Werner Boehm Convicted by the Court and Related Happenings

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A background on Werner Boehm

To provide you a little background, the guy named Werner Boehm used to be a former CEO of BitRush, which is a payment service for blockchains. BitRush is traded publicly at the Canadian Securities Exchange. Using this position of power, Werner Boehm used some deceitful tactics in order to con the shareholders. These actions of this guy resulted in a lawsuit filed against him.

The special committee and the termination

At the meeting of the board held on 7th Dec, 2016, a major portion of the directors created a special committee out of the board. This was done to facilitate the investigation of the circumstances that lead to the order for ceasing trade and the associated matters. The committee was ordered to report what it found back to the members of the board. The board also went ahead and ordered termination of Werner Boehm as the Chief Executive Officer for the company, which was put into effect immediately, because of the actions that he had taken without the approval of the board and had led to damage to the company that included the issuance of inaccurate and unauthorized press releases. As it was found by the special committee that the Chief Executive Officer, Werner Boehm had betrayed and deceived the shareholders of the company along with the people who he used to call friends. Based on the findings of the special committee of the fired Chief Executive Officer, BitRush had to take the harsh step of filing a lawsuit against Boehm.

What really happened behind the scenes?

It is perceived that over this period of time, Werner Boehm had been maintaining a real close association with two of the partners who were named as Elfirede.S and Alfred.D. Both of these associates had been observed to act very quickly on the reports of any allegations that were aimed towards him. Since the time gone by, it was alleged that William Bohem had been at the heads of operations of a website in the country of the United Kingdom. This was in turn used in hosting and registering a large amount of companies, as the English Commercial Register. It is also alleged that Werner Boehm was acting as the Chief Executive Officer for most of these companies, and was acting in partnership with other individuals who were closely associated with the case. All these companies are alleged to having ties with Elfriede.S and Alfred.D and to their own companies based in Australia, which created a network. It was from within the use of this network, crossing international boundaries, that Werner Boehm is known to have been putting on a disguise of his much further and fraudulent acts by using this channel for his accountancy via the account books of the businesses of his partners. One of the known examples of this is a company registered in the UK named MezzaCap Limited. MezzaCap limited has Werner Boehm acting in the role of the Managing Director and another of his partners in an executive position too.

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Source by Shalini M

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