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Cuban was dismissed as part of a class action lawsuit for promoting a “Ponzi scheme” with Voyager Digital.
DALLAS — Dallas Mavericks owner Mark Cuban said next month as part of a class-action deposition against bankrupt cryptocurrency lender Voyager Digital that the company is “unregulated and unsustainable.” He will be interrogated claiming that it is a “possible fraud”.
The complaint alleges that Steven Ehrlich, CEO and co-founder of Cuban and Voyager, personally contacted investors, or through Mavericks, to induce them to invest in the company.
“Cuban and Ehrlich, as we will see later, used their experience as investors to trick millions of Americans into investing in the fraudulent Voyager platform (often costing their lives). savings) and Voyager Earning Program Accounts (“EPAs”), which are unregistered securities,” the complaint reads.
The lawsuit alleges that more than 3.5 million people have lost more than $5 billion in crypto assets as a result of the platform, and the lawsuit seeks to hold Ehrlich, Cuban and the Dallas Mavericks responsible for the compensation. There is
Voyager was a multi-billion dollar mobile application for placing cryptocurrency trading orders. The lawsuit is aimed at young, inexperienced investors who are new to cryptocurrency trading, promising interest payments on their cryptocurrency holdings and saying they will receive the best possible price for trading cryptocurrencies. .
However, the lawsuit alleges that Voyager’s statements and representations are false, misleading, and violate several state and federal consumer laws.
“The Deceptive Voyager Platform is based on misrepresentations, misrepresentations and is specifically designed to take advantage of investors who invest using our mobile apps in an unfair, obnoxious and deceptive manner. ‘,’ the lawsuit states. “Simply put, plaintiffs allege that the Deceptive Voyager Platform, built on false promises and virtually impossible representations, is the house of cards, and that they are taking advantage of the cryptocurrency craze to direct public investors. certify that it was specifically designed to cause physical damage.”
The complaint alleges that Voyager’s defendants intentionally priced the platform so high that it collected exorbitant hidden fees for each cryptocurrency transaction, even though it claimed to be “100% commission-free.” claims to have never disclosed the
In his complaint, Mr. Cuban was cited at a recent Dallas Mavericks press conference as strongly endorsing and promoting the partnership with Voyager, explaining how it helped increase Voyager’s reach and presence. bottom.
“Simply put, the future of digital currencies has untapped potential and is an attractive investment for novice investors with just $100,” Cuban said at the time, according to court documents. That’s where Voyager comes in.”
Cuban revealed a partnership between Voyager and the Dallas Mavericks, but the lawsuit alleges he failed to disclose the extent of the relationship and how much he personally paid to promote Voyager. The SEC violates a federal securities law non-advertisement clause by not disclosing this information.
Cuban has previously called Voyager “as close to risk-free as entering the world of cryptocurrencies” and has held a press conference with Ehrlich, then-Maverick New York’s Nick Jalen Branson. “If this is your first cryptocurrency, what are the important things to know?”
“[T]The Deceptive Voyager Platform was a massive Ponzi scheme that relied on Cuban and Dallas Maverick sponsorship and Cuban financial investment to survive until the implosion and Voyager’s subsequent bankruptcy,” the lawsuit alleges. I’m here.
Cuban requested that the deposition be split into two sessions, but the judge denied his request and the full deposition is scheduled for February 2.
The WFAA did not respond to requests for comment from Cuba.
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