Hubert Freidl’s Lyoness pyramid scheme has collapsed. Last week both the myWorld and Lyconet websites were disabled. Lyoness’ corporate website, hosted on “lyoness.com”, has also been disabled. myWorld’s official FaceBook page is still up but hasn’t been updated since August 6th. The official Lyconet FaceBook page was last updated on July 25th. The post has [Continue reading…]
Following on from myWorld filing for bankruptcy in 2023 and being declared insolvent earlier this week, Lyconet has now also been declared insolvent.
Following myWorld filing for bankruptcy and reports it was drowning in $110 million in debt in 2023, myWorld has been declared insolvent in Europe.
The head of myWorld Spain has been arrested on pyramid fraud charges. Spain’s National Police confirmed the arrest in a July 31st press-release.
The Austrian Supreme Court has ruled that Lyoness’ affiliate contract and compensation plan are illegal. The decision follows legal action taken by the Austrian Association for Consumer Information (VKI). In Austria’s lower courts, VKI argued 47 contractual clauses that were part of Lyconet agreements and so-called Lyconet compensation plans … (lacked) transparent regulations and … [Continue reading…]
Last month Lyoness announced it was filing for bankruptcy in Europe. Now it’s been revealed the MLM Ponzi scheme is drowning in ~$110 million in debt.
Lyoness has filed for bankruptcy in Europe. As per an October 24th press-release issued by Richard Meixner, Managing Director of Lyoness Italy;
Two civilians have managed to get Lyoness’ bank accounts in South Africa frozen. As reported by MoneyWeb on September 1st;
Lyoness has received another cease and desist from the Norwegian Lottery Board.
The FTC has issued at least 379 MLM companies with deceptive and/or unfair conduct notices. This was announced by the FTC on October 26th. If it slipped under your radar, you’re not alone. I learned of the FTC’s announcement via a tip sent in by a reader. At first I thought there was some funny [Continue reading…]
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