{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "slug": "b4e31cc3fc6d", "title": "Freedom Holding Corp (FRHC)", "subtitle": "Citron Research · 2023-04", "author": "Citron Research", "date": "2023-04-19 00:00:00", "pageCount": 8, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77295077, "targetCompany": "Freedom Holding Corp", "targetTicker": "FRHC", "document": { "id": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "slug": "b4e31cc3fc6d", "title": "Freedom Holding Corp (FRHC)", "rawTitle": "Freedom Holdings Imagine if FTX violated Russian Sanctions Final", "authorId": "52_Citron_Research", "authorName": "Citron Research", "authorDisplay": "Citron Research", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2023-04-Freedom-Holdings-Imagine-if-FTX-violated-Russian-Sanctions-Final.pdf", "sourceUrl": "http://www.citronresearch.com", "sourceDate": "2023-04-19 00:00:00", "presentationDate": "2023-04-19 00:00:00", "ingestedAt": "2026-04-22 20:19:40+00", "status": "ready", "pageCount": 8, "orientation": "portrait", "aspectRatio": 0.77295077, "targetCompany": "Freedom Holding Corp", "targetTicker": "FRHC", "metadata": { "local_root": "/tmp/legacy-images/b4e31cc3fc6d", "activist_firm": "Citron Research", "origin_corpus": "contrarian", "extraction_seconds": 71.68515515327454 } }, "coverage": { "pageCount": 8, "pagesIndexed": 8, "pagesWithImages": 8, "pagesWithMetadata": 8, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 60, "chartCount": 0, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 3, "frameworkMatches": 4, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "b05c4e40-f8ef-412a-9f74-413d82dc65c3", "evidence": "The document's structure and content suggest a narrative of exposing wrongdoing and overcoming obstacles.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:21.859841+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Hook", "beatId": "044742e3-9186-43f2-aff6-60d076f0b8e3", "matchId": "b05c4e40-f8ef-412a-9f74-413d82dc65c3", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The thesis headline on page 1 grabs the reader's attention.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 2, "name": "Expose Contradiction", "beatId": "7e6a06de-50c2-4a0d-98c7-9f94ecdeebbc", "matchId": "b05c4e40-f8ef-412a-9f74-413d82dc65c3", "beatType": null, "evidence": "Pages 2-5 present a series of contradictions and allegations.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 8, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 7, "name": "Disclaimer", "beatId": "4cc1d8e4-0f3c-497f-8e48-d42a4a1a0d3f", "matchId": "b05c4e40-f8ef-412a-9f74-413d82dc65c3", "beatType": null, "evidence": "The disclaimers on pages 7-8 provide a cautious note to readers.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "c7dc3cd0-1754-4897-baf1-dca99a449a09", "evidence": "The repeated expose_contradiction slides suggest a pattern-hunting approach.", "position": 0, "objective": "to identify patterns of sanctions violations", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:22.023236+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 8, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:22.063702+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b8b4b1d2-67ac-49db-ba7c-e94ac1ecd193", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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Core rhetorical move is the explicit FTX/Alameda analogy — Citron lists 7 parallels between FRHC and FTX on page 6 (wunderkind CEO, related-party obfuscation, effective-altruism posture, weak board, US brokerage acquisition attempt, tax-haven domicile). Uses Turlov's own 'technical error' / 'mechanical' quotes about the Ukraine sanctions to set up a contradiction. PCAOB enforcement action against auditors Reams/Keyes (Release 105-2022-038) is the strongest evidentiary anchor. No explicit price target or short-position disclosure beyond standard Citron boilerplate. No author signature beyond the Citron Research brand.", "kpisCited": [ { "detail": "85% of revenues are generated through the CEO-controlled Belize affiliate", "metric": "Share of FRHC revenue from FFIN" }, { "detail": "95% of margin lending runs through FFIN Brokerage", "metric": "Share of margin lending from FFIN" }, { "detail": "Timur Turlov owns ~75% of Freedom Holding Corp stock", "metric": "CEO ownership of FRHC" }, { "detail": "Auditors fined and barred under PCAOB Release 105-2022-038, December 20, 2022", "metric": "PCAOB sanction date" }, { "detail": "Turlov added October 19, 2022; Freedom Finance Ukraine license suspended for 5 years on Nov 9, 2022", "metric": "Ukraine sanctions list inclusion" } ], "closingAsk": "Regulators and investors must investigate FRHC's related-party structure and sanctions exposure, with delisting the appropriate outcome if FFIN is confirmed as a consolidated subsidiary.", "extraction": { "at": "2026-04-22 20:19:40+00", "model": "unknown-legacy", "runId": null, "seconds": 71.68516, "promptVersion": null }, "scqaReward": "No explicit price target, but the implied downside is severe: a forced restatement plus sanctions-driven Nasdaq delisting would collapse FRHC's equity value, mirroring the FTX outcome Citron invokes throughout the report.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "FFIN Brokerage is a CEO-controlled Belize affiliate funneling Russian flows — an FTX/Alameda parallel", "PCAOB fined and barred FRHC's auditors in Dec 2022 for failing to scrutinize the FFIN relationship", "CEO Turlov was personally sanctioned by Ukraine for supporting the Russian Federation" ], "scqaSituation": "Freedom Holding Corp is a Nasdaq-listed Kazakh-headquartered broker-dealer led by 35-year-old CEO Timur Turlov, who owns roughly 75% of the equity and built the firm around retail trading flows from the former Soviet bloc.", "thesisSummary": "Citron argues Freedom Holding Corp (FRHC) is the Belize/Russian analogue of FTX/Alameda: CEO Timur Turlov, who owns ~75% of FRHC and was personally sanctioned by Ukraine in October 2022 for supporting Russia, separately controls FFIN Brokerage Services in Belize, an unaudited related party that channels the majority of FRHC's revenue (85%) and margin lending (95%), much of it sourced from Russian customers. In December 2022 the PCAOB fined and barred FRHC's auditors for failing to interrogate why retail orders were routed through the CEO's Belize entity before reaching Freedom. If FFIN is properly consolidated as a variable interest entity, Freedom would have to restate financials and would immediately be in violation of Russian war sanctions, warranting SEC, Nasdaq and regulator action — and likely delisting.", "primaryDemands": [ "SEC and NASDAQ should investigate FRHC for sanctions violations and related-party manipulation", "Treat FFIN Brokerage (Belize) as a consolidated subsidiary, forcing financial restatement", "Delist FRHC if confirmed in violation of Russian war sanctions" ], "scqaResolution": "The SEC, Nasdaq and PCAOB should force FRHC to consolidate FFIN as a variable interest entity, restate financials, and delist the security if the consolidation confirms violations of Russian war sanctions.", "thesisOneLiner": "FRHC funnels 85% of revenue through a CEO-owned Belize affiliate (FFIN) sourcing Russian flows — an FTX/Alameda structure that should trigger restatement, sanctions violations, and Nasdaq delisting.", "precedentsCited": [ "FTX / Alameda Research (related-party concealment)", "Forbes 30 Under 30 'curse'" ], "scqaComplication": "85% of FRHC's revenue and 95% of margin lending pass through FFIN Brokerage, a Belize entity solely owned by Turlov that sources flow from Russia; Ukraine sanctioned him, and the PCAOB barred FRHC's auditors for ignoring the related-party risk.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 5, 6 ], "peerCompaniesCited": [ "FTX", "Alameda Research" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a 'Forbes 30 under 30' cover as a visual anchor for the 'curse' narrative.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/T-A9EetJObtBm0D4la7jX41AAbPsRjwWueCuXUnKnRI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iNGUzMWNjM2ZjNmQvcDAwMS5wbmc", "rawType": "thesis_headline", "block": null, "metadata": { 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there are concerns about Freedom Holding's declining KPI and valuation compared to established Kazakh-based financial institutions, the most pressing issue is the potential violation of sanctions and related party transactions resembling FTX/Alameda.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3220ba5c-4ea4-45e3-81a3-f50823a5fc07", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.81 }, "kind": "paragraph", "text": "Let's start six months ago. On October 19, 2022, Mr. Turlov, along with the senior management of Freedom Finance, was put on the war sanctions list by Ukraine for financial support of the Russian Federation. And this is where the web of lies begins.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44a41f6a-4a08-4668-bbd9-d0cdacea75be", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.48 }, "kind": "paragraph", "text": "Freedom Holdings has faced criticism for their questionable business practices, including their IPO model, Potemkin board of directors, and lack of oversight. Despite this, the stock of Freedom Holdings remains at an elevated level due to CEO Timur Turlov's concentration of ownership and ability to manipulate the price through multiple related party trading arms and hedge funds, similar to what was seen with FTX/Alameda Research.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ded7db98-eb56-4192-b1a2-92cbe6275212", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.19 }, "kind": "title", "text": "$FRHC auditors recently fined and banned from PCAOB for not doing proper diligence on this obvious scheme.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a6181c2-f137-49ff-8156-39daa94f8201", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.11 }, "kind": "title", "text": "Freedom Holdings- Imagine if FTX violated Russian Sanctions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8eee839-df0d-45c7-9798-3babd2a975ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "Hook", "beatId": "044742e3-9186-43f2-aff6-60d076f0b8e3", "matchId": "b05c4e40-f8ef-412a-9f74-413d82dc65c3", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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However, given the potential seriousness of the situation, there may be a need for an SEC investigation. Turlov is not to be trusted.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b7-709e-b8be-2a0c165b2282", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.12, "y": 0.08 }, "kind": "image", "text": "Screenshot of sanctions database entry for Timur Turlov", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce01c60d-a3ec-473d-bcb8-584f124c7811", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.12, "y": 0.25 }, "kind": "paragraph", "text": "Without releasing an 8k, the company put out a press release instead, mischaracterizing the situation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ba5576f-4054-4c11-a167-39fdb686f77b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.12, "y": 0.45 }, "kind": "paragraph", "text": "Turlov was quick to declare to the media that his sanction entry was just a \"technical error\" or imposed \"mechanically\". However, given the potential seriousness of the situation, there may be a need for an SEC investigation. Turlov is not to be trusted.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ab5ff73-3a1d-463e-abd0-fd92cf628da7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.12, "y": 0.65 }, "kind": "paragraph", "text": "As we found out within weeks, this was neither erroneous, technical, or mechanical. As reported.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cfc6e99-4b5e-46fb-b06d-2bd467a8f325", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.12, "y": 0.72 }, "kind": "quote", "text": "The list of restrictions imposed by Ukraine for both individuals and legal entities includes 15 items, including the blocking of assets...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84f332c9-d4f4-4df6-b84d-307d0e1b0128", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.75, "x": 0.12, "y": 0.32 }, "kind": "quote", "text": "We were stunned to learn today that FREEDOM FINANCE UKRAINE LLC was included on the National Security and Defense Council of Ukraine sanctions list...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:43.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3e98fd0-ba46-4d0d-ab65-1444c1978e91", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We were stunned to learn today that FREEDOM FINANCE UKRAINE LLC was included on the National Security and Defense Council of Ukraine sanctions list, which included more than 2,500 companies and individuals, and was released on October 19, 2022. We believe that the inclusion of the company on this list is erroneous.\" — Freedom Holding Corp Press Release. \"The list of restrictions imposed by Ukraine for both individuals and legal entities includes 15 items, including the blocking of assets, restrictions on trade operations, a ban on the withdrawal of capital from Ukraine, a suspension of the fulfillment of economic and financial obligations, etc.\" — Unattributed source.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, 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Over the past year and a half, Freedom Finance Bank LLC has legalized several hundred million dollars for such odious persons as Bulat Utemuratov, Sergey Katsuba, Pavel Fuks, Margulan Seisembayev, Sauat Mynbayev, Andrey Birzhin, Askar Mamin, and a number of others.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e152294-eb4c-4a16-91d3-de7a37986969", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.764, "x": 0.118, "y": 0.248 }, "kind": "paragraph", "text": "As recently reported in Karabasmedia, Turlov has used Freedom Holdings to launder money through Russia and Kazakhstan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64f60ff7-ad90-4dbc-8df5-339b00d237fc", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.764, "x": 0.118, "y": 0.422 }, "kind": "paragraph", "text": "While we have not been able to validate this story, we hope that the SEC and NASDAQ will investigate it before allowing Freedom to operate in the United States.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83e5a2c5-e732-4116-a99a-358a5ef5a78e", "parentComponentId": null }, { "bbox": { "h": 0.053, "w": 0.764, "x": 0.118, "y": 0.738 }, "kind": "paragraph", "text": "This story only scratches the surface of the numerous concerns surrounding the accuracy of Freedom Holdings' financial reports and future projections. 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While the issue of violating war sanctions is discussed in this report, the flaws and misrepresentation of their business are not adequately addressed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4597b55-1804-4e86-8d56-2ab8c83882f0", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.764, "x": 0.118, "y": 0.51 }, "kind": "paragraph", "text": "We all look back at FTX and question how it happened. While we will not go into detail on all of these points in this report, they are a good starting point:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e07ea9e7-6647-4e08-a17a-a2b4e60fcc0f", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.121 }, "kind": "paragraph", "text": "In response, FFIN had to explain that they are a Belize company and not regulated by Kazakhstan, comparing themselves to other Freedom subsidiaries. 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