Is Juicy Fields a pyramid scheme? According to the experiences of the investors, it looks exactly like that! Interest and distributions could only be paid by Juicy Fields as long as new cannabis packages could be sold. Juicy Fields has operated a viable cannabis business model that could have yielded the necessary returns. What are the chances that investors will get their money back?
Juicy Fields: Website with questionable promises!
Although login is no longer possible and Juicy Fields user accounts are down, the website juicyfields.io still reads the following (among other things) (in German translation): "JuicyFields is a crowd growing platform for medical cannabis that connects people with licensed producers and retailers from around the world. This revolutionary system leverages the power of partnership in commercial cultivation and keeps the economic benefits at the community level, so the supply chain keeps the money and the value. This allows growers to expand their operations to make the end product cheaper, higher quality, and more desirable for export, while new e-growers (yes, that's you) can enter the business with less risk by removing the usual barriers to entry in terms of licenses, costs, growing and distribution experience. By registering on our platform, you agree to the Terms and Conditions and it is in your best interest to read them carefully." Quite a lot of promises were manifestly not kept. It's interesting to ask who the real operators and profiteers of this business model are.
Juicy Fields: Hide and seek with the domain entry!
If one examines the domain entry of the website juicyfields.io in search of the operators, one finds that the domain juicyfields.io has already been registered on 01.07.2019. The operators of the website are hiding behind the internet service provider Tucows Domains Inc. But that's not all. The website www.juicyholdings.com is also up and running. However, it was registered only on 07.08.2021, and the Internet service provider easyDNS Technologies Inc was used. And what information can be found on the websites about the operators?
Juicy Fields: Who are the operators?
On the website juicyfields.io one can only find the following contact details:
- Juicy Holdings
- 8934 Knonau, Zurich
- +41 55 416 26 16
However, if you look at the website www.juicyholdings.com, you will find the following information:
- Rokin 92-96, 1012 KZ Amsterdam, Netherlands
- +31 62 915 06 51
- Juicy Holdings B.V.
- Rokin 92-96, 1012 KZ Amsterdam, Netherlands
- JuicyFields AG.
- Knonau Castle, 8934 Knonau, Switzerland
- +41 55 416 26 16
Quite confusing, isn't it? Connoisseurs of Juicy Fields will remember that there was also supposedly a Juicy Fields office at Kurfürstendamm 136 in 10711 Berlin. However, there are other activities here. Meanwhile, Juicy Grow GmbH was founded in 2020 and registered in the Berlin Commercial Register of the Berlin-Charlottenburg District Court. However, the company's registered office is at Potsdamer Str. 147 in 10783 Berlin. If you look at the balance sheet 2020 of Juicy Grow GmbH, there can be no talk of big business. There is only a meager balance sheet total of 316,786.44 euros. However, business was quickly shifted to Juicy Holdings B.V. in the Netherlands. This company was registered in the company register of the Netherlands in 2021. And last but not least, there is JuicyFields AG, which is registered in the Commercial Register of the Canton of Schwyz. In addition, there are a large number of companies that have been arranged around Juicy Fields and whose purpose is not comprehensible to Juicy Fields investors.
Juicy Fields: What is the business model?
Juicy Fields investors will recall that an asset investment in the form of a subordinated loan was first offered publicly in Germany via Juicy Holdings B.V. on the website juicyfields.crowddesk.io/. However, this was done without the legally required sales prospectus, which is required under Section 6 of the German Investment Fund Act (Vermögensanlagengesetz). Juicy Holdings B.V. had thereupon discontinued the relevant offer via the website juicyfields.crowddesk.io. Juicy Holdings B.V. then restructured the offer.
Now JuicyFields was to be a crowd-growing platform for medical cannabis, connecting people with licensed producers and distributors from around the world. Investors were to be offered investments in cannabis plants of the JuicyFlash, JuicyMist, JuicyKush, and JuicyHaze strains. And how should this be done practically? Here, one can find the following information at Juicy Fields:
"Please read our Greenpaper to simplify your interpretation of our platform.
The simplified process of the platform:
1) E-growers purchase clones on the JF platform.
2) JF works under a contract with a licensed Partner A for cultivation and other services.
3) After harvesting, Partner A sells the high-THC products under a contract of intent with Partner B. JF receives its share of the value of transaction X.
4) JF pays amount Y to the e-grower."
Clones, partner A, partner B, transaction X, amount Y? Quite a few unknown variables that Juicy Fields and its officers failed to educate their "E-Growers" about. And even now, investors were not provided with a prospectus or an information sheet according to the German Investment Act or the German Securities Prospectus Act, or the EU Prospectus Regulation. Payments were made in cryptocurrencies and in accounts in Cyprus, which are now said to be frozen.
Juicy Fields: What regulations must be complied with?
There has been no "clearance" of the public offerings of assets of Juicy Holdings B.V. by BaFin, as claimed on websites, on YouTube, and in Telegram groups. A required sales prospectus under the German Asset Investment Act was not submitted to BaFin for review at any time. Also, Juicy Holdings B.V. is not subject to continuous supervision by BaFin in Germany. In Germany, asset investments may not in principle be offered to the public without the publication of a sales prospectus previously approved by BaFin. As part of such approval, BaFin examines whether the sales prospectus contains the minimum information required by law and whether the content of the prospectus is comprehensible and coherent (free of contradictions). However, it does not check the correctness of the content of the prospectus. Likewise, there is neither a check on the seriousness of the issuer nor a check on the product. Issuers of investments must expressly point this out in their sales prospectuses. Issuers are liable for the accuracy of the information provided in the sales prospectus.
Juicy Fields: Violation of the capital investment law!
A "clearance" of the public offers of asset investments of Juicy Holdings B.V. by BaFin, as claimed on websites, on YouTube, and in Telegram groups, did not take place. A required sales prospectus under the German Asset Investment Act was not submitted to BaFin for review at any time. Also, Juicy Holdings B.V. is not subject to continuous supervision by BaFin in Germany. In Germany, asset investments may not in principle be offered to the public without the publication of a sales prospectus previously approved by BaFin. As part of such approval, BaFin examines whether the sales prospectus contains the minimum information required by law and whether the content of the prospectus is comprehensible and coherent (free of contradictions). However, it does not check the correctness of the content of the prospectus. Likewise, there is neither a check on the seriousness of the issuer nor a check on the product. Issuers of investments must expressly point this out in their sales prospectuses. Issuers are liable for the accuracy of the information provided in the sales prospectus.
Juicy Fields: Why is it a fastball system?
When considering the sophisticated bonus system, one must ask why Juicy Fields is a fastball. These are "business models" that require an ever-increasing number of participants to contribute their capital to the system, thereby generating supposed profits or bonuses. In the process, participants often share in any revenue brought in by other participants they have recruited. However, revenues are also often deliberately withdrawn from the system and misappropriated. In many cases, there is only an overpriced product or none at all. Even then, there is a suspicion of fraud. However, these "business models" are dependent on constant growth and therefore usually collapse again relatively quickly. The special constellation here is that victims can also become perpetrators. Victims because they invested money themselves and perpetrators because they persuaded others to do the same and collected high bonuses in return. Is there a suspicion of investment fraud? How do you think Juicy Fields' business practices should be classified?
Juicy Fields: In the sights of the financial supervisory authorities!
It is not surprising that the providers of such business models are targeted by the financial supervisory authorities when it comes to these dubious business practices. Thus, the German financial supervisory authority (BaFin) already published the following warning on 30.03.2022:
"Juicy Holdings B.V.: Indications for missing sales prospectus.
BaFin has indications that Juicy Holdings B.V. publicly offers an asset investment in the form of a subordinated loan in Germany.
The offer is made via the website juicyfields.crowddesk.io/.
Contrary to Section 6 of the German Investment Act (Vermögensanlagengesetz), no sales prospectus has been published.
In Germany, asset investments may not in principle be offered to the public without the publication of a sales prospectus previously approved by BaFin. As part of such approval, BaFin examines whether the sales prospectus contains the minimum information required by law and whether the prospectus content is comprehensible and coherent (free of contradictions). However, it does not check the correctness of the content of the prospectus. Likewise, there is neither a check on the seriousness of the issuer nor a check on the product. Issuers of investments must expressly point this out in their sales prospectuses. Issuers are liable for the accuracy of the information provided in the sales prospectus.
You can check whether an approved prospectus has been filed with BaFin for a public offering of securities in the Deposited Prospectuses database."
And on 20.07.2022, BaFin's last warning, for the time being, was published:
"Juicy Holdings B.V.: Important information for investors.
The German Federal Financial Supervisory Authority (BaFin) is currently receiving numerous inquiries, complaints, and tips regarding Juicy Holdings B.V. In addition, false allegations are circulating in connection with BaFin. BaFin, therefore, informs investors about important facts.
Prohibition of the public offering
On June 3, 2022, BaFin prohibited Juicy Holdings B.V. (Amsterdam, The Netherlands) from publicly offering the investment in cannabis plants of the varieties JuicyFlash, JuicyMist, JuicyKush, and JuicyHaze in Germany. Juicy Holdings B.V. is thus currently prohibited from offering these investments to the public in Germany. BaFin published a notice on its website regarding the prohibition.
The background to the prohibition was as follows: The aforementioned investment opportunities are asset investments within the meaning of the German Asset Investment Act (VermAnlG). Juicy Holdings B.V. was therefore legally obliged to publish a sales prospectus approved by BaFin before the start of the public offering in Germany, which was carried out via the website juicyfields.io/de/, among other places. However, the Company did not comply with this obligation at any time.
As early as March 2022, BaFin had warned against the offer of another investment by Juicy Holdings B.V. in the form of a subordinated loan. Juicy Holdings B.V. subsequently discontinued the relevant offer via the website juicyfields.crowddesk.io. Juicy Holdings B.V. then restructured the offer and unlawfully offered the above-mentioned investment opportunities. This then led to the prohibition in June.
Corrections to circulating misinformation
The information that BaFin has since reopened the offers of Juicy Holdings B.V. is false. BaFin corrected this false claim on its website on June 10, 2022.
About equally false information currently circulating, BaFin also points out that it has not blocked any websites or frozen any investor accounts."
In the meantime, BaFin has imposed 1,000,000 euro penalty payments on Juicy Holdings B.V. by notice dated June 3, 2022, sent in a letter dated July 7, 2022.
Juicy Fields: COMPANY ANNOUNCEMENT or smoke candles for the investors?
It is also not surprising that Juicy Fields investors must be completely confused by the contradictory information. Again and again one has to ask oneself who is authorized to speak and act for Juicy Fields. This was also the case with the letter dated July 28, 2022, which was signed "The Juicy Fields Founding Members". Who would believe that a formal procedure for the return of capital investment would be initiated by Juicy Fields and that a new platform would be launched before the end of September? Juicy Fields investors are only to be further stalled and dissuaded from taking action to mitigate their losses.
Juicy Fields: A look at possible liability addressees!
It is now necessary to examine which measures under civil and criminal law could be expedient. Here, of course, the first look is at those responsible for the companies in the Juicy Fields network of companies. However, advisors and intermediaries are also liable if they have not provided advice that is appropriate to the investor and the property. Here the BaFin warnings are of particular importance. Last but not least, it must be investigated whether the banks and payment service providers involved have complied with money laundering regulations. If this is not the case, liability claims can also arise from this. Here, the focus is particularly on financial transactions to accounts in Cyprus, but also on crypto transactions, where we have already identified a scam cluster in our investigations and are tracing the transactions in the blockchain.
Juicy Fields: Investors want their money back. Can you do that?
If you had known all of this, you certainly would never have gotten involved in this business. You will now ask yourself the question, how can you get your money back? Many investors can't even imagine that there is any real chance of ever seeing their money back. Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions are obliged to take action against money laundering. This is where we come in with good prospects of success.
Juicy Fields: Follow the money!
For more than 36 years, the investor protection law firm Resch Rechtsanwälte has been pursuing such abuses in the gray capital market. In this respect, the activities of Juicy Fields are nothing new. We have built up a set of instruments to follow the money. In the age of the Internet, it has become very difficult to make funds disappear. We have already located significant sums. Now the task is to secure these funds.
RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of Juicy Fields and want to know if and how you can get your money back call +49 30 885 9770 or fill out the questionnaire. You will receive a free initial assessment of your case.
JuicyFields - Pyramid schemes
Let us help you!
+ 49 30 / 88 59 77 0