Class Action - Cardone Capital

[Patrick McGrath]

Thoughts?

Looks like he was doing some shady deals.

https://therealdeal.com/miami/2020/09/30/lawsuit-seeking-class-action-status-accuses-grant-cardone-of-misleading-investors/amp/

[Joe Splitrock]

@Patrick McGrath the article didn't say he was doing shady deals. This is just another law firm advertising to pull together a class action lawsuit. The lead plaintiff invested $10,000 and says they were promised 15% annual return. It doesn't even say he lost his money. Apparently he got less then he expected, which any investor knows can happen in ANY INVESTMENT. Cardone offered him a refund on his $10,000 and he said no. How bad could he have been harmed if he is not taking his money back?

The investor was not an accredited investor. Cardone opened himself up to this by accepting non-accredited investors. On top of that Cardone has a big mouth. He is a salesman, so he makes everything sound good. It seems obvious to anyone who knows Cardone that he wasn't promising anything. All it takes is someone naïve to feel they were mislead. I stopped listening to Cardone long ago, because the BS was too deep. Maybe he did overpromise, but I have never seen a marketing proposal that didn't try to convince me to invest. It is a fine line.

I have said it before... Most people are better off investing in index funds. The stock market is highly regulated and relatively safe. This is the entire reason behind accredited investor rules, to protect people from themselves.