Helbiz had ICO in 2018.
Helbiz coin holders lost their money.
Now Helbiz listed on NASDAQ.
Helbiz coin investors filed a class-action case against Helbiz on June 19, 2020.

The Helbiz coin is a security - court desicion: on January 22, 2021

Helbiz may face a Federal Securities Fraud case
03.07.21

Salvatore Palella. Helbiz fraud and lie

Salvatore Palella is a Helbiz founder and CEO. Official statements say that he found Helbiz in 2015, but at that time Helbiz was a hiring platform. Till the 2018 year, Helbiz wasn't developed or existed as a business. At the end of the 2017 year, when it was the time of crypto bubbles, Salvatore Palella decided to make ICO and raise money for Helbiz - a transportation platform. Look at the whitepaper here.

Helbiz team did the first meetup in New York to promote Helbiz ICO and closed ICO in March 2018. Helbiz raised close to $ 40m. During the 2018 year, Salvatore Palella promotes the Helbiz coin and pump its price, at the same time develop the Helbiz platform and waste money on luxury life. Helbiz coins that weren't sold during ICO, they were sold at the second market, and money was moved to Salvatore Palella and his team pockets. At the same time officially they said that "all Helbiz partners were compensated in Helbiz coin".



In the 2019 year, Salvatore Palella decided to do Helbiz IPO, but how to do it with the crypto background? So, Palella decided just to make it looks like it was the ICO of Helbiz partner, not Helbiz. He deleted all information related to Helbiz coin, hired lawyers to attack Helbiz coin investors, and started to raise money from new investors, but venture investors this time.

In all official statements, he said that ICO was of 3-d party company, not Helbiz, and all crypto-investors got their money back. That's not true, that's why Helbiz coin investors filed a class action against Helbiz, Salvatore Palella, and others.

It's just a small part of Salvatore Palella's lie, to his investors. He lied a few years ago, he lies right now, and he will lie in the future. This person should be sent to jail for the fraud he did.

At the end of this article, you will read how Palella embezzling investors' money. How it's possible? Because of Salvatore Palella ties with Jordan Saxe, Riccardo Silva, Massimo Ponzelini and others.

In Italy, Salvatore Palella is a very known person, the star of TV Reports and mass-media investigations.

But naive Americans, that are buying Helbiz stock (HLBZ on NASDAQ) know nothing about this investigation.

Italy investigations:

1. The first one is a TV Report 40-minute program, that uncovers Pallela's background: ICO, IPO, bankruptcy, ties with the mafia. In addition to the investigations that involved the Palella companies, the investigation sheds light on the relationships that the entrepreneur has in Milan and consolidates in the United States, such as the one with Massimo Ponzellini, the former president of Banca Popolare di Milano, sentenced in the first degree for corruption between private individuals, therefore prescribed, and today Massimo is Helbiz consultant for the future listing on the Stock Exchange.

2. Second one, a few articles about Palella in Italian mass-media Domani. It's "The big bluff of Palella, the Italian who brought the scooters to the stock exchange", that is telling us about Palella's way from Acriale to New York, the escape of investors, the origin of Helbiz, and the increasing of company losses... and increases of CEO salary as well. Other articles about Palella's background and ties with the mafia, and about persons that cover Palella - Riccardo Silva, Massimo Ponzellini, Lorenzo Pellegrino, and others.

Acireale Calcio football club:

27 years old Palella joined Acireale Calcio club as a president, and finally, you can Google information - as we found, the club was declared bankrupt, and people didn't get their salary.



Witamine company bankrupt:

As we understand, the history of the first Palella's startup "Witamine" finished in March 2019. The company was declared bankruptcy by Milano's court.

Witamine company bankrupt:

Based on PRELIMINARY PROXY STATEMENT in SEC Helbiz financial report for 2020 year shows $4,4m dollars revenue and $24,5m net loss (page 37).

At the same time Salvatore Palella has $825,000 salary, $410,000 bonuses and $210,000 compensation for 2020 year (page 238). It's total $1,445,000.

As of December 31, 2019, the Company had extended interest-free loans with no set repayment term to Salvatore Palella, its majority shareholder and sole director, in the amount of $1,382,000 (page 163)

So, do you understand what to expect from Helbiz's IPO?
In our opinion Salvatore Palella is a dishonest person, that only knows how to get money from companies for his personal benefit.