Mark Cuban Lawsuit
Mark Cuban may find himself in hot water soon, as a lawsuit filed in the District Court of Southern Florida accuses the billionaire of misleading investors by promoting cryptocurrency on the now bankrupt brokerage Voyager Digital.
With 12 lead plaintiffs, the suit references the case of
“Mark Cassidy v. voyager Digital” from last December, which claims that Cuban and Ehrlich “went to great lengths to use their experience as investors to dupe millions of Americans into investing — in many cases, their life savings — into the Deceptive Voyager Platform and purchasing Voyager Earn Program Accounts (‘EPAs’), which are unregistered securities,”
and goes on to say
“As a result, over 3.5 million Americans have now all but lost over 5 billion dollars in cryptocurrency assets. This action seeks to hold Ehrlich, Cuban, and his Dallas Mavericks responsible for paying them back.”
The new suit clams Voyager Digital is "unregulated and unsustainable fraud, similar to other
Ponzi schemes" that "specifically target[s] young and inexperienced investors," and that Cuban
"personally reached out to investors, individually and through the Dallas Mavericks, to induce them to invest in the deceptive Voyager Platform."
Cuban heavily promoted Voyager Digital after the Dallas Mavricks, owned by Cuban, entered
into a 5 year partnership with Voyager, offering $100 worth of cryptocurrency to Mavricks fans
who created an account and deposited $100 of their own cash.
During a press conference, Cuban had then said "I gotta add, I am a [Voyager] customer and
I've been a customer for several months now," Cuban went on to say during the press conference.
"I like it: It's easy, it's cheap, it's fast and the pricing is actually really good, so we find it as a perfect fit for our Mavs fans and reaching Mavs fans of all ages."
We did reach out to both Voyager Digital as well as Cuban himself, and have yet to receive a