• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

John Deaton Files Lawsuit Against Linqto: Allegations of Fraudulent Practices

user avatar

by Giorgi Kostiuk

6 hours ago


Lawyer John Deaton has filed a class action lawsuit against William Sarris, founder and former CEO of Linqto, alleging fraud in the sale of unlicensed shares.

Overview of the Lawsuit

The lawsuit, filed on July 9, claims that Sarris used unlawful methods to sell shares of cryptocurrency companies, including Ripple, Uphold, and Kraken. It states that he misled customers with false information and unfair pricing.

Legal Violations and Consumer Protection

The lawsuit alleges that Linqto charged investors 60% above the actual price and misused legal exemptions to avoid transparency. The sales methods violated investor protection laws by not providing proper disclosure, misleading thousands of users. Deaton seeks maximum recovery for affected Linqto users while preventing settlements that reduce compensation.

Future of Linqto

Linqto attorney Samuel A. Schwartz stated that the company plans to use the bankruptcy process to raise funds to repay creditors. Linqto will likely negotiate a payout plan with regulators before presenting a proposal to creditors. Given its cash generation issues since the suspension in March, Linqto is attempting to manage its debts through loans, with $60 million lined up from Sandton Capital Partners for financing bankruptcy.

Deaton's lawsuit against William Sarris serves as a significant precedent in the cryptocurrency investment landscape and consumer protection. The future of Linqto remains uncertain amidst current financial struggles.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

S&P 500 and Nvidia: Records and Tariff Worries

chest

S&P 500 is close to records, Nvidia is the first company with a $4 trillion market cap. Tariff concerns impact investors.

user avatarGiorgi Kostiuk

UK Implements New Tax Rules for Crypto Traders

chest

The UK introduces new tax reporting rules for crypto traders, expected to raise £315 million in revenue by 2030.

user avatarGiorgi Kostiuk

XYZVerse: An Update on the Crypto Market with Ambitious Goals

chest

XYZVerse attracts investor attention with its potential and innovative approach to meme tokens.

user avatarGiorgi Kostiuk

Ant Group and Circle: Partnership for USDC Implementation

chest

Ant Group plans to integrate the USDC stablecoin into its blockchain platform after obtaining the necessary licensing in the USA.

user avatarGiorgi Kostiuk

Stablecoin Issuer Agora Secures $50 Million to Expand AUSD Offering

chest

Agora has raised $50 million to develop its AUSD offering amidst increasing interest in dollar-backed stablecoins.

user avatarGiorgi Kostiuk

Grok4 Outperforms OpenAI o3 in AI Benchmarks

chest

Grok4 by xAI's Elon Musk surpasses OpenAI's o3 in key metrics. Discover what this means for the market.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.