The Norwegian Gaming Board has rejected Lyoness’ second attraction, ensuing within the Ponzi scheme being completely banned in Norway.
The Gaming Board initially banned Lyoness in Norway again in January 2018.
The Gaming Board’s investigation discovered that almost all of income Lyoness generated in Norway was from direct unit funding, versus cashback procuring.
Thus it adopted commissions and unit returns have been additionally primarily funded by new unit funding.
That is the Ponzi scheme baked into Lyoness that BehindMLM first warned customers about again in 2012.
Lyoness’ first attraction to the Gaming Board’s determination was the same old “wutabout procuring???” track and dance.
Lyoness additionally submitted “new info” to the Gaming Board, concerning their firm’s quite a few name-changes.
You had Lyoness, which then cut up into Lyconet and Lyoness, which then turned Lyconet and Cashback World, which I imagine now’s myWorld and Cashback World.
Fortuitously the Gaming Board rejected each the cashback and “however we modified our identify” arguments. Lyoness’ first attraction was denied by the Gaming Board in June 2018.
Lyoness filed a second attraction to the Complaints Board following the June determination.
The second attraction noticed Lyoness argue that the Gaming Board’s determination was based mostly on “procedural errors” and disproportionate to violations dedicated.
Lyoness demanded “the fitting to appropriate the unlawful” nature of their enterprise mannequin.
Seeing because the Ponzi funding scheme has been central to Lyoness’ enterprise mannequin since day one, how they’d have gone about that is unclear (one other firm name-change?).
Yesterday on February twelfth the Complaints Board introduced it had rejected Lyoness’ second attraction.
The Gaming Authority’s determination on 31 Might 2018 just isn’t topic to procedural errors and can be not disproportionate.
The Lottery Board has made a radical evaluation of Lyoness’s enterprise and the conclusion is evident.
The Lottery Board has not discovered cause to offer Lyoness the fitting to appropriate the unlawful relationship. Lyoness (Lyoness Europe AG and Lyoness Norway AS) will cease all enterprise.
And in order that’s that.
After being confirmed an unlawful pyramid scheme a minimum of thrice, Lyoness is now completely prohibited from working in Norway.