Jones Ward PLC is investigating potential lawsuits against companies and celebrities that promote fraudulent products in the cryptocurrency space. While there are many legitimate companies using cryptocurrency to build and sustain exciting technology, there are many scammers, frauds, or other bad actors who are violating consumer protection and potentially federal securities laws in promotion and sale of coins and ICOs.
What Is An ICO?
An ICO is an initial coin offering where a company or individuals use blockchain and cryptocurrency technology to raise money from individuals. ICOs are similar to crowdfunding in that buyers of coins do not buy any equity or shares of a company, but are providing money for a company to use to build something in the future. ICOs are similar to initial public offerings of stock, but are currently unregulated because ICOs do not give consumers any equity or stock in the company. ICOs are ripe for scams and fraud because they are not regulated by anyone, they promise riches to those who “invest” in coins, but purchasers of coins have no power to hold the companies issuing an ICO to any of the promises.
What Is Involved In ICO Lawsuits?
The attorneys at Jones Ward PLC take an individual approach to each case. If a company or celebrity promoting an ICO has violated state consumer protection laws, federal securities laws or federal regulations about promotion of products, then purchasers of coins that lost value or were purchased for a product that was never built might have a lawsuit for violation of consumer protection laws. These ICO lawsuits would likely be ICO class action lawsuits and the consumer protection and ICO class action lawyers at Jones Ward PLC would investigate these cases individually.
Free consultation today with Crypto Currency Lawyer
You can talk to an ICO class action attorney at no cost as part of our initial free consultation. Jones Ward PLC is pursuing ICO class action and celebrity promotion cases on a contingency fee basis, so the costs of litigation are paid by the law firm, and our legal fee is based on any potential settlement. Please contact the class action attorneys at Jones Ward PLC today for a free consultation at 1-888-595-2922.