Who are the YouTubers Getting Sued for $1,000,000,000?
The influencers who promoted the now-collapsed FTX are in some hot water for promoting unregistered securities
On Wednesday, March 15th, a group of investors brought a class action lawsuit against multiple YouTube influencers for allegedly promoting unregistered securities.
In this article, I will share some details about the YouTubers named in the lawsuit. I can’t talk about their knowledge or success in this field, as I can’t be bothered to review their content. And I already get my financial advice on TikTok, as it is a much quicker way to lose money.
Whether this lawsuit will hold up in court is yet to be proven, but it is unlikely. The best we can hope for is that these fake gurus will become more careful about how they promote products and services. Most finfluencers build trust with their community, only to manipulate them for personal gain. This is something YouTube and other platforms could definitely regulate better.
The YouTubers
Below you will find some information about the influencers named in the lawsuit. To be fair, I’m not familiar with any of their channels. They all have a strong following on social media with the potential to influence millions of people.
The defendants named in this lawsuit are Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, and Erika Kullberg, alongside talent management company Creators Agency LLC. To prevent any more sensational traffic to their channels I won’t be sharing any links.
Kevin Praffarth
Kevin Paffrath is a popular YouTuber, real estate agent, and entrepreneur. With over 1.8 million subscribers, his YouTube channel offers a range of content that covers personal finance, real estate investing, and entrepreneurship.
Meet Kevin started his real estate career at a young age and became one of the top agents in Southern California. He eventually founded his own real estate brokerage, Meet Kevin Realty, and expanded his business interests to include rental properties and investing.
On his YouTube channel, Meet Kevin shares his expertise and insights on a variety of topics related to personal finance and real estate investing. He provides practical advice on how to buy and sell real estate, how to invest in rental properties, and how to grow wealth through sound financial management. He also covers current events related to real estate and finance and offers tips on how to navigate market changes and economic downturns.
Meet Kevin’s channel is known for its high-energy style and engaging content. He often shares his own experiences and insights and is known for his detailed and informative videos that break down complex financial concepts into easy-to-understand terms.
Response
Kevin told Tech Crunch that he never promoted FTX without a disclaimer that it was sponsored and denies all the allegations. In a response video and subsequent video call with Coffeezilla, he defers blame to SBF and TFX. He seems confident that he should not be held accountable but is at least sorry.
In an attempt to justify his position, he compares it to referring someone to a real estate agent who sells a house that later collapses due to a sinkhole. This is quite a far-fetched comparison, as we expect real estate agents to do some due diligence before selling a house; especially when it is considered to be built on a sinkhole.
Graham Stephan
Graham Stephan is a popular YouTuber and real estate agent known for his finance, investment, and real estate-related content. He has over 4 million subscribers on his channel, where he shares his expertise and experiences on various topics such as personal finance, real estate investing, stock investing, and entrepreneurship.
Graham Stephan started his career as a real estate agent at the age of 18 and eventually became one of the top agents in the Los Angeles area. He has also been featured in various media outlets such as CNBC, Forbes, and The Wall Street Journal.
On his YouTube channel, Graham shares his personal experiences with money management, investing, and building wealth. He often provides practical advice and insights for viewers who want to achieve financial freedom and success. His videos range from analysing investment opportunities, giving advice on how to save money, and sharing his own investment portfolio and strategies.
Andrei Jikh
Andrei Jikh is a popular YouTuber, magician, and investor. With over 2.2 million subscribers, his YouTube channel offers a range of content that covers personal finance, investing, and magic.
Andrei Jikh began his career as a magician and eventually turned his attention to finance and investing. He uses his unique blend of entertainment and education to provide valuable insights and tips on how to build wealth and invest wisely.
On his YouTube channel, Andrei Jikh shares his expertise on a variety of topics related to personal finance and investing. He provides practical advice on how to save money, how to invest in stocks and other financial instruments, and how to manage your finances for long-term success. He also covers current events related to finance and economics and offers tips on how to navigate market changes and economic downturns.
In addition to his finance and investing content, Andrei Jikh incorporates his magic skills into his videos, using them to illustrate financial concepts in a fun and engaging way.
Jaspreet Singh
Jaspreet Singh is a popular YouTuber and financial educator who shares his expertise on various topics related to personal finance and investing. He has over 1.5 million subscribers on his YouTube channel, where he offers practical advice on how to build wealth, invest in stocks, and manage your finances.
His YouTube channel covers a wide range of topics related to personal finance and investing. He provides detailed analysis of stocks and other financial instruments and offers tips on how to identify good investment opportunities. He also covers current events related to finance and economics and offers insights on how to navigate market changes and economic downturns.
In addition to his finance and investing content, he also provides educational resources and advice for entrepreneurs and small business owners. He shares his own experiences as an entrepreneur and offers tips on how to start and grow a successful business.
His videos are known for their clear and concise explanations, making complex financial concepts easy to understand for his viewers. His practical advice and insights have made him a respected figure in the personal finance and investing space.
Brian Jung
Jungernaut, also known as Jung Kim, is a popular YouTuber, personal finance expert, and entrepreneur. He has over 1.2 million subscribers on his YouTube channel, where he offers practical advice on how to build wealth, manage money, and achieve financial independence.
On his YouTube channel, Jungernaut shares his expertise on various topics related to personal finance and investing. He provides detailed analysis of stocks and other financial instruments and offers tips on how to identify good investment opportunities. He also covers current events related to finance and economics and offers insights on how to navigate market changes and economic downturns.
His videos are known for their engaging style and easy-to-understand explanations, making complex financial concepts accessible to his viewers. He also shares his own personal experiences and insights, providing a relatable perspective on money management and investing.
In addition to his finance and investing content, he also provides educational resources and advice for entrepreneurs and small business owners. He shares his own experiences as an entrepreneur and offers tips on how to start and grow a successful business.
Jeremy Lefebvre
Jeremy Lefebvre is a YouTuber who creates content primarily focused on personal finance, investing, and entrepreneurship. He is known for his channel, “Financial Education,” which has over 700,000 subscribers and covers a wide range of topics related to building wealth and achieving financial freedom.
The content is based on his own experiences in the finance industry and he often shares tips and advice on how to invest in stocks, real estate, and other assets. He also discusses different investment strategies, such as value investing and dividend investing, and provides insights into market trends and economic news.
In addition to finance-related content, he also shares his thoughts on personal development and business strategy. He encourages his viewers to adopt a growth mindset and to constantly seek out new opportunities for self-improvement and learning.
Tom Nash
Tom Nash is a YouTuber who creates content around personal finance, investing, and wealth management. His channel, “Tom Nash” has gained a significant following, with almost 300,000 subscribers and millions of views on his videos.
Tom’s videos cover a wide range of topics, from beginner’s guides to investing to advanced strategies for managing wealth. He is known for his straightforward and easy-to-understand explanations, making complex financial concepts accessible to his audience.
In addition to his YouTube channel, Tom also runs a website where he offers financial coaching and consulting services. He has also written a book, “The Beginner’s Guide to Investing in the Stock Market,” which is available on Amazon.
Ben Armstrong
BitBoy Crypto is a popular YouTube channel that focuses on cryptocurrency and blockchain technology. The channel was started by Ben Armstrong, who is also known as BitBoy.
The BitBoy Crypto channel has gained a large following, with over 1.4 million subscribers and millions of views on its videos. The channel provides regular updates on the latest news and developments in the cryptocurrency world, as well as analysis and commentary on various cryptocurrencies and blockchain projects.
He offers educational content, including beginner’s guides to cryptocurrency and blockchain technology. The channel is known for its engaging and entertaining style, making it easy for viewers to learn about complex topics in a fun and accessible way.
In addition to its YouTube channel, he also has a website that provides additional resources and services related to cryptocurrency and blockchain technology. These include cryptocurrency price tracking tools, cryptocurrency wallets, and a cryptocurrency exchange.
Response
Ben quickly responded to Coffezilla’s tweet disputing these allegations, claiming he will launch a countersuit. He claims that he never had contact with anyone at FTX and never even had a referral link. To Ben’s credit, he directly called out SBF and FTX months before the crash.
Upper Echelon recently published a more detailed overview of Ben’s history.
Erika Kullberg
Erika Kullberg is a YouTuber who creates content around personal finance, investing, and entrepreneurship. She is known for her informative and engaging videos, which provide valuable insights and advice to her audience.
She gained a significant following, with over a million subscribers and millions of views on her videos. Her videos cover a wide range of topics, including budgeting, saving, investing, and building wealth.
Erika is also a successful entrepreneur, having co-founded an e-commerce company that has been featured in Forbes and other publications. She often shares her experiences and insights on entrepreneurship in her videos, offering valuable advice to aspiring entrepreneurs.
In addition to her YouTube channel, Erika also has a website where she provides additional resources and services related to personal finance and entrepreneurship. These include coaching services, online courses, and a blog with regular updates and insights.
I doubt this lawsuit will have any real impact, but I hope it will create some awareness at least. The phrase “Not financial advice, not a licensed financial advisor” is not only a disclaimer. It should be a red flag!
