Mark Cuban to testify on Voyager promotion allegations

Mark Cuban to testify about Voyager promotion allegations

10.01.2023 13:32 (Updated 10.01.2023 13:01)
avatar
by Yana Popenkova
2 min read

Billionaire investor, crypto influencer and owner of Mavericks, Mark Cuban, is to stand pre-trial on Feb. 2 for promoting the bankrupt company, Voyager Digital.

Mark Cuban is to answer questions under oath that will determine whether the case against him will be opened. Previously, Cuban had requested that the questioning be split into two sessions. The court denied the request on January 9 and set the full deposition for February 2 in Dallas, Texas.

Pierce Robertson, Rachel Gold and Sanford Gold, the case plaintiffs, told Law360:

We have been litigating on behalf of hundreds of injured Voyager investors for more than a year and will finally be able to uncover evidence of what transpired, and fully understand to what extent Mr. Cuban, and his Dallas Mavericks, were involved in the ‘offering’ of these unregistered securities and to what extent he was to profit.

According to the case, Marc Cuban’s associates are also required to testify before February 23 as part of the defense.

Originally, those accusations sparked on August 11, 2022. Back then, the Moskowitz Law firm filed a civil suit against Mark Cuban and Mavericks for promoting an “unregulated, unsustainable fraud, similar to other ponzi schemes”, like Voyager Digital.

They claimed that Mark Cuban took advantage of his reputation as an experienced and successful investor to get millions of Americans to invest in the company, which went bankrupt on July 6, stressing that it was unable to operate due to a large loan to Three Arrows Capital.

Importantly, although Cuban disclosed the partnership between Voyager and the Dallas Mavericks, he has never disclosed the nature, scope, and amount of compensation he has personally received in exchange for the promotion of the Deceptive Voyager Platform, which the SEC has explained that a failure to disclose this information would be a violation of the anti-touting provisions of the federal securities laws.

Author

  • Previously worked in the arts, now specializes in covering crypto with an emphasis on DeFi, blockchain and mass adoption. Offers simple and clear writing, always looking for new ways to present information. Major in International Relations, minor in English, in a spare time reads postmodern literature, does yoga and watches movies.

Subscribe to
Crypto Ping Pong Digest

Trash style news. You will definitely like

Trending news

Arrow previous
Arrow next
Yellow background Yellow background
Subscribe and be in touch
Click here