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Pro-XRP Lawyer Deaton Initiates Lawsuit Against Linqto for Investor Fraud

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by Giorgi Kostiuk

7 hours ago

John Deaton, a pro-XRP lawyer, has filed a lawsuit against Linqto and its co-founder William Sarris for investor fraud.

Main Event

Deaton's lawsuit is significant due to its scope and potential regulatory implications for crypto platforms. He accuses Linqto of misleading investors about crypto investments.

Allegations

John Deaton stated that Sarris orchestrated a multi-year scheme using undisclosed markups (as high as 60%), misleading exemptions, and unlicensed sales tactics to sell shares in private companies like Ripple and Kraken via Linqto’s platform.

Sarris orchestrated a multi-year scheme using undisclosed markups (as high as 60%), misleading exemptions, and unlicensed sales tactics to sell shares in private companies like Ripple and Kraken via SPVs on Linqto’s platform.CITE_W_A

Immediate Effects

Immediate effects include heightened skepticism within the crypto investment sector, especially concerning non-licensed intermediaries. Linqto's bankruptcy filing underscores the serious financial implications for retail investors. The allegations may intensify regulatory actions against unlicensed sales of private equities in crypto firms.

Deaton's lawsuit against Linqto could lead to increased scrutiny from the SEC and FINRA regarding similar investment platforms. Investors remain concerned about recovery prospects amid rising regulatory oversight.

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