First there was Lyoness. Then, during an investigation by the Norwegian Gaming Board, Lyoness split the MLM side of the business into Lyconet. Based on a ton of marketing material and confusion Norway concluded that, while Lyoness had operated as a pyramid scheme, after splitting up the pyramid issues had been addressed. Hardly. Through Lyconet, [Continue reading…]
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The Norwegian Gaming Board’s initial 2013 investigation into Lyoness concluded that, while there was evidence of a pyramid scheme, the company appeared to have remedied concerns by rebranding as Lyconet. With a similar enough business model, complaints from the public detailing losses continued to pour in. That prompted the Gaming Board to open a second [Continue reading…]
Poland’s Office of Competition and Consumer Protection, more commonly known as UOKiK, has issued scam warnings against OneCoin (OneLife), NetLeaders (DasCoin), FutureNet (FutureAdPro), Questra World (Atlantic Global Asset Management) and Lyoness. The December 18th warning, published by UOKiK President Marek Niechciala, appears to be an end-of-year recap of regulatory actions taken by the watchdog.
Back in July it was revealed the Norwegian Gaming Board had reopened its pyramid scheme investigation into Lyoness. The investigation was reopened following a continued stream of complaints from the public, which prompted the Gaming Board to contact Lyoness in April. The Gaming Board sought to have Lyoness address concerns it was running a pyramid scheme [Continue reading…]
Citing the ongoing receival of ‘many tips and questions from the public asking if Lyoness is a pyramid scheme‘, the Norwegian Gaming Board has provided an update on their current investigation.
Word on the grapevine is critical discussion of Lyoness in several European countries has recently disappeared. It began with the removal of a discussion thread on Radar, one of the largest consumer information forums in the Netherlands.
Back in 2014 the Norwegian Gaming Board wrapped up an investigation into Lyoness. The conclusion of the investigation saw the Gaming Board confirm Lyoness ‘does not engage in illegal activities in Norway‘. Analysis of the Gaming Board’s official report revealed the regulator primarily relied on marketing material provided by Lyoness in their investigation. Three years later, [Continue reading…]
It’s the same old story, a Lyoness affiliate invests in Accounting Units, nobody signs up under them and so they lose thousands of dollars. Between 2014 and 2015 a Lyoness affiliate in Switzerland invested 4500 CHF ($4510 USD). When it became clear he wasn’t going to earn any money, the affiliate asked for a refund. [Continue reading…]
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 [Continue reading…]
Lyoness has lost a lawsuit filed in a Swiss Cantonal court. The lawsuit sought to ascertain whether or not Lyoness Premium affiliate memberships were legally binding. Who filed the lawsuit is unclear (although my guess is a Lyoness affiliate who lost money).