Mark Cuban faces class action lawsuit for promoting Voyager crypto products
The lawsuit alleged that Mark Cuban misrepresented Voyager's crypto offerings and services and used his years of experience to induce customers inexperienced in investing their savings.
New
Mark Cuban, the billionaire entrepreneur who has been very active in the crypto ecosystem over the past year, faces a class action lawsuit over his promotions of bankrupt crypto brokerage Voyager Digital .
The law firm Moskowitz filed a civil suit in the United States District Court in South Florida against Cuba for promoting Voyager's unregulated crypto products. The trial called for a jury hearing for the case.
The lawsuit alleged that Cuba also misrepresented the company on numerous occasions, dubiously claiming that it was cheaper than competitors and offered "commission-free" trading services. Cuban, along with Voyager Digital CEO Stephen Ehrlich, used their years of experience to lure inexperienced clients into investing their life savings in what they called a Ponzi scheme, the lawsuit alleges
An excerpt from the trial read:
“Cuban and Ehrlich went to great lengths to use their experience as investors to dupe millions of Americans into investing – in many cases, their life savings – in the flat. -form Deceptive Voyager and purchase Voyager Earn Program Accounts ("EPAs"), which are non-registered titles."
The lawsuit further alleged that Cuban continued to promote Voyager's products and pressure retail investors to invest in them despite knowing it. Cuban has publicly stated that the Voyager platform is “as close to risk-free as possible in crypto.” The lawsuit said:
"Voyager Platform relied on Cuban and Dallas Maverick's vocal support and Cuban's monetary investment to continue to sustain itself until its implosion and Voyager's subsequent bankruptcy."
>Voyager was one of several Three Arrows Capital (3AC) crypto lenders that went bankrupt after insolvency. The Crypto Credit Company
The lawsuit alleged that Mark Cuban misrepresented Voyager's crypto offerings and services and used his years of experience to induce customers inexperienced in investing their savings.
New
Mark Cuban, the billionaire entrepreneur who has been very active in the crypto ecosystem over the past year, faces a class action lawsuit over his promotions of bankrupt crypto brokerage Voyager Digital .
The law firm Moskowitz filed a civil suit in the United States District Court in South Florida against Cuba for promoting Voyager's unregulated crypto products. The trial called for a jury hearing for the case.
The lawsuit alleged that Cuba also misrepresented the company on numerous occasions, dubiously claiming that it was cheaper than competitors and offered "commission-free" trading services. Cuban, along with Voyager Digital CEO Stephen Ehrlich, used their years of experience to lure inexperienced clients into investing their life savings in what they called a Ponzi scheme, the lawsuit alleges
An excerpt from the trial read:
“Cuban and Ehrlich went to great lengths to use their experience as investors to dupe millions of Americans into investing – in many cases, their life savings – in the flat. -form Deceptive Voyager and purchase Voyager Earn Program Accounts ("EPAs"), which are non-registered titles."
The lawsuit further alleged that Cuban continued to promote Voyager's products and pressure retail investors to invest in them despite knowing it. Cuban has publicly stated that the Voyager platform is “as close to risk-free as possible in crypto.” The lawsuit said:
"Voyager Platform relied on Cuban and Dallas Maverick's vocal support and Cuban's monetary investment to continue to sustain itself until its implosion and Voyager's subsequent bankruptcy."
>Voyager was one of several Three Arrows Capital (3AC) crypto lenders that went bankrupt after insolvency. The Crypto Credit Company
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