If it’s a day ending in a “y” there is a new lawsuit germinating in Trump world. The latest to hit the court system is a 79-page complaint in Florida, naming Trump world luminaries like Candace Owens and Trump hedge funder James Koutoulas, among others. The suit alleges that “the token’s executives and insiders ‘made false or misleading statements’ and ‘disguised their control over the [c]ompany…those insiders ‘cynically marketed the LGB Tokens to investors so that they could sell off their portion…for a profit,’ even as the selloff caused the value of the coin to drop precipitously for the remaining crypto holders.” That’s the very definition of pump and dump. Daily Beast:

In a statement, a lawyer representing the plaintiff, Aaron Zigler, sought to rebut Koutoulas’ version of events. “We are disappointed to learn that Mr. Koutoulas would resort to such a misleading characterization of the facts in this case in what appears to be a desperate attempt to continue to prop-up the value of the token and to scare away other defrauded investors from seeking their day in court,” he wrote. […]

“That a litigant and lawyer like Mr. Koutoulas would expose himself to potential defamation claims and bar discipline in response to being named in a thoroughly researched and well-founded federal lawsuit is consistent with the same poor judgment alleged in the Complaint,” he added.

Some of Trumpland’s most vocal influencers got behind the coin and subsequently were named in the class action suit, including [Candace] Owens and [David] Harris. Donald Trump Jr.—who has hawked the coin publicly—wasn’t named, however.

That might be the shining, high point for the week for Don Junior, that he managed to dodge some bullet in Trump world. You notice that Junior has not gifted us with any more public service announcements, stoned from his basement, since his January 6 text to Mark Meadows was revealed to the world. Somehow we must soldier on without them.

By February, the coin’s market value had fallen more than 99 percent from its peak—leading a number of its key players to hash out a plan to rebrand and relaunch.

The aggressive marketing strategy hasn’t slowed. Last month, when former President Trump appeared on Harris’ podcast, he was presented with 500 billion of the new Let’s Go tokens by Koutoulas. The value of those coins then stood at a measly $45,000; prices have stayed roughly flat over the past 30 days.

“Sounds good to me!” Trump replied. “I don’t know exactly what it means, but it sounds good to me.” It is unclear whether the former president ultimately accepted the tokens.

It should sound good to Trump. That’s basically the same principle that allowed him to make money when he was capitalizing Truth Social. That stock rose majestically and then plummeted.

 

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