New criminal charges against Lyoness and Freidl in Austria
Austria’s White Collar Crimes and Corruption” Public Prosecutor’s Office (WKSTA) has a long history with Lyoness.
WKSTA has been trying to hold Lyoness and founder Hubert Freidl criminally accountable for years.
Unfortunately for the regulator, legal decisions have thus far gone against them.
Rather than resign themselves to a new era of legalized Ponzi fraud in Austria however, WKSTA continues to try to stop the Lyoness Ponzi scheme.
The latest move by the regulator is a new criminal lawsuit filed yesterday.
WKSTA are seeking to hold Freidl and Lyoness accountable for violating Austria’s Capital Market Act.
WKSTA allege that Lyoness’ Premium affiliate packages were subject to ‘timely publication of a controlled prospectus‘.
Neither Lyoness or Freidl ever published such a prospectus, with WKSTA filing criminal charges and seeking a fine against Lyoness Europe.
With any luck this will be more of a cut and dry case, with Lyoness and Freidl having either published a prospectus or not.
There could however be some push back from Lyoness on whether they were infact required to do so.