Cere Network CEO Fred Jin and Lime co-founder Brad Bao have been named defendants in a second federal RICO civil lawsuit in the United States. The latest case, filed by investor Josef Qu in the Northern District of California federal court, seeks $57 million in damages. This follows a previous $100 million lawsuit filed by Goopal Digital and others, bringing the total claims to $157 million. The lawsuits allege misleading statements regarding token issuance, distribution, and fund usage, involving securities fraud and RICO violations. These allegations have not yet been confirmed by the court.
Cere Network CEO and Lime Co-Founder Face $157M RICO Lawsuits
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