LiraCoin Club promotion suspended in Italy over investment fraud

The Italian financial regulator CONSOB has temporarily suspended promotion of LiraCoin Club in Italy.

In a published May 29th bulletin, CONSOB states LiraCoin Club’s MLM opportunity constitutes an investment proposal.

Offering an investment proposal is the equivalent of a securities offering, which in Italy requires companies to register the offering with CONSOB beforehand.

LiraCoin Club failed to do so, and so CONSOB has suspended promotion and investment of LiraCoin Club in Italy for ninety days.

The suspension applies to LiraCoin Club, LiraCoin and parent company Liracoin DAMO.

CONSOB states it has
temporarily suspended LiraCoin Club promotion
as a “precautionary measure”.

LiraCoin Club has sixty days to appeal the decision, failing which it’s expected to be made permanent after 90 days.

BehindMLM
reviewed LiraCoin Club
On May 25th.

LiraCoin Club’s business model, which sees affiliates invest in LIC tokens on the promise of an advertised ROI, we concluded it was just another
BitConnect lending Ponzi
clone.

For our efforts two days ago we received a cease and desist from “Tom Williams”, who claimed to represent “LiraCoin Damo Organization”.

Williams (who I’m pretty sure doesn’t exist), claimed our review

contain [sic] serious, untrue and highly defamatory comments towards LIRACOIN DAMO ORGANIZATION.

In order to protect LIRACOIN DAMO ORGANIZATION interests we are considering proceedings against you in the High Court in Europa and USA.

As is typical of legal threats sent by scammers, Williams failed to identify a single inaccuracy in our review.

I responded as much but as of yet haven’t heard anything back.

Whether Williams and LiraCoin DAMO Organization sent CONSOB a similar cease and desist is unclear.

🤖 Quick Answer

What action did CONSOB take against LiraCoin Club in Italy?

Why did CONSOB suspend LiraCoin Club's promotion?
CONSOB determined that LiraCoin Club's MLM opportunity constituted an investment proposal equivalent to securities offering. Italian law requires companies to register such offerings with CONSOB beforehand. LiraCoin Club failed to comply with registration requirements, prompting the regulatory suspension.

What is LiraCoin Club's available recourse?
LiraCoin Club has sixty days to appeal CONSOB's suspension decision. If

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