Funding Woes Not Fraud, Says Failed Crypto-Soccer Startup

Law360, London (October 1, 2020, 3:38 PM BST) — The businessmen behind a cryptocurrency startup for buying soccer club shares said in an amended defense that the promised marketplace was not a sham to defraud unwary investors but a failed project due to funding problems, including a misunderstanding on a touted $12 million pledge.

The Sept. 28 filing from the former director of the London Football Exchange, Benjamin Leigh Hunt, and other defendants linked to the company, states that there were many pledges of investments, and “there was every intention to deploy such funds as were received for the purposes of the LFE project.”

The project was promoted as a…

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