Bannon and Epshteyn Sued Over Alleged Patriot Pay Crypto Scam
A proposed class action lawsuit has been filed against Steve Bannon and Boris Epshteyn in a Washington, D.C. federal court, accusing them of defrauding retail investors through the 'Patriot Pay' cryptocurrency token.
The lawsuit 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.
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.
The complaint says they told buyers the token offered a censorship-resistant alternative to traditional banking - a way to avoid 'de-banking' or political retaliation through the financial system.