In a recent securities filing, Freedom Holding Corp., a multinational financial services firm headquartered in Kazakhstan, revealed that the company had “received inquiries from OFAC regarding transactions involving sanctioned individuals, including the use of certain clearing arrangements.” According to the Form 10-K, which was filed on June 1, 2026, the company has responded to the inquiries and is currently cooperating with OFAC investigators.
Freedom Holding also disclosed that Tim Turlov, the company’s controlling shareholder, chairman and CEO, received a Wells Notice on March 11, 2026, informing him that the Securities and Exchange Commission had made a “preliminary determination” to recommend a civil enforcement action regarding certain U.S. federal securities law violations by the recipients. The Wells Notice was reportedly issued in connection with the SEC’s investigation into the company and certain officers and directors regarding a number of topics, “including settlement practices and relationships with certain institutional market maker customers of certain of our non-U.S. broker-dealer subsidiaries, and has included our accounting practices related to internalized trades, disclosures and internal controls.”
On June 4, 2026, First Holding also issued a press release acknowledging the SEC investigation and the Wells Notice received by Mr. Turlov. The company clarified, among other things, that the investigation is ongoing and that process described in the Wells Notice had not concluded. The company also emphasized that the investigation could result in a civil enforcement action or administrative proceeding, with possible resolutions that may include the imposition of monetary and non-monetary relief against the company and/or Mr. Turlov.
Form 10-K | Freedom Holding Corp. Press Release