Hop Flyt Accused of Securities Fraud in 7K Bitcoin Investment Dispute

Hop Flyt Accused of Securities Fraud in $497K Bitcoin Investment Dispute

News | March 23, 2026 By:

On Friday, March 6, 2026, Kayvon Nikbakhshian filed a complaint in the US District Court for the District of Maryland against Hop Flyt, Inc., Robert Winston (founder/CEO), Lucille Winston (founder/COO), and Kareem Kirdassi (VP Business Development), seeking $497,282.92 in damages, plus interest and attorney fees. The suit alleges violations of federal and state securities laws and common law fraud.

Nikbakhshian, identifying himself as a non-accredited investor, claims he invested nearly $500,000 in Bitcoin into Hop Flyt, Inc. after a meeting with Kirdassi in April 2025. According to the complaint, during an April 7, 2025, WhatsApp call, Nikbakhshian told Kirdassi he was unfamiliar with the industry and not an investor, but the defendants allegedly pressured him into investing.

The lawsuit alleges several misrepresentations and omissions. Nikbakhshian claims Kirdassi falsely stated his father invested $1 million in the company, while Form D filings allegedly show only a $200,000 investment. The suit also alleges Kirdassi claimed the company was in negotiations with the Saudi Defense Ministry for a $20 million investment.

Nikbakhshian further alleges that the defendants failed to provide necessary documentation, financial disclosures, and conduct proper accredited investor verification before accepting his investment. The Stock Purchase Agreement was allegedly provided only after the Bitcoin payment was received. Despite Nikbakhshian’s claims of inexperience, the agreement allegedly misrepresented him as an accredited investor.

The complaint outlines five counts: sale of unregistered securities violating the Securities Act of 1933 and the Maryland Securities Act; securities fraud under the Securities Exchange Act of 1934 and the Maryland Securities Act; and common law fraud in the inducement against the company, Robert Winston, and Kareem Kirdassi.

Nikbakhshian is seeking rescission of the investment and has requested the company unwind the transaction, which the defendants have reportedly refused.

Please contact BlockTribune for access to a copy of this filing.