Genius Group files RICO lawsuit against Michael Moe and Peter Ritz, seeks over $450 million in damages
Genius Group (NYSE: GNS) has filed a RICO lawsuit against Michael Moe and Peter Ritz, seeking over $450 million in damages. The lawsuit, filed in the United States District Court, Southern District of Florida on March 31, 2025, targets the controlling officers of LZGI International.
The RICO complaint alleges schemes involving mail fraud, wire fraud, and extortion to acquire control of microcap entities and defraud shareholders. A key piece of evidence includes a recorded meeting where Ritz allegedly detailed plans to weaponize US legal processes to prevent GNS from issuing shares and raising funds.
The company seeks minimum damages of $150 million, which under Florida Statute amounts to $450 million with treble damages. This action is separate from another pending lawsuit regarding alleged naked short selling and share spoofing, with estimated damages between $251-263 million, expected to be filed within 30 days.
Genius Group (NYSE: GNS) ha intentato una causa RICO contro Michael Moe e Peter Ritz, chiedendo oltre $450 milioni di danni. La causa, presentata presso il Tribunale Distrettuale degli Stati Uniti, Distretto Meridionale della Florida il 31 marzo 2025, colpisce gli ufficiali di controllo di LZGI International.
La denuncia RICO accusa di aver attuato schemi di frode postale, frode telematica e estorsione per acquisire il controllo di entità microcap e frodare gli azionisti. Un elemento chiave di prova include una registrazione di una riunione in cui Ritz avrebbe dettagliato piani per sfruttare i processi legali statunitensi al fine di impedire a GNS di emettere azioni e raccogliere fondi.
L'azienda richiede danni minimi di $150 milioni, che secondo il Statuto della Florida ammontano a $450 milioni con danni triplicati. Questa azione è separata da un'altra causa pendente riguardante presunti vendite allo scoperto e spoofing delle azioni, con danni stimati tra $251-263 milioni, che si prevede verrà presentata entro 30 giorni.
Genius Group (NYSE: GNS) ha presentado una demanda RICO contra Michael Moe y Peter Ritz, buscando más de $450 millones en daños. La demanda, presentada en el Tribunal de Distrito de los Estados Unidos, Distrito Sur de Florida el 31 de marzo de 2025, tiene como objetivo a los oficiales de control de LZGI International.
La denuncia RICO alega esquemas que involucran fraude postal, fraude electrónico y extorsión para adquirir el control de entidades microcap y defraudar a los accionistas. Una pieza clave de evidencia incluye una reunión grabada donde Ritz supuestamente detalló planes para utilizar los procesos legales de EE. UU. para impedir que GNS emitiera acciones y recaudara fondos.
La empresa busca daños mínimos de $150 millones, que bajo el Estatuto de Florida ascienden a $450 millones con daños triples. Esta acción es independiente de otra demanda pendiente relacionada con supuestas ventas en corto desnudas y spoofing de acciones, con daños estimados entre $251-263 millones, que se espera se presente en un plazo de 30 días.
지니어스 그룹 (NYSE: GNS)는 마이클 모(Michael Moe)와 피터 리츠(Peter Ritz)를 상대로 RICO 소송을 제기하며 $4억 5천만의 손해배상을 요구하고 있습니다. 이 소송은 2025년 3월 31일 플로리다 남부지방법원에 제기되었으며, LZGI 국제의 지배 임원들을 겨냥하고 있습니다.
RICO 고소장은 우편 사기, 전신 사기 및 강탈을 포함하는 계획을 주장하며, 마이크로캡 기업을 장악하고 주주를 사기치기 위한 것입니다. 주요 증거 중 하나는 리츠가 GNS가 주식을 발행하고 자금을 조달하는 것을 방해하기 위해 미국의 법적 절차를 무기로 삼겠다는 계획을 상세히 설명한 녹음된 회의입니다.
회사는 최소 $1억 5천만의 손해배상을 요구하고 있으며, 이는 플로리다 법령에 따라 $4억 5천만으로 세 배의 손해배상으로 증가합니다. 이 소송은 추후 30일 이내에 제기될 것으로 예상되는, 주장된 무차입 공매도 및 주식 스푸핑과 관련된 또 다른 소송과는 별개입니다. 이 소송의 손해액은 $2억 5천1백만에서 $2억 6천3백만으로 추정됩니다.
Genius Group (NYSE: GNS) a déposé une plainte RICO contre Michael Moe et Peter Ritz, demandant plus de 450 millions de dollars de dommages-intérêts. La plainte, déposée au tribunal de district des États-Unis, district sud de la Floride, le 31 mars 2025, vise les dirigeants de LZGI International.
La plainte RICO allègue des schémas impliquant la fraude par courrier, la fraude par fil et l'extorsion pour acquérir le contrôle d'entités microcap et frauder les actionnaires. Un élément clé de preuve comprend une réunion enregistrée où Ritz aurait détaillé des plans pour utiliser les procédures judiciaires américaines afin d'empêcher GNS d'émettre des actions et de lever des fonds.
L'entreprise demande des dommages-intérêts minimums de 150 millions de dollars, ce qui, selon le Code de la Floride, s'élève à 450 millions de dollars avec des dommages-intérêts triples. Cette action est distincte d'une autre plainte en cours concernant des ventes à découvert nues et du spoofing d'actions, avec des dommages estimés entre 251 et 263 millions de dollars, qui devrait être déposée dans les 30 jours.
Genius Group (NYSE: GNS) hat eine RICO-Klage gegen Michael Moe und Peter Ritz eingereicht und fordert über 450 Millionen Dollar Schadensersatz. Die Klage, die am 31. März 2025 beim US-Bezirksgericht für den südlichen Distrikt von Florida eingereicht wurde, richtet sich gegen die leitenden Angestellten von LZGI International.
Die RICO-Klage behauptet, dass es Pläne gab, die Post- und Überweisungsbetrug sowie Erpressung beinhalteten, um die Kontrolle über Mikrocap-Unternehmen zu erlangen und Aktionäre zu betrügen. Ein zentrales Beweisstück ist eine aufgezeichnete Besprechung, in der Ritz angeblich Pläne detailliert hat, um die US-Rechtsverfahren zu nutzen, um GNS daran zu hindern, Aktien auszugeben und Kapital zu beschaffen.
Das Unternehmen verlangt mindestens 150 Millionen Dollar Schadensersatz, was nach dem Gesetz von Florida 450 Millionen Dollar mit dreifachem Schadensersatz ausmacht. Diese Klage ist unabhängig von einer anderen anhängigen Klage wegen angeblichen Nackt-Leerverkaufs und Aktien-Spoofing, mit geschätzten Schäden zwischen 251 und 263 Millionen Dollar, die voraussichtlich innerhalb von 30 Tagen eingereicht werden.
- Company taking strong legal action against alleged fraud and market manipulation
- Evidence includes recorded meeting documenting alleged fraudulent schemes
- Potential for significant financial recovery through multiple lawsuits
- Company faces alleged attempts to prevent share issuance and fundraising
- Risk of operational disruption due to legal restrictions on share issuance
- Potential threat of LZGI bankruptcy affecting arbitration outcomes
Insights
Genius Group's RICO lawsuit represents a significant legal escalation with substantial financial implications. The complaint alleges systematic fraud and extortion against former business associates, with the company seeking
RICO cases are notoriously complex and challenging to prove, requiring demonstration of a "pattern of racketeering activity" with specific predicate acts. The company appears to have some potentially compelling evidence, including a recorded meeting that allegedly captures Ritz detailing a scheme to manipulate legal processes and extort the company.
What's particularly notable is Genius Group's multi-pronged legal approach - beyond civil action, they've engaged law enforcement including the FBI, DOJ, and Singapore police, suggesting they believe they have evidence of criminal activity. The simultaneous pursuit of a separate market manipulation lawsuit targeting alleged naked short selling shows an aggressive legal strategy across multiple fronts.
The lawsuit's damages calculation is striking - at
This legal action represents both significant risk and potential opportunity for Genius Group shareholders. With a current market cap of just
However, investors should approach this cautiously. RICO litigation carries substantial upfront costs that will impact near-term cash flow, with uncertain timing for any potential recovery. The company's characterization of being threatened with bankruptcy raises questions about its current financial stability that aren't addressed in this announcement.
The litigation strategy appears to be twofold: seeking damages from alleged direct fraud against the company while simultaneously pursuing claims related to share price manipulation. This comprehensive approach targets both operational and market-based damages, potentially addressing multiple sources of shareholder harm.
The scale of alleged damages - particularly the claim that defendants attempted to block the company from raising capital while threatening bankruptcy - suggests the litigation outcome could be existentially important to Genius Group's future. While a favorable judgment could transform the company's finances, protracted litigation without settlement could strain resources. The involvement of specialized legal counsel with RICO expertise (Basile Law Firm) and Christian Attar (known for securities violations cases) indicates the company has secured appropriate representation for these complex claims.
SINGAPORE, April 04, 2025 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI-powered, Bitcoin-first education group, today announced that it has filed a lawsuit against Peter Ritz and Michael Moe as the controlling officers and directors of LZGI International, Inc (“LZG”) under the Racketeer Influenced and Corrupt Organizations Act (RICO), in the United States District Court, Southern District of Florida on March 31, 2025, seeking over
On April 4, 2025, the Company is filing the complaint as part of a Current Report on Form 6-K with the SEC, and as part of a police report to the Commercial Affairs Department of the Singapore Police Force for organized criminal activity against a Singapore public company. The Company has also notified: The Securities and Exchange Commission (SEC); The Criminal Division, Fraud Section, Department of Justice (DOJ); and the Corporate Fraud Division, Federal Bureau of Investigation (FBI) on the contents of the RICO complaint with a request for them to pursue their own actions.
The RICO Complaint includes the following:
- A scheme by the Defendants to defraud LZGI and Genius Group shareholders through a pattern of mail fraud, wire fraud, and extortion, to acquire control of different microcap entities, enrich themselves through the diversion of funds and thereby render LZGI and its subsidiaries insolvent.
- A scheme by the Defendants to use LZGI as a vehicle to coerce and extort the insiders of microcap companies for the purpose of taking over the business and looting the assets of the entities, with Genius Group being their latest victim.
- The Defendant’s attempts to defraud Genius Group through various acts of mail fraud, wire fraud and extortion, including the fraudulent inducement to enter an asset purchase agreement based on false representations and warranties in order to extract funds from Genius Group for a purported asset that was never in their ownership control, and when that failed, an attempt to take control of the Company through an illegally executed Boardroom coup.
- A recently recorded meeting between Ritz and Genius executives, during which Ritz detailed his latest scheme of weaponizing the US legal process to obtain a temporary restraining order and preliminary injunction preventing Genius Group from issuing shares and raising funds to continue operations. Having obtained a court ordered ban through false and misleading statements, Ritz has threatened that if the Company does not give him millions more to fund his next scheme to defraud LZGI and Genius Group shareholders, he could bankrupt LZGI to ensure Genius Group receives nothing from the arbitration, while it remains tied up in restrictions. By this scheme, Ritz gave Genius Group the choice of aiding their fraud or face the threat of forced closure.
- Genius Group has demanded a trial by jury and seeks a verdict and judgement awarding the Company no less than
$150 million in monetary damages, which based on treble damages pursuant to 772.104(1), Fla. Stat. (2024) is minimum of$450 million in damages.
The Company is represented in the RICO complaint by the Basile Law Firm P.C., a specialist in securities violations and RICO claims. The case number is 1:25-cv-21496.
The RICO complaint is one of a series of legal measures that the Company is currently taking against fraud and market manipulation. It is separate from the lawsuit led by Christian Attar related to alleged naked short selling and spoofing of Genius Group’s shares, with alleged damages previously calculated at between
About Genius Group
Genius Group (NYSE: GNS) is a Bitcoin-first business delivering AI powered, education and acceleration solutions for the future of work. Genius Group serves 5.4 million users in over 100 countries through its Genius City model and online digital marketplace of AI training, AI tools and AI talent. It provides personalized, entrepreneurial AI pathways combining human talent with AI skills and AI solutions at the individual, enterprise and government level. To learn more, please visit www.geniusgroup.net.
For more information, please visit https://www.geniusgroup.ai/
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will”, “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company's Reports of a Foreign Private Issuer on Form 6-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. No information in this press release should be construed as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
Contact
For enquiries, contact investor@geniusgroup.ai
FAQ
What is the total amount of damages Genius Group (GNS) is seeking in their RICO lawsuit?
When did Genius Group (GNS) file the RICO lawsuit against Michael Moe and Peter Ritz?
What are the main allegations in Genius Group's (GNS) RICO lawsuit?
What is the separate lawsuit Genius Group (GNS) is pursuing regarding naked short selling?
