Deaton Fights For The XRP Army—Again: New Legal Battle Begins
2025-07-10 15:05:13
Main Idea
John E. Deaton has initiated a legal battle against former Linqto CEO William Sarris, alleging fraudulent mark-ups on pre-IPO Ripple shares and other private-company equities, while Linqto faces bankruptcy and regulatory scrutiny.
Key Points
1. John E. Deaton filed a 61-page complaint against William Sarris, accusing him of imposing undisclosed mark-ups of up to 60% on pre-IPO Ripple shares and other private-company equities.
2. The complaint alleges violations of Section 10(b) of the Securities Exchange Act and FINRA Rule 2040, with Linqto's bankruptcy papers acknowledging historical legal failures.
3. Linqto, now led by Dan Siciliano, has secured up to $60 million in debtor-in-possession financing and aims to emerge as a compliant organization amid restructuring efforts.
4. Deaton, known for representing XRP holders in SEC v. Ripple, is advocating for investors who believed they were purchasing legitimate pre-IPO shares of Ripple.
5. At the time of reporting, XRP was trading at $2.42, with market activity showing bullish signals and increased trading volume in Korea.
Description
XRP investors are at the centre of a securities-fraud class action that accuses former Linqto chief executive William Sarris of secretly imposing mark-ups of up to 60 percent on pre-IPO Ripple shares and other highly sought-after private-company equity like Uphold and Kraken sold through special-purpose vehicles on the fintech’s platform. The 61-page complaint —Maxwell v. Sarris, filed on 9 July 2025 in the US District Court for the Southern District of New York—alleges that Sarris and unnamed a...
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