Mark Cuban will be Questioned Under Oath for Promotion of Voyager

Billionaire investor and owner of Dallas Mavericks, Mark Cuban’s request to postpone the deposition was denied by U.S. Magistrate Judge Lisette M. Reid, who stated that his complete deposition will be held on February 2 in Dallas, Texas. 

He will face a proposed class-action lawsuit alleging that he supported a “Ponzi scheme” as the now-defunct cryptocurrency lender Voyager Digital. In legal context, a deposition often entails responding to questions when under oath during the pre-trial investigation stage of a potential court case.

Cuban’s motion to have his deposition conducted in two separate sessions was denied by the U.S. Magistrate Judge Lisette M. Reid on January 9, and instead stipulated that his entire deposition would take place on February 2 in Dallas, Texas.

Two Dallas Mavericks personnel will also be cross-examined before February 23 as part of the defense.

Sanford Gold, Rachel Gold, and Pierce Robertson, the three plaintiffs who are also the subject of the lawsuit, will have depositions before the month is over, the judge further announced.

Attorneys Happy with Denial of Mark Cuban’s Requests

Plaintiffs’ attorneys reflected their delight at the judge “denying Mark Cuban’s attempts to stay and delay discovery” in a heated message to legal news publication Law360 on Jan. 9.

“We have been litigating on behalf of hundreds of injured Voyager investors for more than a year and will finally be able to uncover evidence of what transpired, and fully understand to what extent Mr. Cuban, and his Dallas Mavericks, were involved in the ‘offering’ of these unregistered securities and to what extent he was to profit,” they stated.

Additionally, Cuban’s attorney spoke with Law360 and stated that the plaintiffs’ questioning will discuss “issues of standing, alleged false statements included in the complaint and questions about the Voyager accounts held by the plaintiffs.”

The said lawsuit was first submitted on August 10. According to the petition, even though the business model for Voyager Digital is unsustainable, Mark Cuban and its CEO Stephen Erlich utilized their experiences to entice naïve investors to invest money in the company.