his entire model collapsed leaving many thousands broke. Harald Seiz, Josip Heit, Alex Bodi and Co. are involved in a modern day process of the like. Regular commissions are paid for a product that does not exist, essentially a promise of a future reward. To start, Karatbars flagship product, the “VIP package” costs a total of 3,017 €. In exchange for their 3,017 €, distributors receive a lot of meaningless paper, exactly 0.1 grams of suggested CashGold and a worthless sum of 4,800 KCB coins. Remember from our earlier report, the basis of this fraud alleges that these coins are underwritten by gold when in reality, there isn’t a single gram of gold to be had by anyone at Karatbars or their self-described gold mines in Africa. Unfortunately for the victims, the only gold is the figment of these unscrupulous founders imaginations.

One gram of gold costs approx. 40 €, which means that 0.1 grams of gold cost a modest 4 €. Dare we mention that CashGold bills are not accepted anywhere? The simple law of supply and demand in economics says that the price of something is only worth what someone else is willing to pay for it. If CashGold bills aren’t accepted as a payment mechanism anywhere, the value of nothing is nothing. Over 3,000 € for 0.1 gram of gold, not even the price of a cup of coffee, is worthless, making these unsecured KCB coins, a typical feature of illegal pyramid schemes. The VIP package pays commissions up to 60% which means that 99.9% of commissions are being paid on new cash inflows rather than the actual product value (0.1g of gold, about 0.13% of par value), suiting up as the second classic feature of an illegal pyramid scheme.

But this is about much more than running a single giant Ponzi system. The compilation of Karatbars is that of large-scale, commercial fraud, theft of intellectual property and shameless document counterfeiting.

Karatbars, KaratGold, and whatever the names of this deceptive network, boasts the first cryptocurrency secured by real gold. The mine in Madagascar is what these conmen use as the argument to back up this statement. In reality, as previously reported, the mine in Madagascar has no license for gold exploration. We got our hands on the “KBC White Paper”, analogous to their company bible which states: “This concept, which is unique in the world, also includes unrestricted coverage of the cryptocurrency by real gold. In order to be able to guarantee this real-physical coverage at any time, KaratGold initiated the participation in a fully developed, functioning gold mine in Madagascar for this purpose and has now successfully completed it. The presence on Madagascar corresponds to a current value of up to € 5 billion.” Surprise surprise, here we have yet another inconsistency. The white paper claimed the mine was valued up to 5 billion € whereas the audit and valuation papers that were presented publicly illustrated a value of 0.94 billion €, just one-fifth of the above-mentioned, yet again confirming the whole concept of Karatbars and its founding crooks are nothing more than a made up fairy tale.

Here is some more truth, coming from this web of lies. The research and analysis by the Investreport team found that the KBC, KCB Coin, and all cryptocurrency derived from the KaratCoin Bank or Karatbars are not backed by a single gram of gold. There isn’t a valuation or audit that can remove that very evident fact.

On the contrary. In the paper entitled “Valuation of Metals and Mining / Fort Dauphin, Madagascar Valuation of KBC Foundation” it appears that one of the KBC ringleaders, Markus Mincker from Frankfurt/Main (has plagiarised, in its entirety a report written originally in 2010 by Ms Svetlana Baurens from Switzerland. In the simplest of terms, KBC’s documents are not only fraudulent but rather stolen shamelessly from another author for a fraudulent purpose. These wannabe businessmen have created a phoney coin in a phoney company there is no reason to think that their documents wouldn’t also be phoney. This is most likely the doing of the wannabe-rico suave Harald Seiz, his non-existing KaratCoin Bank and worthless Karatbit Foundation. We need not mention that the Karabit Foundation assessment of the Madagascar mine is a blatant word-for-word copy of an original document drafted in 2010 by Mrs Svetlana Baurens of Basinvest in Switzerland. See for yourself, read here:

Let’s start from the beginning and take a closer look at the document falsification and its sloppy mistakes.

Chapter 1 “Introduction”: The oversized footnotes are evident throughout the document, suspiciously so. On pages 9 and 10, footnotes 8, 9 and 12 have been skipped, or forgotten or missed or who knows what. On page 7 there is a footnote 1, but no corresponding source. On page 8, we quite casually found the original company name “Antofagasta” which in all other references was replaced by “KBC”. If you are going to steal someone’s work, make sure you remove their name from it. Furthermore, as another example of the direct and blatant plagiarism, the original report states: “Chapter 8 is a practical chapter. A copper mining group, Antofagasta, is validated with different valuation methods.” The KBC forgery states:” Chapter 8 is a practical chapter. A copper mining group, KBC, is valued with different valuation methods.” It doesn’t make any sense that they could allow for such careless errors in their plagiarism. Make a note, Mr Seiz, next time you are going to steal someone else’s work, make sure you replace all the keywords, not just some.

Chapter 2 “Valuation models in mining and metals industry”: ” page 13 states that mining takes several years (5-10) for the mine to be functional, to quarry for gold. It’s just utter stupidity that the KBC leaders were sloppy on their version by stating that the mine in Madagascar is completely operable and functional: “In order to be able to guarantee this real-physical coverage at any time, KaratGold initiated the participation in a fully developed, functioning gold mine in Madagascar for this purpose and now successfully completed it.” , if it takes 5-10 years to develop a mine towards functionality, how did KBCs mine get done this quickly? Even if their la-la land if they decided to buy a mine that was almost ready for production, who in their right mind would sell a mine full of gold to these morons? Doesn’t make any sense, it’s absurd — just a farce. At least Bernie Madoff was a smart, well-educated guy. These clowns can’t even copy properly and forgot how to count to 12. The farce is endless.

Above: Fake Karatbars evaluation document

Bottom: The original by Mrs. Svetlana Baurens

And of course, embarrassingly so, another reference of not paying attention to the footnotes (number 35 is missing).

Chapter 3 “Valuations of Explorations Properties”: Yet again, letter by letter, was adopted unchanged, other than for the forgotten footnotes. Things get more exciting in Chapter 4, entitled “Cycle importance in valuation of mining and metals companies”. Page 31, like all other pages, was also replicated identically but here we have another twist to add some additional falsification to it. Illustration number 3 gives reference to the Basinvest report, mentioned earlier. These swindlers erased the correct citation and replaced it with “White Rock”, the company owned by Croatian Board Member, Josip Heit. Also, corresponding footnote 62 again replaced “Basinvest” with “White Rock”. Their actions are defined only as theft, fraud, copyright infringement, plagiarism, violating the intellectual property, all wrapped up into one nice, easily identifiable corrupt document. They are handing the authorities all the evidence they need to make their case on a silver platter with a big red bow on top.

In Chapter 5, page 44, the shameless fallacy continues where they tried to replace the original from Antofagasta” from the year 2010 to KBC in 2010; however, KBC did not even exist in 2010.

Chapters 6 and 7 were also completely copied from the original. Chapter 8, where the actual mine rating is concerned, was not only completely copied, but extensively faked. So, of course, since the original document is about the mine in Chile for the company “Antofagasta”, this name was replaced by “KBC” in all references. Furthermore, the statement sources and the timeline for the assessment in the last paragraph are forged as follows: “Antofagasta” is replaced by “KBC”, the bank “Merrill Lynch” and the year “2010” with “GCC” and “March 2014. Keep in mind that the GCC Gazella is owned by Josip Heit now renamed Gold Standard Banking Corporation AG (GSB). Further, investment banking firm “Raymond James” and “FD Capital” were exchanged with “White Rock Minerals,” another extension of Mr Heit’s company.

In subchapter 8.2, things get down to business. The Antofagasta mine called “Los Pelambres” was replaced with “Fort Dauphin”, and again, these clowns didn’t even correct the typos and retyped “Company Date” instead of “Company Data.” And, hey, guess what, KBC miraculously will have the same amount of gold as the other company’s copper. Here is where the logic fails again…the original company, Antofagasta, will recover (442,500 tons) as “caco3 Mineral” that will convert to copper. The KBC team failed to pay attention to inconsistency presented by the conversion to gold quantities. Gold and copper are measured quite differently; they are not apples-to-apples. You’d think these guys have created a pyramid scheme based on gold they would at least know how to measure it? Not these dimwits. Instead of 22 tons of gold, as indicated in the manipulated table and elsewhere in the evaluation paper as well as the audit, only 600 kilograms are mentioned in this white paper. They forgot to use their own made up figures. Do you believe the audacity?

In the KBC review, moreover, page 59, the footnotes and table source references are replaced by WR (White Rock) and GCC, and the various minerals, replaced by others. On page 60, illustration 15, the Antofagasta Mine Production Facilities are used to rename “Antofagasta Global Operations” to “KBC Global Operations”.

All of chapter 8 was forged with similar manipulations as described above. However amusing, as if it could get any more ridiculous, we found the absolute dumbest of all forgeries, on page 66.

The stock price of Antofagasta uses Bloomberg as its reference source which they replaced with “Token Price KBC”, and the crypto exchange, HitBTC in the Karatbar forgery document. The manipulated table suggests that HitBTC existed in 2004, and cryptocurrencies traded 15 years ago. Sheerly laughable. Who remembers the cryptocurrencies when the internet was still new, Napster was the hot company where you had to use CD players and laborious hours of downloads … How did these clowns at Karatbars not use any basic or simple logic when creating their forgery? It’s implausible they could be so careless, dumb, pathetic. In Table 19 on the same page, Antofagasta’s earnings per share have been replaced by earnings per token but wait a minute, how did the KBC token exist in 2008 when the company is only a few years old? There was no company, KBC, coins or any of the like in 2008. Guys at least hire a high school student next time you want to plagiarize; they will know all the tricks that you failed with as grown adults. We cannot stop laughing.

Even toilet paper has more value. In the suitability test for fraud, these clowns fit the bill. They thought they were smart. They thought they could get away with it and perhaps they did for a bit, but it’s all over now. The regulators are already on their tail; it’s only a matter of time. If their lawyers studied at the same schools they did, they’ve got a one way ticket to a nice long stay at the likes of Leavenworth.

In the third installation of this series we take a closer look at the money laundering methods via nested company constructs as well as the personal histories of Harald Seiz, Josip Heit, Ovidiu Toma and Alex Bodi.At any rate: Stay away from all companies in the KB network: be it Karatbars, KaratCoin, Karatbit, KaratGold, White Rock, GCC, GSB. The countdown to the seizure starts now.

Part 1

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