Lawsuit Accuses Crypto Trader of Failing to Buy XRP as Agreed

News | June 26, 2024 By:

On Thursday, June 13, 2024, Los Angeles resident Andrew Fellner filed a civil lawsuit against Adam S. Tracy and his limited liability company FinLaw LLC.

According to the complaint filed in Los Angeles Superior Court, Fellner alleges that last year he entered into an oral agreement with Tracy to purchase cryptocurrencies. Fellner claims that he transferred $10,000 to Tracy in November 2023 via Zelle in two installments of $5,000 each on the understanding that Tracy would use the funds to purchase virtual currency such as XRP and help Fellner set up digital wallets to store the cryptocurrency.

However, the complaint states that Tracy failed to acquire any cryptocurrency on Fellner’s behalf despite assuring him on multiple occasions that purchases were being made. When Fellner requested his money back in December, Tracy allegedly made excuses for not returning the investment. By January, Tracy admitted he was unable to purchase XRP but did not refund Fellner’s $10,000.

The lawsuit accuses Tracy and his company of fraud, breach of contract, unjust enrichment, negligent misrepresentation, and conversion. It seeks monetary damages including return of the $10,000 principal, general damages for harm caused, and punitive damages.

According to the complaint, Tracy has been engaged in securities and trading cryptocurrency for 8–9 years. FinLaw’s website describes the company as providing legal and compliance services to clients in banking, corporate, and offshore areas.

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