Kazakhstan-based fintech firm Freedom Holding is under investigation by the US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) for compliance issues, insider stock moves, and connections to sanctioned individuals.
Facts
- Freedom Holding is facing investigations by the US SEC and DOJ related to compliance issues, insider trading, and its offshore affiliate’s connections to sanctioned individuals.
- The SEC’s Boston office has been investigating Freedom for several months.
- The investigations also extend to Freedom’s CEO, Timur Turlov, over allegations of granting undue access to US IPOs for Russian clients.
- Documents obtained by CNBC and sources confirm the ongoing investigations.
- Timur Turlov acknowledged that multiple global regulators approached Freedom during the summer.
- Hindenburg Research, an activist short-selling firm, raised concerns about Freedom’s business practices, including alleged violations of sanctions and financial regulations.
- Freedom Holding, founded in 2008 and based in Almaty, Kazakhstan, operates as a retail brokerage and investment bank, registered in the US.
