FBI Seizes $521K in Luxury Assets from Colorado 'Free E-Bike' Company Owner

Federal agents have seized more than $521,000 in assets from the owner of Bear Trail Bikes following a controversial promotion that promised "free" e-bikes to Colorado residents. The investigation centers on a business model that leveraged state incentives to attract thousands of customers who never received their products.

Bear Trail Bikes—which previously operated as COE Bikes—marketed a "no catch" offer where the company matched the state's e-bike tax credit, leaving customers responsible only for sales tax. While the offer drew massive interest, thousands of customers subsequently faced severe delivery delays and a total lack of communication from the company. The situation culminated in an FBI operation that seized a 2021 Lamborghini, a Range Rover, a Mercedes-Benz, and a significant amount of cash from the company's owner, Takuma Hagood.

A Pattern of Opacity

The company's operations were marked by several red flags. Bear Trail Bikes utilized a brand called Ursus, which claimed to be based in Boulder. However, records indicate that Ursus has no registered business presence in the state of Colorado. Furthermore, the Ursus website featured AI-generated images of bicycles rather than photographs of actual products.

The business underwent an ownership shift in 2025 when Takuma Hagood purchased the company from Pamela and Paul McKee. This transition led to legal disputes regarding the management and processing of the established state rebate accounts used to facilitate the "free" bike offers.

Implications for Incentive Programs

This case highlights a critical vulnerability in the administration of government incentive programs. By matching state credits, Bear Trail Bikes created an irresistible offer that bypassed traditional consumer skepticism, effectively using public policy to mask an opaque business model. The incident serves as a cautionary tale for both regulators and consumers regarding the exploitation of rebate reimbursement processes.

For the industry, the saga underscores the risks associated with aggressive "no catch" marketing. When retailers operate through short-term storefronts and lack transparent corporate registration, the risk of fraud increases, potentially damaging the reputation of legitimate e-bike vendors and the efficacy of state-sponsored green energy initiatives.

What Remains

As the FBI continues its investigation into the seized assets and the company's financial dealings, the primary concern remains the thousands of customers left without their bikes. It remains unclear how many residents will be able to recover their funds or if the state will implement stricter verification requirements for retailers participating in the e-bike tax credit program to prevent similar occurrences.