SCHIRP & PARTNER Rechtsanwälte mbB

  Three years have passed since the Juicy Fields fraud scandal, in which many German investors invested in non-existent cannabis fields. Around 186,000 investors have suffered losses totaling approximately €645 million. This is the biggest cannabis scandal in history. The two companies involved in the fraud are now insolvent, and the masterminds behind the scheme are difficult to track down.  However, there is one party involved in the crime that is still active in the market: iSX Financial EU PLC, based in Cyprus. This Cypriot bank provided Juicy Fields with accounts for payment processing. iSX Bank operates throughout Europe on the basis of an EU license. In return, it must also comply with all EU rules, in particular the strict rules on money laundering prevention. iSX Bank must now face scrutiny by the courts. The German plaintiffs—private individuals who lost considerable sums of money with Juicy Fields investments—are suing iSX Bank in their local German court. The accusation: aiding and abetting the Juicy Fields pyramid scheme, but above all money laundering. According to the information available to the plaintiffs, iSX Bank has failed to comply with its obligations under European law. The Central Bank of Cyprus, which acts as the supervisory authority, is also involved in the investigation. In addition, the EBA (European Banking Authority), which is authorized to supervise under European regulations, is also investigating. Lawyer Dr. Wolfgang Schirp from Berlin, whose law firm Schirp Schmidt-Morsbach Rechtsanwälte represents several hundred victims, says: "iSX Bank must decide what it wants. If it wants to participate in payment transactions in the EU as an EU bank, it must also comply with local rules. This includes money laundering rules. Anyone who violates these rules must pay damages. We are very confident going into the proceedings, because ‘the world belongs to the brave,’ even if these proceedings are uncharted territory for everyone involved." For further information, please contact: Dr. Wolfgang Schirp, Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB, Kantstraße 149, D – 10623 Berlin, Tel. 0049-179-5320213, email: schirp@schirp.com, URL: www.schirp.com