A Crypto CEO who wants to turn the art of fraud into a business model
A Crypto CEO who wants to turn the art of fraud into a business model’
BitRush is a technology company focused mainly on the development of cryptographic payment systems and their application in various services. BitRush is a publicly traded company on the Canadian Securities Exchange (CSE) in Toronto.
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At the board meeting (Dec 7, 2016), a majority of the directors appointed a Special Committee of the Board to investigate the circumstances leading to the cease trade order and related matters to report its findings to the Board. The Board also terminated Werner Boehm as Chief Executive Officer of the Company, effective immediately, as a result of actions taken by him without Board approval to the detriment of the Company, including issuing unauthorized and inaccurate press releases.
It turned out that Werner Böhm as CEO deceived and betrayed shareholders as well as people whom he called friends. Based on this revealed behavior of the recalled CEO, Bitrush was forced to file a lawsuit against Werner Böhm.
Below you can read some passages from the verdict, which prove the criminal action of Werner Böhm from the point of view of the court.
“Böhm’s conduct as set out herein was oppressive, unfairly prejudicial and unfairly disregarded the interests of BitRush’s shareholders.”
“Böhm was clearly aware that the dispute with BitRush was a legitimate business dispute caused solely by Boehm’s failure to honor his prior agreements.”
“Böhm’s actions in transferring a total of more than 500.000 CAD from BitRush to companies controlled by him and subsequently refusing to account for the transfers or to return the money when requested constitutes further misappropriation of BitRush’s property.”
“The money was clearly misappropriated by Böhm.”
“… (a shareholder) learned that no shares were ever deposited into escrow in his name.”
“Once again the agreement was never reduced to writing.”
“Böhm did not advice the board.”
“Böhm’ s conduct clearly breached the reasonable expectations of Bitrush and its shareholders.”
“Not only Böhm failed to ensure that BitRush was entitled to use the technology from the very inception of Bitrush, he never took any steps to ensure that was done nor did he ever advise the Board that was the case.”
The court verdict (Nov 14, 2017) found him responsible and his company MezzaCap Ltd “guilty”.
Image Credit; Werner Böhm: Schon wieder Troubles – (c) APA/HANS PUNZ (HANS PUNZ)
He was ordered to cancel more than 16 million of MezzaCap’s shares and to transfer more than 10 million out of these canceled shares to the lawful owners. These owners were accused of money laundering by Werner Bohm. This accusation turned out to be fictitious and intended only to damage the reputation of these honorable people.
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