Lyoness has filed for chapter in Europe.
As per an October twenty fourth press-release issued by Richard Meixner, Managing Director of Lyoness Italy;
Insolvency proceedings have been commenced in respect of Lyoness Worldwide AG and Lyoness Europe AG, each of that are formally headquartered in Buchs, Switzerland.
Said causes for the chapter are “the pandemic, power disaster and inflation”.
Of observe is the potential of one thing fishy occurring. Meixner goes on to advise the businesses Lyoness has registered in particular person nations “will proceed operations as earlier than”.
How particular person nation firms are solvent when Lyoness as a complete is bankrupt isn’t clear.
Lyoness is a Ponzi scheme run by Austrian nationwide Hubert Freidl (proper).
Through the years Lyoness has gone by many iterations, name-changes and related shell firm registrations.
An instance of that may 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 once more fined 3 million euros in 2021.
Different nations which have just lately outlawed Lyoness embrace Norway (2022), Poland (2021), Russia (2021) and Lichtenstein (2021).
The newest Lyoness incarnation is myWorld, launched in 2020.
myWorld noticed Lyoness shift away from being an outright Ponzi scheme in favor of pyramid recruitment. That is mirrored in subsequent regulatory fraud warnings.
SimilarWeb tracked ~528,000 visits to myWorld’s web site in September 2023. Prime sources of site visitors have been Czech Republic (14%), Italy (12%), Poland (9%), Cabo Verde (7%) and the US.
Exterior of Poland, Cabo Verde and Portugal, Lyoness is at the moment in decline in each different market.