These companies were founded by Hubert Freidl. In many countries, Lyoness/Lyconet is already illegal and in some countries even banned as a pyramid scheme. Members are recruited with the idea of cashback, fed into the pyramid scheme and currently encouraged by myWorld’s IPO fantasies to exchange investments they have already made for worthless fake shares.
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The Lyoness press release on the General T&Cs verdict is wrong!
In this blog entry, I will publish the latest press release by Lyoness, in which Lyoness comments on the verdict by the Austrian Supreme Court dealing with the company’s General Terms and Conditions. I will voice an opposing point of view, uncover any lies within the press release and will explain why many of the […]
Lyoness and the vouchers! Legally and financially innocuous?
All loyalty programmes (e.g. Miles&More) have to make financial provisions for non-monetary benefits like collected points or frequent flyer miles, as consumers can decide to redeem them at any point. As an example, Lufthansa has to set up millions on its balance sheet for its high-status miles-club members’ non-expiring frequent flyer miles. Depending on the […]
Court of appeal’s final judgement – Significance
The court has made a very clear final decision in the case (case file 31 C 651/16z 11) which will surely apply to all damaged parties: They acted as consumers and never stood a chance of obtaining the advantages promised without recruiting new members. The court’s reasoning shows a comprehensive view of what happened. Several […]
It´s official: Lyoness is a pyramid scheme!
As expected, Lyoness lodged an appeal against Salzburg District Court´s decision (31 C 651/16z – 11). The court of Appeal at the Regional Court Salzburg has now dismissed the appeal (22 R 351/16w) and confirmed that Lyoness is indeed a pyramid scheme. A further appeal at the Austrian Supreme Court (OGH) is not allowed.
Prosecutor´s Office: Criminal complaint against Lyoness founder
After years investigating, the Austrian Prosecutor´s Office Against Economic Crime and Corruption (WKStA) has filed a criminal complaint against Lyoness’ founder Hubert Freidl at the Criminal Court Graz. Mr Freidl is being charged with not having published a prospectus in time for an investment subject to the obligation to publish one. Additionally, they requested the […]
Lyoness declared “Pyramid Scheme” on judgement (case file 21 C 311/15m) from 09/08/2016!
An additional judgement (case file 21 C 311/15m) of the Vienna District Court for Commercial Matters from 09/08/2016 confirms two previous judgements and consolidates previous rulings that define Lyoness as a pyramid scheme. We expect Lyoness to try to play for time and drag on the process with appeals.
Lyoness / Lyconet declared a “pyramid scheme” in Swiss court (case file: EV 2016 42)!
Also in Switzerland a judgement of the Canton of Zug was delivered with brilliant reasons on 09/20/2016.