Bannon and Epshteyn Face Class Action Lawsuit Over Patriot Pay Token
A proposed class action lawsuit has been filed in Washington D.C. federal court against Steve Bannon and Boris Epshteyn, accusing them of defrauding retail investors through the Patriot Pay cryptocurrency token.
The token was originally called Let's Go Brandon Coin but was later rebranded to Patriot Pay. The suit alleges that Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator, structuring the deal so that retail investors' transaction fees financed the takeover.
Barr's complaint claims that despite holding insider authority over the token's smart contract, fee routing, and key wallets, Bannon and Epshteyn publicly presented themselves as mere 'supporters' and 'advocates' of the project. They told buyers that the token offered a censorship-resistant alternative to traditional banking.
The lawsuit alleges violations of federal and D.C. securities laws, including the sale of unregistered securities, fraud, and misrepresentation. It also cites a violation of D.C.'s Consumer Protection Procedures Act. The case adds to mounting legal pressure around politically branded cryptocurrency projects targeting partisan audiences.