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Home»NFTs
NFTs

XRP Attorney Files Class Action Lawsuit Against Ripple Shareholder Linqto

News RoomBy News RoomJuly 9, 2025No Comments4 Mins Read
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Class Action Lawsuit Takes Aim at Linqto’s Founder: A Case of Securities Fraud

Background of the Case

In a significant development within the cryptocurrency and finance sector, XRP lawyer John Deaton has initiated a class action lawsuit against William Sarris, the founder and former CEO of Linqto. This legal action represents thousands of retail investors who believe they have been deceived by Linqto’s platform, which allegedly facilitated the sale of unregistered securities. The lawsuit accuses Sarris of conducting a sophisticated scheme to sell shares in private companies, including Ripple, Uphold, and Kraken, without the proper registrations mandated by regulatory bodies such as the SEC and FINRA.

Allegations of Misleading Practices

The legal filing draws attention to various misleading practices employed by Linqto under Sarris’s leadership. Deaton claims that Sarris concealed markups as steep as 60% and misrepresented the legal exemptions relevant to their securities sales. The lawsuit maintains that these actions were taken without adhering to established securities laws, putting both the investors and the integrity of the market at risk. Ripple’s CEO, Brad Garlinghouse, has publicly distanced his company from Linqto amid ongoing federal inquiries, further emphasizing the gravity of the situation. Reports suggest that Sarris ignored crucial legal warnings within the company that flagged the non-compliance issues.

Deaton’s Commitment to Investor Recovery

As the fallout from the lawsuit unfolds, the legal landscape is further complicated by Linqto’s bankruptcy proceedings. The company has sought court protection in Houston, claiming that prior management mismanaged its operations. John Deaton has pledged to advocate for investors who used Linqto’s platform, emphasizing that affected customers should be prioritized during the bankruptcy process. He asserts that any financial recoveries through liability insurance or settlement should directly benefit the investors who have suffered due to mismanagement and misleading practices.

Regulatory Investigations and Compliance Concerns

The situation is further exacerbated by the regulatory scrutiny Linqto faces from both the SEC and FINRA. These investigations have raised serious concerns regarding the company’s adherence to securities laws and its overall business model. New management claims to have discovered alarming discrepancies related to the actual ownership of shares and the nature of customer investments, suggesting a deep-rooted problem that may have contributed to its impending financial collapse. As investigations unfold, the potential for further legal repercussions still looms large over the company.

Shareholder Opposition in Bankruptcy Proceedings

Amid the challenges presented by the lawsuit and Linqto’s bankruptcy, some shareholders have organized to oppose the proposed bankruptcy plan. Notably, the Sapien Group, an Australian investment firm, has garnered support from 52% of Linqto’s shareholders in a bid to challenge the restructuring plan put forth by new management. Their efforts underscore the tensions surrounding the bankruptcy process and indicate that many investors are unwilling to accept the current course of action without a fight. Legal battles over this issue could complicate the already intricate legal landscape further.

Conclusion: The Road Ahead

As the class action lawsuit and bankruptcy proceedings progress, this case exemplifies the myriad challenges investors face in the cryptocurrency and private investment landscape. John Deaton’s actions represent a broader fight for accountability within the financial services sector, particularly in instances involving unregistered securities. Investors are urged to remain vigilant and informed as developments unfold, emphasizing the importance of compliance with regulatory frameworks designed to protect their interests. In a rapidly evolving digital economy, this ongoing situation serves as a cautionary tale about the complexities and risks of investing in unregulated markets.


This article is crafted with SEO optimization in mind, incorporating relevant keywords while also providing a thorough overview of the situation at Linqto and its implications for both investors and the broader crypto market.

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