Brock Pierce and Scott Walker, co-founders of DNA Holdings Venture, face a lawsuit accusing them of running pump and dump schemes, organizing illegal high-stakes poker games in Puerto Rico, and misappropriating investor funds. Filed in March with a jury trial request, the suit documents poker games in October and December 2021 with $100,000 minimum buy-ins and a one BTC entrance fee, during which millions of dollars were never recovered and a supposed donation to charity was never made. Plaintiffs state that for every dollar invested, only $0.70 was returned, while Pierce and Walker promised but never delivered a $300 million stake in Tether. The suit brings 11 counts including RICO violations, breach of fiduciary duties, and breach of the duty of candor and full disclosure; a motion to dismiss was filed on August 3.
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