Mark Cuban lawsuit alleges ‘Shark Tank’ personality lured consumers into Voyager Digital Ponzi scheme

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Mark Cuban Voyager Digital class action lawsuit overview: 

• Who: A group of Voyager Digital investors have filed a class action lawsuit against Mark Cuban, the Dallas Mavericks and Voyager CEO Stephen Ehrlich. 
• Why: Investors claim Cuban, the Mavericks and Ehrlich misled them into investing in the Voyager platform, which they argue was a Ponzi scheme that cost 3.5 million Americans more than $5 billion. 
• Where: The class action lawsuit was filed in Florida federal court. 

Dallas Mavericks owner and “Shark Tank” entrepreneur Mark Cuban and Voyager Digital CEO Stephen Ehrlich “duped” millions of Americans into investing into the “deceptive” Voyager platform, a new class action lawsuit alleges. 

A group of Voyager investors argue the platform was a Ponzi scheme and an “unregulated and unsustainable fraud” which cost more than 3.5 million Americans investors more than $5 billion in losses. 

“The Deceptive Voyager Platform is based upon false pretenses, false representations, and is specifically designed to take advantage of investors that utilize mobile apps to make their investments, in an unfair, unsavory, and deceptive manner,” the Mark Cuban lawsuit states. 

Cuban and Ehrlich, investors claim, “personally reached out” to them — including through the Dallas Mavericks NBA franchise — to “induce them to invest” in Voyager’s alleged unregistered securities. 

Investors argue Cuban, Ehrlich and the Dallas Mavericks are ultimately responsible for their financial losses and are “responsible for paying them back.” 

Investors want to represent a nationwide class and multistate subclass of investors who purchased Voyager securities or enrolled in its Voyager Earn Program Accounts. 

Voyager filed for Chapter 11 protection amidst millions in losses

Voyager filed for Chapter 11 bankruptcy protection after it became known that it had allegedly lost hundreds of millions of dollars worth of investors’ cryptocurrency assets, the Mark Cuban lawsuit states. 

Investors argue that, before Voyager filed for bankruptcy, Ehrlich and Cuban continued to mislead the public in order to keep money flowing into the business. 

Cuban, for his part, called the Voyager platform “as close to risk free as you’re gonna get in the crypto universe” and talked about his own investment into the company, according to the Mark Cuban class action.

Investors’ claims include unjust enrichment, aiding and abetting fraud, and civil conspiracy, among other things, as well as violations of multiple acts and codes, including the Alabama Deceptive Trade Practices Act.

Plaintiffs are demanding a jury trial and requesting injunctive and declaratory relief along with statutory and multiple damages for themselves and all class members. 

A similar class action lawsuit was filed against Coinbase in March over claims the company operates as an unauthorized securities exchange. 

Were you financially injured after investing in the Voyager Digital platform? Let us know in the comments! 

The plaintiffs are represented by Adam M. Moskowitz, Joseph M. Kaye and Barbara C. Lewis of the Moskowitz Law Firm PLLC.

The Mark Cuban Voyager Digital class action lawsuit is Robertson, et al. v. Cuban, et al., Case No. 1:22-cv-22538, in the U.S. District Court for the Southern District of Florida.

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