Blockstart Ventures and its owners, Raman Bindlish and Nicholas M. Mavris, were hit with a lawsuit this week in the U.S. District Court for the Northern District of California for allegedly inducing a plaintiff to invest $5 million to purportedly fund early stage crypto companies, but the defendants used the funds to engage in speculative crypto trading instead.

This case was first surfaced by Law.com Radar, ALM’s source for immediate alerting on just-filed cases in state and federal courts. Law.com Radar now offers state court coverage nationwide. Sign up today and be among the first to know about new suits in your region, practice area or client sector.