Barnaje DAO has received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).
ASIC
added Barnaje DAO to its Investor Alert List
on April 7th, 2025.
[Barnaje DAO] is likely to be offering financial services to Australian consumers. It does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorised by a licensee.
Offering unregistered financial services to Australian consumers constitutes securities fraud.
Barnaje
launched as a sovereign citizen nutjob gifting scheme in late 2023.
The scam is headed up by Lynford Theobald, an 80+ year old Utah resident and serial promoter of MLM gifting schemes.
The original iteration of Barnaje collapsed a few months after launch. This prompted Theobald to reboot as Barnaje DAO.
Barnaje DAO is an attempt to hide Theobald’s ownership of the illegal gifting scheme.
🤖 Quick Answer
What is the Barnaje DAO securities fraud warning from ASIC?Barnaje DAO was added to ASIC's Investor Alert List on April 7th, 2025, for offering unregistered financial services to Australian consumers without holding proper licences. The organisation operates without Australian financial services or credit licences, constituting securities fraud under Australian regulations.
Who founded Barnaje DAO and what is its background?
Barnaje DAO was launched in late 2023 as a gifting scheme by Lynford Theobald, an 80+ year old Utah resident with a history of promoting MLM gifting schemes. The original iteration collapsed within months of its launch before being relaunched.
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