News

Mark Cuban Sued For Illegal Advertising For Voyager

Mark Cuban, billionaire entrepreneur, and star of the American show Shark Tank is facing a class-action lawsuit over what he promoted for Voyager Digital, the lending platform that filed for bankruptcy last month.

Billionaire Mark Cuban

Law firm Moskowitz has filed a civil lawsuit in the United States District Court in South Florida against Mark Cuban for illegally promoting Voyager’s cryptocurrency products.

The lawsuit also accuses Cuban of misrepresenting information on multiple occasions, making dubious claims about Voyager being cheaper than competitors, and offering commission-free trading.

Mark Cuban, along with Voyager Digital CEO Stephen Ehrlich, profited from a fledgling customer investing their entire life savings into the Ponzi scheme.

Cuban and Stephen Ehrlich (right)

The lawsuit against Mark Cuban states:

“Cuban and Ehrlich, as will be explained, 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.”

Voyager is also mentioned:

“The Deceptive Voyager Platform is based upon false pretenses, false representations, and is specifically designed to take advantage of investors that utilize mobile apps to make their investments, in an unfair, unsavory, and deceptive manner.”

Voyager, after suffering damages related to Three Arrows Capital (3AC) has been allowed by the court to return customers $270 million in cash being held at Metropolitan Commercial Bank (MCB). The lending platform recently announced it will restore access to cash deposits on August 11, while crypto and stablecoins will have to continue to wait for a court ruling.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.