The customer civil case and preserved claims

analysisLori Maxwell and Anthony DeLuccia filed the original July 9, 2025 civil complaint against Sarris through John Deaton. The September 17 order appointed the Linqto Investors group as lead plaintiff and Scott+Scott with Catherine Pratsinakis of Dilworth Paxson as co-lead counsel. The November 17 amendment changed the lead plaintiffs and added defendants; it identifies A.O.H. Driedijk Holding and Jaimin Bhatt as Liquidshares-unit purchasers. ^{1 2}

analysisThe amended complaint names Sarris, Endoso, Paul, Moran, Nurani, Slemmer, Jiang, Davis, Reed, Henderson and Rainmaker Securities. It does not name the Linqto corporate debtors as defendants in that pleading. Co-defendant status establishes procedural participation, not a business partnership or shared culpability. ¹

analysisPlaintiffs allege misleading share descriptions, excessive or undisclosed markups, customer-accreditation defects and Rainmaker’s paid supervisory services. They cite company-reported transaction totals exceeding $170 million in December 2022, $300 million in December 2023 and $460 million in September 2024. These are their pleaded account and reported transaction measures, not judicial findings or audited revenue. ²

analysisThe complaint dates Moran’s compliance role to November 2021–December 2024, Nurani’s strategy role to 2020–March 2025 with board service March–May 2025, and Paul’s Liquidshares finance/administration role to May 2020–May 2025. It separately alleges Endoso’s leadership roles and Rainmaker affiliation during at least 2020–2022. These source-specific capacities and dates do not themselves establish substantive liability. Endoso’s later personal guilty plea does not adjudicate those civil allegations or another defendant’s liability. ¹

analysisDavis’s alleged Linqto directorship is expressly disputed. The SOFA and complaint give an April 2024–January 2025 tenure, while Davis-associated Fifth Era Acquisition Corp. I says she was not a Linqto director in 2024–2025 and seeks dismissal. The issuer’s denial and the earlier records remain in conflict; neither resolves it by itself. ^{1 2 3}

analysisSarris sought Deaton’s disqualification July 17, 2025. The October 31 order closed the motion as moot after Deaton withdrew; it did not decide the alleged conflict on its merits. Other docket entries record service on Endoso December 16, 2025 and Aurora Cassirer’s July 28, 2026 appearance, while a December 2025 order extended Sarris’s response deadline pending service on new defendants. The retained docket’s last known filing date is October 2, 2026, rather than a merits outcome. ^{1 2}

analysisThe bankruptcy confirmation order preserved potential class-claim allowance and additional non-rescission securities damages, subject to objections, as well as SEC powers against nondebtors. Linqto’s August 5, 2026 statement separately reports denial of consolidated Circle-share turnover motions as improper and procedurally defective after a June hearing. That reported procedural outcome cannot decide every investor’s equitable-title claim. ^{3 4}