Warrant of Arrest Issued Against Ploutos Coin Founder

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February 26, 2019 – Authorities have issued a warrant of arrest against Mark Steven Freeman, founder of the investment scheme called “Freedom Traders Club” and behind the coin called “Ploutos Coin”.

Mr. Freeman is charged with “large scale swindling” behind the firm that lures investors to put money in the “cryptocurrency” called “Ploutos Coin”. The warrant, dated February 12, 2019, was released last February 20, 2019. The offense is non-bailable.

Victims of Mr. Freeman, which includes Police Superintendent Henry Cay-as welcomed this news but also said they have been waiting for a warrant since December 2018. He, along with other police officers and teachers in Misamis Oriental had been lured by Mr. Freeman’s promise of huge return-on-investment.

Information gathered by the Securities and Exchange Commission (SEC) revealed the following about Freedom Traders Club and Ploutos Coin:

  1. Freedom Traders Club is a forex trading club founded by Mark Freeman.
  2. Mark Freeman created the system to invest using Ploutos Coin.
  3. The price of Ploutos coin increases through supply and demand
  4. It is announced that Ploutos Coin’s price will “skyrocket” after 6 months.

A Ploutos Coin Grand Launching event was held on July 8, 2018 in Cagayan De Oro, Philippines. (Read More: Philippines SEC Issues Warning on Ploutos Coin and Freedom Traders Club)

Mr. Freeman said his business operates legally because his company is registered with the SEC. The commission, however, corrected that said registration does not permit Freedom Traders Club and Mr. Freeman to solicit investment from the public.

The Philippines’ Cagayan Economic Zone Authority (CEZA) issued its own advisory after Mr. Freeman and agents of Freedom Traders Club circulated a photo-op of Mr. Freeman with Sec. Raul S. Lambino of CEZA. According to the CEZA advisory, the photos were misleading people to think that an agreement was made between the Freedom Traders and the government corporation. Mr. Freeman also said they applied for an offshore crypto license, which is not possible, given that no Filipino, Filipino company, or Philippine resident can apply for CEZA’s offshore crypto licenses. (Read More: Philippines CEZA Clarifies: No License For Ploutos Coin)

Media website Davao Today revealed that police officers serving the warrant arrest did not find Mr. Freeman at his last known location. If they still cannot deliver the warrant, the officers will ask the court to issue a warrant that will allow them to arrest him any time. Also, if Mr. Freeman has already gone abroad, local authorities will seek the help of international law enforcement agencies to locate him. Meanwhile, Mr. Freeman’s victims are urging him to come out and face the charges filed.

Sources: Davao Today, About Cagayan De Oro, Warrant of Arrest Photo by Alwen Saliring of SunStar.

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]