billionaire investor Mark Cuban and Stephen Ehrlich, CEO of Voyager Digital, have been accused in a new class action lawsuit of “defrauding” millions of Americans to buy cryptocurrencies.
Plaintiffs allege that both investors “had gone to great lengths to use their experience as an investor” to encourage consumers to invest their life savings in Voyager, claiming that 3.5 million people lost over $5 billion as a result.
Koinfinans.com They also suggested that Ehrlich and Cuban should be responsible for paying back these investors, along with the Dallas Mavericks basketball team owned by the Shark Tank star.
In the court case, many cryptocurrency Despite being new to the world of trading, there are allegations that “young and inexperienced investors” are primarily targeted through “young forward marketing.”
Voyager Digital, is currently going through a period where thousands of consumers cannot access their crypto savings and is counting its last days for a bankruptcy. Quotations from Mark Cuban appear on the first page of the court file, one of which includes the following statements:
“I should add that I am a Voyager customer and have been working with them as their client for several months. I love using it, it’s easy, cheap, fast and the price is really good, so it’s a great choice for our Mavs fans and has the capacity to reach Mavs fans of all ages.”
Lawyers representing the plaintiffs further added that Cuban “never disclosed the nature, scope and amount of the payment he personally received in exchange for promoting the deceptive Voyager Platform.”
Other celebrities such as Floyd Mayweather and DJ Khaled have also had similar incidents in the past. U.S. Securities and Exchange CommissionThey added that they were in trouble with ‘.
Other quotes from Cuban were also highlighted in the court filing, including a quote that Voyager says is “the closest you’ll get to risk-freeness in the crypto universe.”
The class action requesting a jury trial adds:
“Plaintiffs will demonstrate that the Deceptive Voyager Platform is a system built on false promises and virtually impossible representations, specifically designed to exploit the cryptocurrency frenzy to the direct detriment of any ordinary investor.”
Twelve plaintiffs are named in a class action lawsuit filed in Miami. The two have yet to publicly respond to the case.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.