Genius Group Moves Against Executives with Legal Action
SINGAPORE — Genius Group Limited (NYSE American: GNS), a leader in AI-driven, Bitcoin-focused education solutions, has recently taken a significant step in the fight against corporate fraud. The Company has filed a lawsuit against Peter Ritz and Michael Moe, the controlling officers of LZGI International, Inc, under the Racketeer Influenced and Corrupt Organizations Act (RICO). This legal action, initiated in the United States District Court, Southern District of Florida, seeks to recover over $450 million in damages that Genius Group attributes to their actions.
Details of the Allegations
This lawsuit, filed on March 31, comes alongside a Current Report on Form 6-K submitted to the SEC. Genius Group has also taken the additional step of filing a police report with the Commercial Affairs Department of the Singapore Police Force regarding alleged organized crime involving a public company based in Singapore.
The RICO complaint outlines several grave accusations:
Fraudulent Schemes Uncovered
The defendants are accused of orchestrating schemes to defraud both LZG and Genius Group’s shareholders. This is alleged to have been executed through a systematic approach involving mail fraud, wire fraud, and extortion, aimed at gaining control over various microcap entities. Their actions allegedly resulted in significant financial harm, leading to the insolvency of LZG and its subsidiaries.
Coercion and Extortion Tactics
Furthermore, Ritz and Moe are reportedly using LZG as a means to pressure and extort insiders of these microcap companies to seize control of their businesses and extract assets. This aggressive and manipulative approach has placed Genius Group in a precarious situation, rendering it their latest victim.
Attempted Control and Extortion
The defendants have also been accused of attempting to defraud Genius Group through various deceptive practices, including a fraudulent asset purchase agreement based on false claims. When these tactics failed, they allegedly resorted to executing an illegal coup within the Company’s Boardroom to gain control.
Recent Meeting Raises Concerns
In a concerning incident, a recent meeting between Ritz and Genius Group’s executives revealed attempts to manipulate the legal system. Ritz purportedly discussed plans to weaponize legal proceedings to secure a temporary restraining order, which would hinder Genius Group from issuing shares or acquiring necessary funds for operational continuity. This intimidation tactic comes with a threat of bankruptcy for LZG, positioning Genius Group in a corner where they must comply or face severe consequences.
Relief Sought by Genius Group
Genius Group is not backing down. The Company is pursuing a jury trial, demanding a judgment that initially requests a minimum of $150 million in monetary damages. Citing treble damages under the relevant state statute, the total sought escalates to at least $450 million. The case is currently being handled by the Basile Law Firm P.C., which specializes in securities and RICO claims.
Ongoing Legal Battles
This RICO complaint is part of a broader strategy by Genius Group to combat fraud and market manipulation. It's essential to note that this case is separate from the ongoing lawsuit led by Christian Attar, which addresses allegations of naked short selling and spoofing related to Genius Group’s shares. Earlier assessments of damages were estimated to be between $251 million and $263 million, and calculations for updated damages are expected soon.
About Genius Group
Genius Group (NYSE: GNS) stands at the forefront of innovation, combining Bitcoin-first strategies with cutting-edge AI technologies to deliver premier education solutions for the evolving workforce. With a user base of 5.4 million individuals across more than 100 countries, the Company employs its Genius City model and a digital marketplace to provide educational resources aimed at enhancing individual skills and fostering entrepreneurial ventures. To learn more, visit www.geniusgroup.net.
Contact Information
For further inquiries regarding the lawsuit or other corporate matters, please reach out via email at investor@geniusgroup.ai.
Frequently Asked Questions
What is the purpose of the lawsuit filed by Genius Group?
The lawsuit aims to recover over $450 million in damages due to alleged fraudulent activities by the defendants.
Who are the defendants in the case?
The defendants are Peter Ritz and Michael Moe, who are the controlling officers of LZGI International, Inc.
What does RICO stand for?
RICO stands for the Racketeer Influenced and Corrupt Organizations Act, which targets organized crime and corruption.
How is Genius Group planning to combat fraud?
The Company is taking multiple legal measures, including the current RICO lawsuit and other lawsuits related to market manipulation.
What does Genius Group offer as a company?
Genius Group provides AI-powered education and training solutions, focusing on preparing individuals for the future workplace.