Werner Boehmis an American social work educator, author, and scholar who originally belonged to Germany. He graduated in the year 1932 and took admission as a Law student at the University of Wurzburg in France where he faced a lot of abuse. He had great experience in the financial technology industry which makes use of technology for the improvement of financial activities. Boehm gained US citizenship in 1944 and worked with the Army which first utilized his services as a social worker and later for treatment of soldiers wounded in war, in a hospital. He did his business and marketing course from Vienna, Austria.
Boehm in his early years was a teacher at a school and was at the same time pursuing his studies on social work at Tulane University. In 1955, Boehm was made Director and coordinator of the state council on Social Work Education Curriculum Study.
He was the CEO of BitRush Corp, a blockchain payment service and was found to have breached his fiduciary duties to the company. He was in a powerful position and used it to con the shareholders and betrayed them, some of whom were even a few friends of his. The company focuses on the development of cryptocurrency as a legitimate method of payment. Many popular types of cryptocurrency that are in existence today are Bitcoin, Blockchain, and Ripple. Bitcoin being the most prevalent is in maximum use. These are virtual currencies that do not exist in the physical form but are of major value developed to ease online transactions. 1 Bitcoin today is worth 2,72,988.61 Indian rupees.
Involvement in illegitimate activities
Mr. Boehm had committed fraud and had also issued press releases that were unauthorized and inaccurate. This action of his got him into trouble and had a lawsuit filed against him. Fraud is any such activity that is done to deceit someone or an organization by concealing the truth to make unlawful gains. Many people in the past have gotten into trouble for participating in fraudulent activities such as this one which has involved huge amounts of money, whose cases have gone on and on in courts for years and have finally been put behind bars. There are various different types of fraudulent activities that exist, some of which are – Tax Evasion, Embezzlement, Money Laundering, Usury, and bribery etc.
Involvement of other parties
He had two partners as well with whom he was very closely associated and who also helped him in committing fraudulent activities thereby resulting in him getting into trouble. He was also found to be operating a website in the United Kingdom which was being used to host and register a large number of companies and was also the CEO of most of these companies. It was through these websites that Boehm used to conduct his fraudulent activities. An example of this is one of the companies that were registered under his name in the UK named as MezzaCap Limited of which Werner Boehm was acting as the managing director.