Section 1

Section 1: Validating the Audit & Valuation Documents.


 Now since we can’t expect Karatbars to provide us with the truth. We have to research the claims that InvestReport has exposed. The original valuation report was provided via the below link according to the Investreport website. The site seems to be an affiliate site out of the country as shown below with registered date of Sep 11, 2000.

  1. https://karatbars-me.webnode.es/
  2. https://karatbars-me.webnode.es/_files/200000085-36542374fb/valuation.pdf

 In order to validate the Valuation Report, we used the original document that we downloaded from the Synergy Gold Group website on 5/26/2018 since that is the date the document was downloaded from their website as shown in figure 1. The links to the documents are no longer provided by their website after a revisit to the site.

Figure 1: The screenshot below is our download Version of the documents.

Note: Microsoft OS modifies the documents time stamp when downloaded from the internet with the current date time stamp of the time of download. Screenshot provided.

 During the search on the internet for the Audit and Valuation Reports that we needed in order to make the comparison to the claim document that was provided by Investreport, we found the links that we needed for the comparison analysis. The second & third documents on the left of the screenshots in figures 2-3 is from an official Karatbars site. During this comparison and review of all three of the documents with our Original downloaded copy in figures 2-3 right side, we noticed various changes between our personal copy and the first two from the documents links below but the third site with the link to the document download section of the site are no longer functional. Our copy shows the footnote font size small compared to the other two documents which show them larger in size. The font size for the Official Karatbars version is slightly smaller than the Affiliate version. The wordings between all three documents were identical after an intensive comparison. But the Affiliate version and our Original downloaded copy website address that is listed on the documents is listed as pwc-mm.revisors.de and the Official version is listed as www.mm.revisors.de as shown in figures 2-3.This validates that all three documents are identical to each other with the exception of the website address.

 Now there were two major changes between all three documents regarding the website address of the author Markus Mincker and the physical location address as shown in figures 2-3 below.

Figures 2-3: The screenshots below are from the beginning of the Valuation documents.

Figure 3

Figures 4-5: The screenshots below are from the bottom of the Valuation documents.

Figure 5

  1. https://karatbars-me.webnode.es/_files/200000085-36542374fb/valuation.pdf
  2. https://www.karatgoldinternational.com/
  3. https://www.karatgoldinternational.com/_files/valuation.pdf
  4. https://www.karatcoin.net/
  5. https://www.karatcoin.net/#Downloads (links are broken)

 Now based on the screenshots above there was two address changes from the time of the document was first introduced by Karatbars to what they are now. Since our documents were downloaded on 5/26/2018 which is 21 days later from the date of the document was released. We can say that Markus Mincker’s physical address of An Der Saline 19 63654 Budingen would be the first address given before the change happened as shown in figures 6-11 right side. Also this address is a match for both the top address and bottom address on our Original downloaded copy with a website address listed as www.pwc-mm-revisors.de as shown in figures 2-3 right side. The affiliate version top physical address is now shown as Wasserweg 8-10 60594 Frankfurt am Main and the bottom physical address stayed the same as our Original download copy with www.pwc-mm-revisors.de as shown in figures 2, 4 left side. It seems that they forgot to change the address on the bottom of the document. The official version top physical address shows the same address of Wasserweg 8-10 60594 Frankfurt am Main but the PWC was removed along with the website address that was changed to www.mm-revisors.de and the bottom website address stayed the same from what it was before as well but the PWC was removed from the stamp as shown in figures 3, 5. The question that immediately came to mind is why the change in address? The official version is from Karatbars so we would have to assume that the address change was from them as well. To answer that question regarding the name change, we have to look deeper into the physical address change and look into the Audit Report document to see what comparison results we get and see if the change to the physical address follows that document there as well.

 After the extensive comparison of the Audit Report document, the document was identical in wording between all three versions and the physical address changes followed the documents as well. This validates that all three documents are identical to each other with our Original downloaded copy, official and affiliate versions. The only miner difference was the dollar signs that were missing on the Affiliate version on page 5 of the document. But just like the Valuation Report there were two major changes in the Audit Report between all three documents regarding the physical address of the author Markus Mincker and the website address as shown in figures 6-11 below.

Figures 6-7: The screenshots below are from the beginning of the Audit document.

Figure 7

Figures 8-9: The screenshots below are from the middle of the Audit document.

Figure 9

Figures 10-11: The screenshots below are from the bottom of the Audit document.

Figure 11

  1. https://karatbars-me.webnode.es/_files/200000070-01d6002d18/audit.pdf
  2. https://www.karatgoldinternational.com/
  3. https://www.karatgoldinternational.com/_files/audit.pdf
  4. https://www.karatcoin.net/
  5. https://www.karatcoin.net/#Downloads (links are broken)

 Now based on the screen shots above the two same physical address changes from the time the document was first introduced by Karatbars is what they are now. Since our documents were downloaded on 5/26/2018 which is 14 days later from the date of the document was released, we can say that Markus Mincker’s physical address of An Der Saline 19 63654 Budingen would be the first address given before the change happened as well. Also this address is a match for both the top, middle and bottom address on our Original downloaded copy document as shown in figures 6-11 right side. The other two documents listed a physical address change that happened after 5/26/2018 but the date of the document is still listed as 5/12/2018 as shown in figures 6-11 left side. The affiliate version top physical  address is now shown as Wasserweg 8-10 60594 Frankfurt am Main along with the middle and bottom sections of the document as shown in figures 6, 8, 10. The official version top physical address shows the same address of Wasserweg 8-10 60594 Frankfurt am Main but the PWC was removed and the website address was changed to www.mm-Revisors.de as shown in figure 7. The middle & bottom address showed that the PWC was also removed along with the PWC from the stamp as shown in figures 9, 11. The official version is from Karatbars as well so we would have to assume that the address change was from them.

 Based on the in-depth analysis into the Valuation & Audit reports documents, the results raised concerns regarding the validity of the two documents. And based on those concerns we checked further into the two physical address that were given on those two documents along with the website addresses and we would have to say the results were shocking as we will explain below. Our research revealed that the two physical address locations that Karatbars currently have on their official documents for the Valuation & Audit reports that were provided to all affiliates dated 7/5/2018 and 5/12/0218 authored by Markus Mincker were as follows below:

  1. An Der Saline 19 63654 Budingen as the first address that was provided.
  2. Wasserweg 8-10 60594 Frankfurt am Main as the second address that was provided.

 We would have to ask why the change of address? In order to determine the reason we have to analyze the physical locations themselves to see why.  The first physical location after a quick Google search revealed that the address belongs to a business establishment by the name of Pitstop. Based on the company website it’s the German version of a Firestone franchise chain Auto/Tire company establishment as shown in figures 12-14 below.

Figures 12-14: The screenshots below are for the Pitstop’s business establishment.

Figure 13

Figure 14

  1. https://www.pitstop.de/Home/Filiale  (Enter 63654 for postal code)
  2. https://www.google.com/maps/place/An+der+Saline+19,+63654+B%C3%BCdingen,+Germany/@50.2838063,9.1081871,149m/data=!3m1!1e3!4m19!1m13!4m12!1m3!2m2!1d9.1088491!2d50.2837872!1m6!1m2!1s0x47bd20fcdbff332f:0xaf1ddc37ce6e8826!2sAn+der+Saline+19,+63654+B%C3%BCdingen,+Germany!2m2!1d9.108262!2d50.2840205!3e0!3m4!1s0x47bd20fcdbff332f:0xaf1ddc37ce6e8826!8m2!3d50.2840205!4d9.108262  (An der Saline 19 63654 Büdingen Germany)
  3. https://www.pitstop.de/

 After the physical address check on the second location it was revealed that the address belongs to a business establishment by the name of Smartmod. This address was confusing at first since the location was listed as a Bene shown in figures 15- 17. Based on the street view of the location and after further research of Bene, we were able to reveal the location was a Bene furnishing store for that physical location. But this location was closed down and a Smartmod moved into the location as shown in figures 17-18. Based on the company website Smartmod is a German smart mobile devices, laptop Repair and Recovery services business establishment as shown in figure 19 below.

Figures 15-19: The screenshots below are for the Previous Bene business establishment that is now Smartmod.

Figure 16

Figure 17

Figure 18

Figure 19

  1. https://bene.com/en/bene-services/branches/bene-frankfurt-germany/
  2. https://www.google.com/maps/place/smartmod+-+iPhone,+Smartphone,+iPad+%26+Mac+Reparatur+Sachsenhausen/@50.1061019,8.6946494,98m/data=!3m1!1e3!4m5!3m4!1s0x47bd0e9ff26169a1:0x6bea50e940ef698!8m2!3d50.1060835!4d8.6948177?hl=de-DE
  3. https://www.smartmod.de/

 After these findings about the two physical address locations for both the Valuation and Audit reports, it was very shocking having to find out this breaking devastating information at this point of the research. The fact that we have validated both documents to the official documents from Karatbar’s official websites to the one we downloaded when it was published for all affiliates is just unbelievable of the level of deception. We would have to say it at this point already, the level of fraud and how deceptive of Karatbars to do this to their affiliates. If the physical addresses don’t exist for Markus Mincker the author of the documents then, we have to assume that Markus Mincker may not even exist also which will be the next step in the research. But first we need to check the website address that was provided on both the Valuation & Audit report.

The website that was provided on both the Valuation & Audit reports was as follows:

                Valuation Report:

  1. www.pwc-mm-revisors.de         (Our download & Affiliate version)
  2. www.mm-revisors.de                   (Official version)              

                Audit Report:

  1. www.pwc-mm-revisors.com      (Our download & Affiliate version)
  2. www.mm-revisors.de                   (Official version)

 The results on the search revealed that all three websites that were provided in the Valuation & Audit reports does not even exist any longer. There seem to be only two valid registrations regarding the website www.pwc-mm-revisors.com and www.pwc-mm-revisors.de but all this site does is directs you to the www.pwc-mm-revisor.de site. The registration dates are as follow for the sites:

  1.  www.pwc-mm-revisors.com     (5/11/2018) redirects to #2
  2. www.pwc-mm-revisors.de         (5/13/2018)
  3. www.mm-revisors.de                   (No registration)

 Now we researched Markus Mincker to make a determination if he does exist. We don’t know who Mincker works for either PWC or someone else but after looking into PWC website, we notice an employee by the name of Markus Burghardt Global FS Assurance Leader, PwC Germany. A search of the PWC website for a Markus Mincker revealed no results for a listing on him with PWC. This employee could be the fabricated part of the name that may have been use for the Valuation and Audit documents. There is also a match by the same name as Markus Mincker but he is a soccer player but the physical address that is listed is SG 1905 Büdingen Kreisoberliga Büdingen in the same town where the original physical address before the change. There is also a Markus Georg Mincker that seems to work for VM Honora Globel Security Service GmbH as a managing director address Kölner Straße 4, 60327 Frankfurt am Main but after the completion of our research into Markus Mincker our findings resulted in the determination that according to our suspicion that Markus Mincker may possibility be a fabricated entity from the very start but we have no further information to determine if this person is real or not at this time of the research. The only existing information regarding the name search is as follows below:

  1. https://www.pwc.com/gx/en/contacts/m/markus-mincker-1.html
  2. https://www.pwc.com/gx/en/contacts/m/markus-burghardt-1.html
  3. https://www.pwc.com/gx/en/about/office-locations.html#/office/de-frak
  4. https://www.fupa.net/spieler/markus-mincker-648591.html
  5. https://peoplecheck.de/p/markus+mincker
  6. https://translate.googleusercontent.com/translate_c?depth=1&rurl=translate.google.com&sl=auto&sp=nmt4&tl=en&u=https://www.northdata.de/%3Fid%3D4513469169&xid=17259,15700022,15700186,15700191,15700256,15700259,15700262,15700265&usg=ALkJrhihsJxNkvilc5Bpv-4WhvcQmAwmCA
  7. https://translate.googleusercontent.com/translate_c?depth=1&rurl=translate.google.com&sl=auto&sp=nmt4&tl=en&u=https://www.northdata.de/Mincker,%2BMarkus%2BGeorg,%2BB%25C3%25BCdingen/1ol&xid=17259,15700021,15700043,15700186,15700190,15700256,15700259,15700262,15700265&usg=ALkJrhiCDdjYo8CvqHvzvvyzdoDpc63-3w
  8. https://peoplecheck.de/p/markus+mincker

 We returned back to the Valuation document that Investreport provided in his article on 6/1/2019. In order to determine the validity of the document that Investreport provided via a docshare.tips link, we had to search for the original document in order to make a validated evaluation. After the search of the docshare.tps document, it has been found and validated with the original document by the author of the document Svetlana Baurens that was in collaboration with the University of Zurich and the Swiss Banking Institute with Prof. Dr. T Hens. Svetlana Baurens as shown in figure 20. Svetlana Baurens has been identified via her Link In page and confirmed to be the true author of the Valuation document not Markus Mincker as shown in figure 21. Svetlana Baurens experience is listed as working for Basinvest AG / Actieninvest AG from 2007 to 2013 in Zurich and also with Portfolio Manager ZZ Gruppe from 2011 to 2013 in Zurich and she was in a two year training program with Prof. Hens and Prof. Leippold as shown in figure 22. Prof. Hens is also named in the Valuation document that was published by Basinvest.ch for the Valuation of Metals and Mining Companies as shown in figures 20 below.

Figures 20-22: The screenshots below are the original Valuation Report and Svetlana Barurens link in page.

Figure 21

Figure 22

  1. http://docshare.tips/valuation-of-metals-and-mining-companies_57741a0cb6d87f953c8b47c5.html
  2. http://basinvest.ch/upload/pdf/Valuation_of_Metals_and_Mining_Companies.pdf
  3. http://barinvest.ch/presentation.html
  4. https://www.linkedin.com/in/svetlana-baurens-29827591/

 During this extensive research regarding Section 1, we have done intensive comparisons between the three documents regarding the Valuation & Audit reports to the official documents that Karatbars has published via their own websites to our own documents that were downloaded when they first were introduced. They all were validated between each other with the exceptions of the finding results to those documents. Based on those findings, we determined that the websites that were listed on both the Valuation & Audit reports don’t exist any longer. We determined that the two physical addresses that were listed on both Valuation & Audit reports documents belong to different business establishments. We determined that there is a high probability that Markus Mincker may be a fabricated entity. And we determined the true author of the Valuation Report that Karatbars published on their own sites is not from their own works but belongs to Basinvest.ch and authored by Svetlana Barurens in collaboration with Prof. Hens and Prof. Leippold.

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