Last week, a federal appeals judge reversed last year’s dismissal of a Los Angeles class action lawsuit against Cardone and his company alleging he misled investors on social media about potential profits they could make from his multifamily deals. Cardone Capital owns about $5 billion in apartment rental complexes in South Florida and across the country.
U.S. Appeals Judge Barbara Lynn’s decision means plaintiff Luis Pino’s complaint can move forward, and other investors can join the lawsuit or file their own claims against Cardone and Cardone Capital. In siding with Pino, Lynn determined that Cardone’s social media posts promoting his crowd-funded investments are subject to federal securities regulations that guard against misstatements and omissions.
— Grant Cardone (@GrantCardone) December 28, 2022
If you don't care about your health, then you don't care about yourself or everything that you're building.
— Grant Cardone (@GrantCardone) December 29, 2022