Retirees Sue Firm Linked to Public Dogecoin Miner Z Squared Over Alleged Misuse of Funds

A seven-figure lawsuit has been filed against Broad Street Global Management, LLC and its affiliates by retirees Paula and Stephen Darby. The couple, both 77 years old, claim they are owed approximately $1,415,373 after investing with the firm.

The suit alleges that the defendants are attempting to 'steal over half a billion dollars' from their investors. Broad Street's crypto mining division had promised investors a 28% annual return, which is reportedly where the Darbys' money went.

Z Squared, a public company linked to Broad Street, has seen its stock price plummet by 76% over the past year. The firm acquired a fleet of Dogecoin miners from Broad Street at a valuation of $660 million, but these machines have been generating revenue at a significant loss, with costs exceeding revenue by 211%

The SEC is also investigating Broad Street and its affiliates for allegedly collecting over $1 billion from more than 1,000 investors. The regulator has accused the firm of misusing funds meant for hotels, custom home construction, and a South Carolina lagoon resort.