A class action lawsuit against Grant Cardone and his company, Cardone Capital, has been reinstated by a federal appeals judge. The suit, brought by plaintiff Luis Pino in Los Angeles, alleges that Cardone misled investors on social media about the potential profits they could make from his multifamily deals. Judge Barbara Lynn’s decision allows the complaint to move forward and other investors to join the lawsuit or file their claims against Cardone and Cardone Capital. Lynn ruled that Cardone’s social media posts promoting his crowd-funded investments are subject to federal securities regulations that protect against misstatements and omissions. Cardone Capital owns approximately $5 billion in apartment rental complexes across the United States, including South Florida.
Where Bad Business is Exposed!
