Bannon and Epshteyn Accused of Defrauding Investors with Patriot Pay Token

A proposed class action lawsuit has been filed against Steve Bannon and Boris Epshteyn in Washington, D.C. federal court, accusing them of defrauding retail investors through a cryptocurrency token called Patriot Pay.

The token was originally called Let's Go Brandon Coin before being rebranded to Patriot Pay, according to the complaint. The lawsuit alleges that Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator, using retail investor transaction fees to finance their takeover.

Barr's complaint claims that despite holding authority over the token's smart contract, fee routing, and key wallets, the defendants publicly presented themselves as mere 'supporters' and 'advocates' of the project. They allegedly told buyers that the token offered a censorship-resistant alternative to traditional banking, which could avoid 'de-banking' or political retaliation through the financial system.