Earlier this week BehindMLM reported on
Brian Shuster’s RICO fraud lawsuit
, filed against Josh Denne, his company Blockchain Alliance and Jeremy Roma.

In the article we noted Denne had filed an earlier state-level Californian suit against Shuster. Unfortunately California does not provide public access to state-level court filings.

A reader has since provided BehindMLM with a copy of Denne’s November 6th, 2024 filed Complaint. As such, today we’re able to report on the case.

In addition to Denne (right), a resident of Arizona, named plaintiffs in the case include:

Nima Momayez (California)

Blockchain Funding Inc. (Delaware)

MasterNode Partners LLC (Wyoming) and

Blockchain Alliance LLC (Wyoming)

Named defendants in the suit are:

Brian Suster (Vancouver, BC)

Utherverse Inc. (Nevada)

Utherverse Digital Inc. (Vancouver, BC)

Utherverse Gaming (New York)

Peter Gantner (Arizona)

Nexus Venture LLC (Arizona)

Ari Good (Florida) and

Gary Shuster (California)

In the Complaint Denne and co-Plaintiffs accuse the Utherverse defendants of running an “orchestrated a scheme to defraud investors, including the Plaintiffs.”

Since at least 2022 and continuing through the present, the Defendants engaged in a systematic and intentional pattern of fraudulent conduct, misappropriating investor funds, concealing material facts, and making multiple false statements about the nature and profitability of their investments.

The Defendants unlawfully induced Plaintiffs to invest in Utherverse by promising outsized returns, misrepresenting the state of Utherverse’s financial health, and touting fictitious market success.

Plaintiffs were deceived into believing that their investments would be used to develop virtual metaverse technologies and secure monetization opportunities through blockchain-based products.

In reality, the Defendants misappropriated investor funds for personal gain and undisclosed purposes, including payments to non-licensed brokers, personal travel, and unrelated business ventures.

Defendants further misrepresented key financial metrics such as user numbers, transaction volume, and proprietary technology. Their fraudulent conduct has caused significant financial harm to the Plaintiffs.

To keep things simple, we’ll refer to the Plaintiff’s through Denne unless otherwise denoted. Defendants will be grouped as UI under the same terms.

In a nutshell, Denne’s Complaint is an “Uno reverse” of the collapse of Blockchain Alliance, as alleged by Shuster (right).

Whereas Shuster blames Denne, Momayez and Gantner for the collapse, Denne’s complaint alleges the opposite.

Denne’s Complaint begins by referencing an April 2022 Promissory Note agreement between Momayez and UI;

On or about April 11, 2022, Defendant Brian Shuster, on behalf of Defendant Utherverse., executed a Senior Secured Convertible Promissory Note with Plaintiff Nima Momayez.

This agreement was executed by Plaintiff Nima Momayes [sic] in Newport Beach, California.

Pursuant

🤖 Quick Answer

What is the securities fraud lawsuit against Utherverse and Brian Shuster about?
In November 2024, plaintiffs including Josh Denne, Nima Momayez, Blockchain Funding Inc., MasterNode Partners LLC, and Blockchain Alliance LLC filed a state-level California complaint alleging securities fraud against Brian Shuster and Utherverse Inc. The lawsuit follows related RICO fraud litigation involving Blockchain Alliance and Jeremy Roma.

Who are the named plaintiffs in the lawsuit against Brian Shuster and Utherverse?
The named plaintiffs include Josh Denne, a resident of Arizona; Nima Momayez of California; Blockchain Funding Inc., incorporated in Delaware; MasterNode Partners LLC, registered in Wyoming; and Blockchain Alliance LLC, also registered in Wyoming. The complaint was filed on November 6, 2024.

**Who are the defendants in the Ut

🔗 Related Articles

- Bitcoiin’s John DeMarr arrested on securities fraud charge
- Citibank settles with Profit Connect Receiver for $65,000
- Bitqyck a $13 million fraudulent scheme says SEC
- Nutra Pharma Corp settles MyNyloxin fraud with SEC
- EminiFX Receiver files clawback suit against CFO