Opened twitter and saw Grant Cardone spam posting about a deposition in a class-action suit. Does anyone know what this is about? Has he successfully 10Xed his plantiff count?
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Dude uploaded the deposition to his YT account. This 2-hr snippet is... interesting? Sounds like they're coming after him for securities fraud on 2020 - 2021 vintage funds.
FWIW, I got very interested in Cardone Capital at the beginning of COVID and did some digging on their non accredited fund. What I discovered was, IMO, a borderline criminal structure where he was giving himself a 35% promote out the gate w/ no pref.
Here's a nice snippet from their head of investor relations.
I think I'll use his methodology when discussing how I selected the exit cap rate in my next IC meeting. Good stuff
The profit share with no pref hurdle is so offensive and off market it'll be interesting to see how this plays out given the investor base is predominantly small retail and unsophisticated
Frankly the guy is a con artist who enriched himself on the backs of unsophisticated investors who were fed his ads on social media and didn't understand the fee structure or how unrealistic the return projections were
Listen those 401K's are evil he knows better
Based on the most helpful WSO content, there isn't specific information about a class-action lawsuit or deposition involving Grant Cardone or Cardone Capital in the provided context. However, discussions on WSO highlight skepticism about Grant Cardone's business practices, with some users labeling him as a "scam" or questioning the legitimacy of his operations. Concerns about his leverage, liquidity, and ability to manage downturns in real estate markets have also been raised.
If you're looking for more details about the lawsuit, it might be worth checking recent legal filings or news updates outside of the WSO dataset.
Sources: Cardone Capital, Days of the development tycoon over?, Grant Cardone COVID-19, Open Invitation to Webinar with Matan Feldman of Wall Street Prep, https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1
I’m interested but not interested enough to watch 16 hours of this nut job. Anyone have a good link to a summary? Seems like he’s (1) conflating average annual return with IRR and (2) making some misleading claims via advertisements that he claims aren’t part of the offering docs. Also seems like he’s possibly running afoul by trying to buy back investor shares while this suit is proceeding. Don’t get me wrong - I think his whole business is unconscionable but I don’t think it’s generally illegal
The basic gist, I believe, is that he had investors invest at one value, then sent it to a seperate fund/cashout at a different value and pocketed the difference. It's not illegal, but the lack of disclosure is the basis of the class action suit, so without disclosure, it's causing it to be fraudulent.
He’s a scumbag and a crook, the end. He should be in jail for blatant securities laws violations but since we don’t do that anymore I’ll settle for him going broke.
Grant Cardone, Tai Lopez, these guysssss.
Crash out continues with a fresh 7 hours of deposition footage. Seems desperate to publish this. The plaintiff attorney makes good points on the inconsistency in what were actual projected returns & what was communicated to potential investors. 1:50:00 - 2:40:00 if you're a nerd like me
9:20 into your timecode "in my 40 years of genius" Jesus Christ what a fucking tool. All his answers are clearly made with the intent to post this for marketing. Good hustle I guess, but I can't watch seriously after that.
Genuinely embarrassing to see a 60 year old man making YouTube clickbait thumbnails
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