Attorney John Deaton files securities fraud class action lawsuit against former Linqto CEO for Ripple and other private company equity sales
according to cryptocurrency journalist Eleanor Terrett, lawyer John E Deaton represents thousands of retail investors and has filed a securities fraud class action lawsuit against Linqto founder and former CEO William Sarris. The lawsuit alleges that Sarris, through undisclosed markups as high as 60%, misleading waiver statements, and unlicensed sales, carried out a years-long fraud scheme on the Linqto platform by selling shares of private companies such as Ripple, Uphold, and Kraken through SPVs (Special Purpose Vehicles). According to the complaint, Sarris received internal legal memoranda in 2023 and 2024 explicitly warning that these issuance activities violated multiple SEC and FINRA regulations, including acting as an unregistered broker-dealer and operating an unregistered investment company, but he chose to ignore them. Deaton stated that this lawsuit is against Sarris personally and is not subject to bankruptcy protection limitations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Mars Morning News | ZCash shielded pool assets reach 23% of total supply, network usage surges
The potential end of the U.S. government shutdown means the SEC and CFTC will resume crypto regulatory work. The SEC may prioritize support for tokenization businesses, while the CFTC plans to promote spot crypto trading. The Hello 402 contract has been exposed to risks of unlimited issuance and centralized manipulation. The probability of a Fed rate cut in December is 69.6%. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.
The Federal Reserve pours cold water, December rate cut expectations plummet!
San Francisco Federal Reserve President Daly, who has consistently supported interest rate cuts, also sent a cautious signal on Thursday. Market expectations have quickly reversed, with short-term interest rate futures now showing only a 55% probability of a Fed rate cut in December...
Has sector rotation in the crypto market really failed?
With BTC maturing first, ETH lagging behind, and SOL still needing time, where are we in the cycle?
Prospects of Ethereum Protocol Technical Upgrade (1): The Merge
This article will interpret the first part of the roadmap (The Merge), explore what technical design improvements can still be made to PoS (Proof of Stake), and discuss ways to implement these improvements.
Trending news
MoreCrypto prices
More
