Lyoness’ eCredits issued Liechtenstein securities fraud warning
Lyoness’ eCredits spinoff has received a securities fraud warning from Liechtenstein’s Financial Market Authority.
In their brief warning, the FMA
points out that ECR AG in Liquidation, Vaduz, has not been licensed by the FMA and therefore is not allowed to provide any financial services that are subject to authorisation under Liechtenstein law.
In particular, it is not permitted to provide e-money services or payment services.
The FMA urgently advises not to make investments via the website ecredits[dot]com, in particular not to respond to offers or transfer funds.
This is the equivalent of a securities fraud warning in other jurisidictions.
Lyoness introduced eCredits back in mid 2018. Since then they’ve been soliciting investment in Ponzi points (priority points), promising to eventually launch eCredits as a cryptocurrency.
Naturally there’s no mention of Lyoness, Cashback World or owner Hubert Freidl on eCredit’s stand-alone website.
Like most of Lyoness’ schemes, eCredits is run through a shell company. ECR AG i.L. is incorporated in Lichtenstein.
It is through this shell company that Lyoness claims eCredits is “based” out of Lichtenstein.
This makes Lichtenstein issuing a securities fraud warning against eCredits, and by proxy Lyoness, all the more significant.
As to the current status of eCredits, as above the last official communication from the company is dated April 14th, 2021.
On April 23rd BE Conflict Management published a YouTube video with the description:
The company behind “eCredits” has been deleted and liquidated. But it is still being advertised by Lyconet marketers.
After three years of stalling, it appears Lyoness’ eCredits Ponzi scheme is DOA.
As far as I’m aware there’s been no official Lyoness, Lyconet or Cashback World announcement confirming eCredit’s collapse.
Total Lyoness investor losses into eCredits’ “priority points” are unknown.