PANews reported on April 5 that according to Globenewswire, Genius Group, a New York Stock Exchange-listed company, announced that it has filed a lawsuit against two executives of LZGI International, Inc (LZGI), Peter Ritz and Michael Moe, in the Southern District Court of Florida under the U.S. Racketeer Influenced and Corrupt Organizations Act (RICO), seeking compensation of US$450 million.

Earlier news, the United States District Court for the Southern District of New York has banned Genius Group from selling stocks to raise funds, and also banned the use of investor funds to purchase Bitcoin, because Michael Moe and Peter Ritz applied to the court for a temporary restraining order and preliminary injunction to prevent Genius Group from selling any shares or raising any funds to purchase Bitcoin.