Investors Sue After Losing Everything On Trump Themed Cryptocurrency

Investors are suing a group of right wing influencers who helped push a Donald Trump-themed cryptocurrency, complete with the "Let's Go Brandon" catchphrase that apparently left them with a worthless product. The currency lost more than 99% of its value, and now the investors want the influencers who peddled the worthless items to pay up. But is there actually a case to be made? Farron Cousins discusses this.

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*This transcript was auto-generated. Please excuse any typos.

An investor is suing several very influential, right wingers for allegedly hing up a Trump theme. Cryptocurrency that as far as I can tell from reports is just called. Let's go Brandon, because he alleges that they hyped it up, drove the price up, then immediately sold, causing the price of it to plummet. Essentially the price has already fallen more than 99% leaving investors who are still holding. These let's go brand crypto coins with basically worthless pieces of nothing. But this particular investor, a man by the name of Eric, Def Ford has named several prominent, right wingers in his lawsuit, uh, including hedge fund manager, James, uh, S media personalities, Canda Owen, and David Harris Jr. And several others. But it's the Candace Owen one that I, that I want to focus on here. Or can O one, I guess I should say, because her defense is what is absolutely hilarious, cuz it shows what a loser she is.

So here's what happened. Let's get to the scheme first. This is what Def Ford alleges took place. You, you had these right wing media influencers, media personalities, hedge fund managers, podcasters, all these individuals out there, hing the let's go Brandon coin. So Def Ford thought to himself, well, this seems like a great investment opportunity. How can it go sideways? So he puts his money into it, right? Well then everybody else, according to his lawsuit sells theirs. All these prominent figures who had been hyping it up, sell, which drives the price way, way, way down, leaving people, still holding it with massive losses. That is what a pump and dump scheme is. And yes, a pump and dump scheme is illegal. And the way they work these days is usually it is media personalities, podcasters people with big social media, followings that hype something up. They've already bought into it.

When it was at a lower price, hype it up, people start buying price goes up, they sell everything plummets. They walk away with lots of money. Everybody else walks away with massive losses now onto Candace Owens, right? Because part of the pump and dump is the people who pumped. It made a lot of money off it. Right? Well, Candace Owens has a full proof defense. I will give her that of how she could not be guilty of a pump and dump. And it's because as she says, when she lost money on it. So I think it's kind of funny that the best defense is that I can't be part of the scheme because even I lost money on it, loser oh man, dang it. Eh, well, you know what they say, a fool in their money or soon part. And let's be honest.

Canice Owen has plenty of money. She's not hurting. She's gonna be just fine. And legally speaking, that is actually a very good defense. If you are accused of a pump and dump, you should be able to show these massive profits. You dumped it. And if she does indeed have losses from it, you can't really be guilty of a pump and dump. And again, the pump and dump scheme that they're being accused of would technically be illegal. But at the same time, what did you think was gonna happen? Mr. De Ford? Right? We've got new little cryptocurrencies popping up all the time. I mean the bubble is not what it was just a couple years ago. Things aren't so great in crypto land right now, if you're investing in some of these smaller weirder, more obscure, and of course these politically motivated cryptocurrencies what'd you think was gonna happen.

I mean, come on, shouldn't a little bit of this be buyer or be way, or you know, what, what happened in the party of personal responsibility, right? Isn't that what the Republicans are all about and here they are, or at least this guy puts his money in something cuz these right wing podcasters say, Hey, this is the thing to do. Like you have to have a little bit of personal responsibility. Candace Owens is not a financial advisor. Okay. David Harris Jr. The other person named in the lawsuit. One of the others, not a financial advisor as far as I know. So why are you taking financial advice from them? You know, I think a little bit of personal responsibility here would go a long way in Mr. Def Ford's case next you wanna invest your money? Go talk to somebody who knows what the hel