Grant Cardone is a multi-millionaire salesman, business owner, entrepreneur and real estate investor with an international following on Youtube and across the web for his content related to sales, real estate investing and motivation. Known for his raspy voice and sales strategies that helped him create his billion dollar empire; Cardone Training Technologies sells the 10X Growth Conference alongside business seminars as part of their 10X Deal Finder offering. Other businesses of his include Cardone University, Cardone Capital and 10X Deal Finder – his other businesses also sell seminars about sales scaling strategies as well as real estate investments – in total his empire has built over billion dollars worth.
Cardone’s latest ventures include real estate funds that aim to invest in high-rise apartments and commercial properties. He uses his influence as an online guru to draw investors in by touting these ventures’ lucrative returns – promising they could turn into millionaires themselves!
However, in a new class-action lawsuit filed against Cardone it is alleged that they misled prospective investors regarding the risks of investing in his fund. It states that Cardone misrepresented and oversold benefits of these investments through social media posts targeted toward them as well as fraudulent promotional tactics used during sales pitches aimed at prospective investors as well as offerings violating state and federal securities laws.
The lawsuit seeks to recover lost investments and damages from investors, with hopes that if successful it could set a precedent requiring other influential figures to disclose more details regarding how their investment funds are managed, as well as reduce real estate investing as a form of wealth creation for everyday people.
As it remains unknown how much Cardone stands to lose due to this lawsuit, his empire of various business and real estate investments is estimated at more than $500 million and income comes mainly from course sales and personal real estate investments such as homes owned by him as well as his commercial portfolio held with Cardone Capital, an industry leader specializing in real estate syndication and management services.
The lawsuit filed against Cardone highlights the risks involved with selling advice or mentoring on platforms where their reach can be extended to a broad audience. Influencers are particularly susceptible to being taken advantage of and subjected to dubious financial practices; their market for advice products has become increasingly saturated.
Though it remains unknown how much this lawsuit will cost Grant Cardone, it serves to highlight the importance of researching any business and mentor before investing. Even when dealing with influencers who boast large followings like Cardone does, it is still essential to research their background and track record prior to investing. Cardone was recently sued in another class action lawsuit brought by angry consumers who felt their influencer cheated them or scammed them out of money; these suits may not legally hold influencers liable; nonetheless they must still exercise extreme care when marketing their services and services before investing.