Bannon and Epshteyn Face Fraud Allegations Over Defunct Patriot Pay Crypto

A proposed class action lawsuit has been filed in Washington D.C. federal court against Steve Bannon and Boris Epshteyn, alleging they defrauded retail investors through a politically branded cryptocurrency token called Patriot Pay.

The token was originally called Let's Go Brandon Coin before being rebranded to Patriot Pay. The complaint alleges that Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator.

According to the filing, retail investors' transaction fees financed the takeover, with Bannon and Epshteyn holding insider authority over the token's smart contract, fee routing, and key wallets. They publicly presented themselves as mere 'supporters' and 'advocates' of the project.

The lawsuit alleges that the defendants disabled trading in February 2025, announced the project's closure, and promised liquidity distributions that never materialized. The complaint cites violations of federal and D.C. securities laws, including the sale of unregistered securities, fraud, and misrepresentation.