Vash Turner, a former Wilmington city councilman, lost his bid for city treasurer on September 15, 2020, following public scrutiny over his extensive promotion of the Karatbars Ponzi scheme. Turner received 6,067 votes, while Dawayne Sims secured 7,055 votes. Turner is also no longer a city councilman.

Turner, also known as Va'Shun Turner, served as a city councilman for four years in Wilmington, Delaware, a city of approximately 70,000 residents. Promotional materials from late 2019 indicated Turner first joined Karatbars in 2014. At that time, the company operated as a pyramid scheme under the guise of a "gold saving" program.

Turner's own statements describe a personal transformation through Karatbars. "I was introduced to KaratBars from my hospital bed in 2014 and if it wasn't for KaratBars International & me going through some of the trials and tribulations that I had to go through I wouldn't be here talking to you about it today!" he wrote. He credited the scheme with his eventual position on city council, claiming it changed his life. "Ever since I found out about KaratBars I've been hitting it hard!" he stated, adding, "The most exciting thing about KaratBars is the amount of lives I am able to save‼️"

The initial Karatbars model, centered on selling gold, began to falter by 2017. Karatbars and its network of promoters, including Turner, then shifted their focus to multi-level marketing crypto fraud. This involved the launch of the Karatbank Coin ICO in February 2018. When that initial coin failed to gain traction, the company introduced KaratGold Coin (KBC), managing to attract enough affiliates to invest in the new token.

By mid-2019, Karatbars' marketing machine operated at full speed. Owner Harald Seiz publicly promised that 100 KBC could be converted into one gram of physical gold. The company scheduled a major reveal for July 4, 2019, calling it "Independence Day." That event passed without the promised gold conversion. The value of KBC tokens plummeted by 62% immediately afterward. Today, KBC trades at a fraction of a cent, currently valued at 0.2 cents. Karatbars has since announced a new iteration, a reboot with another Ponzi token called Freebay.

Turner actively promoted KBC throughout 2019 across the United States. More critically, he allegedly pitched Karatbars directly to his constituents in Wilmington. Residents like Thomas Natoli and others in Turner's district, particularly the Cool Spring neighborhood, voiced significant concerns. Natoli reported that Turner personally messaged him, promoting the gold coin product.

During a virtual city council meeting on September 3, 2020, Turner's Karatbars involvement sparked public debate. Natoli addressed Turner directly, stating, "My concern is that you're my voice in the city, and you're using your elected position to sell what I thought was a pyramid scheme." Natoli had previously supported Turner's election campaign. Greg Luna, another constituent, described Turner's promotions as "cryptic." Luna emphasized that an elected official's position lends credibility to any product they endorse, suggesting full disclosure about investment risks should be mandatory.

Turner offered no public comment regarding his Karatbars activities. He cited a recent oral surgery as his reason for silence. On Facebook, he characterized questions about the scheme as "smear campaigns." His last known Karatbars promotion on Facebook appeared in May 2020. His involvement in the newer Freebay reboot remains unconfirmed.

Turner's candidacy for city treasurer placed him in contention for a role overseeing Wilmington's taxpayer funds. This position manages the city's bank accounts, processes payments, handles investments, and contributes to decisions regarding the city's bond market borrowing. Public queries during the election cycle focused on how much Turner earned from Karatbars since 2014, specifically from shilling KBC in 2019, and if he held any KBC or invested in new V999 tokens.

Neither Karatbars nor Turner were registered with Delaware's Investor Protection Unit during the company's crypto phase. Federally, neither Karatbars nor Turner held registrations with the Securities and Exchange Commission (SEC). This lack of registration meant the operation lacked oversight from key financial regulatory bodies.

Turner also faced an ethics complaint late last year. He had repeatedly threatened to cut a city auditor's salary to $1 unless his demands were met. The outcome of that complaint was pending, delayed by the COVID-19 pandemic.