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Bruce Whitfield interviews senior Karatbars representatives, a monetary advisor and somebody who was invited to its convention.
Is Karatbars a rip-off?
The Monetary Sector Conduct Authority – the monetary providers watchdog – says Karatbars Worldwide GmbH isn’t an authorised monetary advisor or supplier of middleman providers.
Regulators in a number of international locations have warned in opposition to Karatbars.
The Financial institution of Namibia formally declared it a pyramid scheme whereas in Germany – the house of Karatbars – the banking watchdog issued a cease-and-desist order in opposition to it.
Karatbars is beneath investigation within the US and a number of other respected cryptocurrency information websites have issued warnings about it to the general public.
The multi-level advertising and marketing firm provides on-line purchases of playing cards and notes with tiny “cryptonyzed” gold bars embedded in them to “associates” who earn a fee after they enlist different associates.
The Money Show’s Bruce Whitfield interviewed personal finance skilled Warren Ingram (Government Director at Galileo Capital).
They’re speaking to determined folks… it’s very obscure… criminals will make the most of this… Train excessive warning. There are such a lot of methods to purchase gold by established channels…
Warren Ingram, Private Monetary Advisor – Galileo Capital
He then spoke to Thomas Valet, Communication Supervisor at Karatbars Worldwide (apologies, the audio high quality is poor).
We intend to make gold inexpensive in small denominations…
Thomas Valet, Communication Supervisor – Karatbars Worldwide
Whitfield additionally spoke to a listener, Susan, who attended a Karatbars convention in Cape City.
I used to be invited to affix the convention… it was fairly a wierd affair… very theatrical… it was type of a frenzy… pumping music… hyping folks up… Then, a grand entrance – everyone began chanting – then Harald Seiz, the CEO, stepped in… it was just like the Messiah strolling into the room. There was numerous emotional fervour… it was like a Rockstar on stage…
Susan, Karatbars convention attendee
The entire premise is predicated on perception and belief. They don’t provide any proof. It’s like a character cult…
Susan, Karatbars convention attendee
He [Karatbars CEO Harald Seiz] instructed the viewers that lots of people will inform them it’s a pyramid scheme. He then coached the viewers on tips on how to deflect these allegations…
Susan, Karatbars convention attendee
Lastly, Whitfield interviewed Tony De Gouveia, one of many principal South African associates at Karatbars Worldwide.
No, it’s not [a pyramid scheme] … Karatbars received a courtroom case in Canada…
Tony De Gouveia, South African affiliate – Karatbars Worldwide
I receives a commission as a result of folks within the community buys the product… I might guess greater than 10 000 folks in South Africa are in Karatbars, shopping for gold.
Tony De Gouveia, South African affiliate – Karatbars Worldwide
Our authorized agency in South Africa… have contacted the FSCA… giving the right details about Karatbars…
Tony De Gouveia, South African affiliate – Karatbars Worldwide
For extra element, hearken to the interviews within the audio under.
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This text first appeared on 702 : Karatbars – is it a scam? The case for and against…
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