Click here to read the First Amended Class Action Complaint against Cardone and click here to read Cardone’s Motion to Dismiss. Sonn Law provides these documents for informational purposes only and is not the author.
Jeffrey Sonn, Esq., a nationally known securities attorney and the founder of Sonn Law Group stated:
“If you read the (first amended) class action lawsuit and Cardone’s response (to the original complaint), it appears that Cardone’s position is that anything he says on social media, even if misleading (which he denies), are statements of non-actionable “puffery,” and, that the funds’ offering documents have risk disclosures that nullify any actual or potentially misleading statements.”
In essence, Cardone says, “don’t listen to what I say in my videos or on social media, because my funds’ offering documents protect me from any misleading statements I might be accused of making.” Sonn added, “I think it is very sad for investors that Cardone appears to heavily market his real estate model to investors promising specific investment returns, and after investors don’t get those investment returns, he appears to hide behind the legalese in his fund documents and his expensive lawyers. I am also concerned about a video in published in 2020 which Cardone appears to allude to selling his assets and asking for a bankruptcy lawyer that can “protect me from prison.” Watch that video, here.
Can I Sue Cardone Capital?
The answer is: Yes, you can sue Cardone Capital under certain circumstances. You can file an arbitration claim to seek financial compensation when an advisor – or the brokerage firm they work for – fails to abide by FINRA’s rules and regulations and you suffer investment losses as a result.
Investment losses? Let’s talk.
Or, contact us online.