Attorney John E Deaton has filed a lawsuit against William Sarris for alleged securities fraud related to the Linqto platform.
The lawsuit accuses Sarris of selling private company shares through the Linqto platform with multiple legal violations, causing harm to thousands of individual investors.
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Attorney John E Deaton representing investors has sued William Sarris for securities fraud.
Allegations related to the sale of private company shares with markups of up to 60% and unlicensed selling strategies.
The lawsuit is not affected by bankruptcy and will support compensation for harmed investors.
What led to William Sarris being sued for alleged securities fraud?
John E Deaton, a reputable attorney in the securities field, states that the allegations against William Sarris, the founder and former CEO of Linqto, are due to fraudulent activities related to the sale of private company shares through Linqto's SPV platform.
The lawsuit alleges that Sarris allowed the sale of Ripple, Uphold, and Kraken shares with markups of up to 60%, along with using misleading legal exceptions and illegal selling strategies, violating SEC and FINRA regulations.
What specific behaviors are being accused?
Sarris is accused of applying illegal markups of up to 60% on some shares, misleadingly interpreting legal exceptions to sell to unauthorized investors, while ignoring warnings from the internal legal department in 2023 and 2024.
“This is not just a legal issue, but also a testament to the protection of retail investors from serious misconduct.”
John E Deaton, attorney representing investors, July 2024
How might the lawsuit affect investors and Linqto?
The lawsuit is not affected by Sarris's bankruptcy proceedings, meaning any compensation, if awarded, will prioritize supporting harmed investors.
This demonstrates a serious commitment to protecting the rights of individual investors and ensuring that those directly responsible face legal consequences.
How are Linqto and related companies affected?
These allegations could significantly impact Linqto's reputation as well as private companies like Ripple, Uphold, and Kraken being traded on the platform. The incident underscores the importance of compliance with securities laws and transparency in financial business.
What is Attorney John E Deaton's role in this lawsuit?
John E Deaton is well-known for many lawsuits protecting individual investors in the securities field, with extensive experience and deep knowledge of U.S. financial law.
He is committed to not allowing individuals to exploit legal loopholes, protecting investors from sophisticated fraud in the modern financial market.
“Building a legal system and strict enforcement will help the cryptocurrency and securities markets develop sustainably, establishing trust for investors.”
Financial law expert Sarah Nguyen, 2023
Frequently Asked Questions
What is the lawsuit against William Sarris about? It is due to allegations of selling private company shares with high markups and violations of securities law. Who is suing and representing the case? Attorney John E Deaton, a specialist in protecting investor rights, represents thousands of individual investors. Does the lawsuit affect Linqto? Yes, it diminishes the platform's reputation and has made investors more cautious before participating. How will compensation be handled? Compensation will be prioritized for supporting harmed investors and is unaffected by the defendant's bankruptcy. Which regulatory bodies were violated in this case? Sarris is accused of violating SEC and FINRA regulations regarding securities trading.
Source: https://tintucbitcoin.com/linqto-bi-kien-gian-lan-chung-khoan/
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