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.
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.
Additionally, the court ordered that costs of the applicants fixed at more than 200.000 CAD payable by Werner Böhm & MezzaCap.
Some know Werner Böhm’s feeble-minded blogs in which he tries to portray himself as a victim.
In his blogs he loves to throws dirt at his former friends and business partners.
He uses the articles written by him (under various pseudonyms which nourish the suspicion of a multiple personalities) to completely distort facts and to express his almost pathological ideas from the point of view of a "true and independent expert".
In his columns, he likes to play an investigative journalist and uses misrepresentations to put his own more than dubious actions in a positive light. Unfortunately, he does it so well that people are still falling for his pure lies.
Here is a clear example of his handling of Bitrush. Firstly, he told false facts to shareholders and refrained from signing his commitments and denies them afterwards. Then, when consequences are drawn (he was dismissed as CEO) he does not hesitate to accuse shareholders and associates of fictitious criminal offenses and to report his stories to police and judiciary.
Hard to believe, he feels victimised when called to further explain his twisted perception.
Werner Böhm is trying to establish a business under the name "The Blockchain Litigation Funder". He wants to rip off more investors with his so-called "Litigation Token". Within this model he seeks to convince people that investing in this company promotes and ultimately enforces the truth and legal certainty.
It is regrettable that such a person as Werner Böhm is always attracted to emerging business models (such as crypto payments, etc.) and harm shareholders in an unprecedented and planned manner.
So, long story short, the clear recommendation regarding dealing with Werner Böhm, AVOID a person who has been slipping from one court case to another for almost 20 years. Even though he has escaped conviction several times, in the end a court found him guilty on several levels in which a trustworthy CEO would never be engaged in (e.g. misappropriation of money and shares, oppressive behavior, failure to honour his agreements etc.).
Unfortunately, nobody can dissuade Werner from his dishonest and destructive behavior.
We want to bring to the public attention what “Werner” deserves, please do not deal with this individual and his companies. You have been warned.
Official Bitrush Press Release January 23, 2017: “Termination of Werner Boehm as CEO”
Official Bitrush Press Release May 29, 2017: “Warning for shareholders about Werner Boehm illegitimate investment scheme”
Das Unglück des Werner Böhm