2 years ago
Shark Tank prima and the proprietor of the NBA squad Dallas Mavericks, Mark Cuban, is facing a people enactment suit for promoting Voyager Digital’s crypto products. The plaintiffs assertion that Voyager was “a monolithic Ponzi scheme” and Cuban “duped millions of Americans into investing.”
Mark Cuban Sued by Voyager Investors
A people enactment lawsuit has been filed successful the U.S. territory tribunal of the confederate territory of Florida against Shark Tank prima Mark Cuban, Dallas Basketball Ltd. (DBA Dallas Mavericks), and Voyager Digital CEO Steven Ehrlich.
There are 12 pb plaintiffs. Referencing the lawsuit of “Mark Cassidy v. Voyager Digital Ltd., et al.,” filed successful December past year, they alleged that Cuban and Ehrlich “went to large lengths to usage their acquisition arsenic investors to dupe millions of Americans into investing — successful galore cases, their beingness savings — into the Deceptive Voyager Platform and purchasing Voyager Earn Program Accounts (‘EPAs’), which are unregistered securities,” the suit describes, adding:
As a result, implicit 3.5 cardinal Americans person present each but mislaid implicit 5 cardinal dollars successful cryptocurrency assets. This enactment seeks to clasp Ehrlich, Cuban, and his Dallas Mavericks liable for paying them back.
The suit notes that Cuban spoke astatine a Dallas Mavericks property conference, “where helium powerfully supported and touted the concern betwixt his institution and the Voyager defendants.” The plaintiffs stressed that the Shark Tank prima “proudly described however helium would personally assistance importantly summation scope and beingness of the Deceptive Voyager Platform for those with constricted funds and experience.”
They asserted:
Ehrlich’s and Cuban’s misrepresentations and omissions made and broadcast astir the state done the net render them liable to plaintiffs and people members for soliciting their purchases of the unregistered EPAs.
The suit besides details that Cuban “went connected grounds calling the Deceptive Voyager Platform ‘as adjacent to risk-free arsenic you’re gonna get successful the crypto universe.'” The Dallas Mavericks proprietor “even hyped up the information that helium was investing his ain wealth into the Deceptive Voyager Platform to further induce retail investors to travel successful his footsteps.”
The plaintiffs assertion that “The Deceptive Voyager Platform is based upon mendacious pretenses, mendacious representations, and is specifically designed to instrumentality vantage of investors that utilize mobile apps to marque their investments, successful an unfair, unsavory, and deceptive manner.” They further alleged:
Put differently, the Deceptive Voyager Platform was a monolithic Ponzi scheme, and it relied connected Cuban’s and the Dallas Maverick’s vocal enactment and Cuban’s monetary concern successful bid to proceed to prolong itself until its implosion and Voyager’s consequent bankruptcy.
Voyager Digital filed for bankruptcy past period citing “prolonged volatility and contagion successful the crypto markets implicit the past fewer months, and the default of Three Arrows Capital (‘3AC’) connected a indebtedness from the company’s subsidiary.” The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board precocious ordered Voyager to cease and desist from making false and misleading statements concerning the company’s FDIC deposit security status.
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