Mark Cuban named as co-defendant in Voyager lawsuit

Shark Tank investor Mark Cuban has been accused of encouraging investment with embattled cryptocurrency lender with Voyager Digital, which the disgruntled investors have dubbed a “Ponzi scheme”.

Cuban is facing a class-action lawsuit by disgruntled consumers who blame their decision to open accounts on him.

The class-action lawsuit has been filed with the US district court of the southern district of Florida and the Dallas Mavericks owner has been named as co-defendant with Voyager Digital CEO Steven Ehrlich.

The lawsuit involves 12 plaintiffs who alleged that the defendants “went to great lengths” to “dupe millions of Americans into investing […] into the Deceptive Voyager Platform”.

One of the particular issues the plaintiffs have raised is with the so-called Voyager Earn Program Accounts or EPAs which they allege are unregistered securities.

The lawsuit goes even further in arguing that 3.5 million Americans have suffered as a direct result of Cuban’s actions which resulted in increased appeal and exposure for the products that the plaintiffs claim was fraudulent.

“Ehrlich’s and Cuban’s misrepresentations and omissions made and broadcast around the country through the internet render them liable to plaintiffs and class members for soliciting their purchases of the unregistered EPAs,” the plaintiffs asserted.

The plaintiffs found Cuban’s remarks that the platform was “as close to risk-free as you would find in the cryptocurrency industry” to be grossly irresponsible and in the end misleading.

Cuban is not the only famed person to have been targeted by angered investors who put their faith in recommendations floated to them by perceived role models.

Kim Kardashian, Stephen Curry, and others have also been on receiving end of criticism for endorsing cryptocurrencies and issuing recommendations to invest.

Cuban was previously burnt by a similar cryptocurrency development when he invested his money in an altcoin which turned out to be a rug pull with the project’s secretive owners spiriting away with hundreds of consumer funds.

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Source

Updated: 08/15/2022 — 20:00