Shark Tank star and owner of the NBA team Dallas Mavericks, Mark Cuban, is facing a class action lawsuit to promote Voyager Digital’s crypto products. The plaintiffs allege that Voyager is a “massive Ponzi scheme” and that Cuban “defrauded millions of Americans into investing.”
Mark Cuban is being sued by Voyager investors
A class action lawsuitwas filed in the U.S. District Court for the Southern District of Florida against Shark Tank star Mark Cuban, Dallas Basketball Ltd. (DBA Dallas Mavericks), and Voyager Digital CEO Steve Ehrlich. filed against Voyager Digital CEO Steve Erlich in the United States District Court for the Southern District of Florida. (DBA Dallas Mavericks), filed a class action lawsuit against Voyager Digital CEO Steven Ehrlich.
The 12 lead plaintiffs are. Referring to the case of “Mark Cassidy v. Voyager Digital Ltd. et al.” filed last December, they allege that Cuban and Ehrlich “used their experience as investors to defraud millions of Americans, in many cases their life savings, into deceptive deliberately went out of their way to invest in the Voyager platform and purchase unregistered securities, Voyager Earn Program Accounts (“EPAs”),” the complaint states, adding.
As a result, more than 3.5 million Americans have lost more than $5 billion in cryptocurrency assets. This lawsuit seeks to hold Ehrlich, Cuban, and his Dallas Mavericks responsible for paying them back.
The lawsuit states that Cuban “strongly supported and promoted the partnership between his company and the Voyager defendants” at a Dallas Mavericks press conference. The plaintiffs emphasized that the Shark Tank star “proudly described how he personally assisted in significantly increasing the scope and existence of the deceptive Voyager platform for people with limited funds and experience.”
They claimed.
Ehrlich and Cuban’s misrepresentations and omissions were made and broadcast throughout the United States via the Internet, and they claimed liability for the plaintiffs and class members who solicited the purchase of unregistered EPAs.
The lawsuit also detailed that Cuban “professed that the Deceptive Voyager Platform was ‘as risk-free as it gets in the crypto world. The Dallas Mavericks owner even exaggerated the fact that he was investing his own money in the Deceptive Voyager Platform to “further induce private investors to follow in his footsteps.”
Plaintiffs allege that “the Deceptive Voyager Platform is based on false pretenses, false representations, and is specifically designed to take unfair, unflattering, and deceptive advantage of investors who use the mobile app to make investments They claimed that “the Platform is based on falsehoods, misrepresentations, and misrepresentations. They further claimed that.
Put another way, the deceptive Voyager platform was a massive Ponzi scheme, dependent on Cuban and Dallas Maverick’s vocal support and Cuban’s monetary investment to keep it up until its collapse and Voyager’s subsequent bankruptcy.
Voyager Digital filed for bankruptcy last month, citing “prolonged volatility and contagion in the crypto markets over the past several months and the default of Three Arrows Capital (‘3AC’) on a loan from its subsidiary. The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board recently ordered Voyager to cease making false and misleading statements regarding the company’s FDIC deposit insurance status.
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