Italy’s Competition Authority has once again found Lyoness to be an illegal pyramid scheme. The company has been issued with another €3 million EUR fine ($3.6 million USD).
Lyoness @ BehindMLM
Oslo police have decided it’s not worth pursuing an investigation into Lyoness. Audun Kristiansen, a prosecutor at the joint unit for intelligence and investigation, told E24 In light of the current situation and that the case will require considerable resources over a long period of time, we consider it necessary to allocate resources elsewhere. Last [Continue reading…]
Lyoness appear to be gearing up to use passive real-estate returns to encourage shopping unit investment. The news broke on March 28th, via a webinar featuring CEO Hubert Friedl.
Poland’s top consumer protection agency has ruled Lyoness is a pyramid scheme.
The Norwegian Gaming Board has reported Lyoness to local police. The regulator suspects Lyoness, who also operates at Lyconet and Cashback World, has committed “criminal offenses” across the country.
Following regulatory pressure and court decisions that have gone against it, Lyoness appears to be distancing itself from Europe. Desperate to keep new investment rolling after Italy outlawed the Ponzi scheme, Lyoness is gearing up for a push into Malaysia, Saudi Arabia and Colombia.
A top Lyoness distributor, who claims to have over 2 million members under him, has admitted “focusing on shopping is a mistake”.
As part of a consumer protection ruling in Austria, Lyoness has been ordered to compensate victims with interest. The ruling covers Lyoness victim losses on investments made between 2007 to 2009 and in 2012.
The Norwegian Gaming Board has rejected Lyoness’ second appeal, resulting in the Ponzi scheme being permanently banned in Norway.
Following a nation-wide ban and 3.2 million euro regulatory fine, Lyoness affiliate investors in Italy want their money back. To that end Lyoness’ Italian victims have lawyered up to demand the return of their losses.