CandleFocus Former Linqto Exec Sues Firm Selling Ripple Shares for Fraud, Market Manipulation
2024-11-04
Author: Content Editor
Former Linqto Chief Revenue Officer, Gene Zawroty, has filed a lawsuit against Delaware investment company Linqto and two of its executives, alleging multiple claims including fraud and market manipulation. Zawroty claims that Linqto engaged in insider trading, used unlicensed brokers, and misled investors about its user base. The lawsuit also alleges that Linqto marked up share prices and used a unique algorithm to create artificial market demand. Other complaints include circumvention of SEC rules, misleading marketing tactics, and non-compliance with FINRA requirements. Zawroty claims that he was wrongfully terminated by Linqto 107 days after joining the company, preventing his stock from vesting and disregarding his compliance concerns. The plaintiff is seeking damages, attorney's fees, and injunctive relief. Linqto is an investment platform that facilitates investments in private markets and offers various company stocks, including Ripple's pre-IPO stock.
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