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 imposition of an association’s fine against Lyoness Europe. The WKStA informed that Mr Freidl, acting as Director of Lyoness Europe AG, allegedly offered investments requiring to publish a prospectus (advertising campaigns and options “Premium Ranking Europe”) without publishing the required and checked prospectus and therefore could have violated the penal provisions on section 15, paragraph 1 of the Capital Market Act. A proceeding on the suspicion of a pyramid scheme and serious commercial fraud against Mr Freidl in connection with Lyoness was stopped in April 2016 (under circumstances that haven´t yet been fully clarified). Considering the latest court decisions against Lyoness under civil law, the alleged “doubtful attitude” of the Senior Public Prosecutor seems to have been rebutted and pushed “ad absurdum”. Soon, things could get interesting at the Prosecutor´s Office Cologne. In light of recent events though, I will restrain from making any comments on the matter.

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