Mark Cuban, billionaire investor and Dallas Mavericks overlord, has been named in a class action lawsuit directed at himself and Stephen Ehrlich, CEO of a platform with which Cuban and his NBA team had close, vocal ties
It took roughly $5 billion of users' funds with it when it fell into Chapter 11. According to the suit, the billionaire was more than just an investor, and he had the right to invest his Shark Tank money where he chose. According to the documents, Cuban and the Mavericks were an essential part of the business plan, and that Cuban and the broker preyed on young and inexperienced investors.
"Cuban and Ehrlich went to great lengths to use their experience as investors to trick millions of Americans into investing their life savings into a fraudulent investment scheme," reads the court filing.
Cuban and Ehrlich over-hyped the supposed ease and accessibility of the platform, while over-minimizing the fraught market's blatant risks, according to the lawsuit.
Cuban made his intentions with young investors clear when he said that there's "untapped potential in the future of digital currency and it's an."
"That's where we start," he said.
Cuban and Ehrlich had promised that the ship was safe. If either of the bigwigs has to pay up or not, it'll be a long-standing stain on both of their reputations.
"Simply put," the suit continues, "the Deceptive Voyager Platform is a house of cards, built on false promises and representations that were specifically designed to take advantage of thecryptocurrencies craze to the direct detriment of any ordinary investor."
There is a lawsuit accusing Mark Cuban and the company of defrauding investors.
The entire market may have been crashed by two sleazebags.
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