Genius Group RICO lawsuit advances as US judge denies defendants’ dismissal bids
GNS•A US federal judge in the Southern District of Florida denied motions to dismiss Genius Group’s RICO lawsuit, allowing federal and Florida claims against four defendants to proceed. The company seeks more than $750 million in treble damages.
1. Claims move forward
The ruling allows Genius Group’s federal and Florida RICO claims against Michael Moe, Peter Ritz, John Clayton and Michael Carter to proceed. The complaint alleges that the defendants used LZG International to carry out wire and mail fraud tied to an asset purchase agreement, and that false representations led to cash and stock losses.
2. Damages sought
Genius Group is seeking treble damages of more than $750 million. The company also cited a prior ICC arbitration award that returned 7.4 million shares and about $8 million.
