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In reply to the discussion: Donald Trump GoFundMe Raises $84K of $355 Million Target in 24 Hours [View all]chowder66
(9,099 posts)According to a recently filed lawsuit, Cardone Capital and Grant Cardone targeted everyday investors, through social media. These solicitations were allegedly misleading to many investors. For example, the lawsuit complaint states that Grant Cardone assured investors through these solicitations that their investments would pay high monthly distributions and would return to investors at least two to three times their investment. He gave specific examples, as stated in the lawsuit complaint:
Investing $100,000 would pay $500 in distributions monthly
Investing $200,000 in the fund would result in a $660,000 position in the fund
Investing $200,000 would allow investors to early $12,000-$15,000 in distributions a year
The property investors invest in would triple in value in 5 to 7 years
However, according to the lawsuit, the actual distributions have been much less than these stated amounts. Further, the complaint states that Cardone had no reasonable basis for estimating investors distributions or the value of the property to be so high. As a result, these statements have been deemed false and misleading.
https://www.classlawgroup.com/securities-fraud/cardone-equity-fund-class-action-lawsuit