myWorld & Lyconet Italy! The supervisory authority imposes a further 3 million euros fine that myWorld and Lyconet Italia are allowed to share!
By a decision (51 pages) of 20 December 2020 (see also https://www.agcm.it/media/comunicati-stampa/2021/1/PS11517) and publication on 25.01.2021 by the AGCM (antitrust office and national competition authority).
Particularly in Italy as the former strongest market of the Ponzi scheme, myWorld and Lyconet have received the second legal slap from AGCM. See also:
Interesting but not surprising is that myWorld and Lyconet are now also affected. The attempt to make the authorities know that myWorld has nothing to do with Lyoness/Lyconet has not worked here either.
In other words, and you will forgive the frankness dear Mr. Freidl: “Lyoness, more like LYIN ASS?”
As early as September 24, 2018, the AGCM had published on its website (AGCM Pubblicazioni) that an investigation was initiated against Lyoness Italia on July 20, 2018, under the reference number PS11086 due to unfair business practices, misleading advertising, violation of consumer rights and the operation of a Ponzi scheme. Even then, it was noted, “……..that the system uses the benefits of this cashback system only as a pretext, in reality, it relies on recruiting a high number of marketers to buy and sell clouds.”
Freidl’s Ponzi- and Pyramid scheme had two months to react back then, but how do you explain, above all credibly, to a competitive authority, a Ponzi- and Pyramid scheme that has already been condemned several times and legally in Europe. That’s right, you can’t! This is also how the authority sees it.
In the current resolution, too, the sales system of the two companies myWorld and Lyconet is advertised “in a misleading and non-transparent manner and has elements of a pyramid sale.”
It further reads, “The Italian authority has concluded its investigation against myWorld Italia S.r.l. and Lyconet Italia S.r.l. and found that the multi-level sales system is advertised and operated by the two companies in an unethical manner. For this reason, it imposed a total fine of €3 million.
According to the Authority, the sales system operated by myWorld Italia and Lyconet Italia displays not only non-transparent and misleading advertising but also has the elements of a pyramid sale and therefore violates Articles 20, 21, 22 and part of Article 23 of the Consumer Protection Law.
The investigation conducted by the Antitrust Authority has revealed that the advertising system adopted by the two companies is only formally aimed at spreading a cashback service (which allows the return of a percentage of money spent at participating merchants). In reality, the system aims to recruit an increasingly large number of distributors who are required to pay which includes a significantly large amount for the purchase of specific products and services of the Lyconet program, to receive a significant economic return, with the main function of generating purchasing points necessary to reach and maintain the levels envisaged in the compensation plan.
Rome, January 25, 2021″
In the Italian closed chat groups, everything is already being glossed over again, “now it’s just getting started” or “we’re just getting started, the upline said it was a misjudgment”.
Editor’s note: Anyone who participates in this “stock market nonsense” can hardly be saved!
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