With several stated additions to its Nugen Coin platform, Free Mart is stepping up its attempts to commit cryptocurrency fraud.
Recently, a reader asked if I had seen the whitepaper for Nugen Coin. I found it odd that I’d overlooked it during my investigation.
But when I looked at its file attributes, I discovered that it had only been created on June 16th. At the time the study was released in mid-May, none of these ideas had been made public.
Nugen Universe is the name given to the most recent Nugen Coin release. Both North Carolina and Florida have seen the incorporation of Nugen Universe LLC.
Regarding the announcements, Free Mart has essentially used every cryptocurrency phrase to promote their dubious investment idea.
There are NFTs:
also has ambitions to establish “licensed banks in more than 50 US states.”
When I searched for Neo Bank, I came across one potential choice that was “launching shortly in India.” Other than that, a “neo bank” is a bank that exclusively operates online.
Free Mart of course doesn’t identify who the Neo Bank is they’re hoping to create a “licensed bank” via. That’s possible because their fallback is a shady Cayman Islands bank:
When you search for “Fazil Mohamed Jabar” and “Cayman Island Bank,” nothing comes up. However, Nugen Coin promises “a variety of investment alternatives” and an “excellent rate of returns on fixed deposits and other investments.”
Fazil Jabar is now listed as the CEO and co-founder of NugenCoin:
The other co-founder named is John Austin, but David Crookston, the original co-founder of Free Mart, is still unaccounted for.
Free Mart has embraced its status as a shitcoin factory, much like Nugen Coin, which is a BEP-20 shit token that can be created quickly and for little to no money.
They have introduced the Nugen Energy Coin, Nugen Realty Coin, Nugen Oxygen Coin, and Nugen Travel Coin to do this.
All of this is great, but Nugen Coin is fundamentally still a passive investment opportunity:
While your coins are being staked with NuGen, you will get extra coins four times daily at a rate of.35 percent, resulting in a daily return of.357 percent overall. The number of coins in your account will double in 202 days at such a compounding rate.
That information was taken today from the Nugen Coin website.
Investors may purchase Nugen Coins right now for 74 cents apiece (up from 32 cents last month), with a $50 minimum commitment.
You earn coins in the following way when you buy a NuGen Coin “Smart Contract”: the entire dollar amount of your purchase divided by the current price of the NUGEN coin. Any dollar quantity of coins is available for purchase, and you may start with only $50.
For 18 months or until they are moved to an exchange, your coins will remain staked with NuGen.
Since Nugen Coin cannot be traded openly, the price is made up according to their discretion.
On its website, Nugen Coin lists its residential corporate location in the US state of Nebraska.
The website traffic for Nugen Coin peaked in April, according to SimilarWeb. In May, there was a further monthly fall of 41%.
The US accounts for 93% of all visitors to the Nugen Coin website. As a result, US citizens make up the bulk of Nugen Coin investors.
Free Mart, Nugen Coin, Fazil Mohamed Jabar, and John Austin are not SEC-registered companies as of the time of publishing.
The whitepaper for Nugen Coin contains nonsense about obtaining outside money through ATMs, “processing of government checks,” and deposits, yet none of those things have ever happened.
Nugen Coin is now seeking investment with the guarantee of a passive return on investment.
Nugen Coin and its management team are at the very least engaging in securities fraud. According to BehindMLM, Nugen Coin has been and still is a Ponzi scheme since it lacks an external revenue source that can be independently verified.