Envion battle at the courts: Investors 1 — Founders 0
► note: this story was first published on 16th of June 2020 ◄
Big news from Berlin court confirms the view of the plaintiffs vs. Trado GmbH story
Exactly 2 years ago, an article (Link) was published by so-called Envion founders, the team of a failed crypto-mining business, proclaiming their massive victory in courts. Oh how the tides have turned! The disenchanted investors stayed hot on the heels of the young guns from the Berlin crypto scene who had launched Envion. We’ve kept you updated with a series of articles (Link to Wordpress) and on Twitter. Now the first round of the match has finally concluded with the victory going to the investors. The smoke screen Envion founders used to facilitate the illusion that they were properly using investors’ money did not fool the courts. Yes…
THE INVESTORS WON!
Enjoy this brief look at the outcome of the first case. Let’s get started.
The first 4 plaintiffs received a judgement by Berlin courts on May 27th 2020.
The first judgments of lawsuits brought by Envion investors were delivered before a court in Berlin. And they don’t turn out well for the team around Michael Luckow, not good for Trado GmbH and not good for the founders. A copy of the ruling is available to us. All that we’ve previously pointed out has been verified as true, past now becomes true.
- ILLEGAL: The acceptance of funds from the public during the Envion ICO (Initial Coin Offering) was deemed illegal previously by FINMA.
- DECEPTIVE: The advertising referring to a non-existent patent was ruled to be misleading.
- LIABLE: Envion’s parent company, Trado GmbH, is liable for statements made in the Envion prospectus. Trado GmbH as the man-behind-the-scenes confirmed.
- COMPENSATION: Trado GmbH has to pay investors for the damages caused by the illegal and deceptive practices used during the ICO.
- FINES: Trado GmbH may still be fined for violating data protection laws once the data protection authority in Berlin finishes their investigation.
This first judgment is in fact a huge victory for the investors:
Trado was ordered to pay damages of around € 500,000.00 in the first proceedings.
Throughout the investigation into Envion, the founders have upheld their claims of innocence. They have tried to deflect attention and blame onto other parties. However, this court ruling makes it clear that the Envion founders and Trado GmbH are responsible for the losses incurred by the investors.
This was the first hurdle to overcome. The investors strongly expect identical judgments of the other pending proceedings in the upcoming weeks and months.
Justice will prevail at the end
The EnvionWatch team would like to thank the investors who sued and all of you who supported us in our fight for justice and the protection of the Envion ICO funds.
We will continue to keep you informed…
