Lyoness files for bankruptcy in Europe
Lyoness has filed for bankruptcy in Europe.
As per an October 24th press-release issued by Richard Meixner, Managing Director of Lyoness Italy;
Insolvency proceedings have been commenced in respect of Lyoness International AG and Lyoness Europe AG, both of which are officially headquartered in Buchs, Switzerland.
Stated reasons for the bankruptcy are “the pandemic, energy crisis and inflation”.
Of note is the possibility of something fishy going on. Meixner goes on to advise the companies Lyoness has registered in individual countries “will continue operations as before”.
How individual country companies are solvent when Lyoness as a whole is bankrupt isn’t clear.
Lyoness is a Ponzi scheme run by Austrian national Hubert Freidl (right).
Over the years Lyoness has gone through many iterations, name-changes and associated shell company registrations.
An example of that would be Richard Meixner working for Lyoness Italy. Italian authorities declared Lyoness a pyramid scheme and fined it 3.2 million euro in 2019.
Lyoness ignored the ban and was again fined 3 million euros in 2021.
The latest Lyoness incarnation is myWorld, launched in 2020.
myWorld saw Lyoness shift away from being an outright Ponzi scheme in favor of pyramid recruitment. This is reflected in subsequent regulatory fraud warnings.
SimilarWeb tracked ~528,000 visits to myWorld’s website in September 2023. Top sources of traffic were Czech Republic (14%), Italy (12%), Poland (9%), Cabo Verde (7%) and the US.
Outside of Poland, Cabo Verde and Portugal, Lyoness is currently in decline in every other market.
Update 14th November 2023 – As Lyoness’ European bankruptcy proceedings continue, it has been revealed the company is ~$110 million in debt.