The KYC forms seem to be a form of coercion. All the questions and forced concessions and it couldn’t get any worse.
We have accompanied the kyc process with various marketers and there is no way this is voluntary information. It is alleged that many leaders guided their downline through the process. The marketer trusted his upline enough to inform him but can’t even remember the most important questions in the process. Each marketer told us that if they had noticed said questions, they would never have agreed. “She just clicked through and asked me about my personal circumstances” they state repeatedly.
Each marketer told us that if they had noticed said questions, they would never have agreed. “She just clicked through and asked me about my personal circumstances” they state repeatedly.
One marketer reports “with the switch and the IPO, there was supposed to be a cloud payout at last, otherwise I would never have agreed to it. Now I’m supposed to wait several more years, but for what?”
Just look at the process and the
questions themselves, a NO is not
accepted by the system. On the
“By selecting this option, the application cannot be completed”
This notice was displayed for every question, so the marketers were forced to agree to the points when in fact they did not. Whether the marketer himself or the leader gave the consent must be clarified in detail. According to our information, the so-called leaders rushed marketers through the process.
Here are the relevant questions from the video again, which have to be clicked with YES:
- I have been informed about the opportunities and risks of the investment form of registered preference shares at issue.
- MyWorld and Lyconet have not made any oral statements that cancel, mitigate or relativise the risk disclosures in this client profile.
- Lyconet has not made any oral promises of success, forecasts of returns or other promises that differ from the documents of the issuer myWorld International AG.
- I have decided to acquire the Registered Preference Shares after careful consideration.
- I am aware that there is no secondary market or regulated official trading for this investment and that the sale of the registered preference shares is only possible with the consent of myWorld International AG and could also have negative tax consequences.
- I have been informed in detail about the risks of the registered preference shares in question, in particular about the risk of losing the entire capital.
- I am aware that the past performance of the registered preference share does not permit any statement on the future performance of the investment. A forecast, projected return does not constitute a promise or statement of a specific probability of occurrence.
- I have been advised that I am responsible for my own taxation.
- I am aware that Lyconet and myWorld are not tax consultants.
- If I have any tax questions, I have been advised to consult a tax advisor.
- I will inform Lyconet and myWorld immediately of any changes in my personal circumstances etc. If I fail to provide this information, I will have to bear any resulting disadvantages myself.
- Lyconet is obliged to monitor the developments of my investment and to notify me of any changes.
- I agree to receive a copy of this application/these application forms at the time of the issue of the share.
The courts will have to determine how this forced switch is to be assessed under criminal and civil law. The forced switch from Lyoness to Lyconet at the time was also appropriately assessed by the courts.