Self-styled crypto entrepreneur Luke Belmar, along with his wife, has been named in a federal civil lawsuit. The complaint accuses them of misrepresenting their wealth and investment programs, diverting funds into undisclosed ventures, and creating rival entities to siphon clients’ capital.
Allegations in the Lawsuit
The complaint, filed by investor-plaintiff Steve Tan, alleges that Belmar’s course offerings and membership club, marketed under the “Capital Club” brand, promised outsized crypto returns and paid backing but failed to deliver. It further claims that internal transfers were concealed, a new company was formed without investor disclosure, and in some cases, funds were moved from one entity linked to Belmar to another.
Belmar is known for his significant social-media presence, where he showcases a lifestyle of apparent wealth and positions himself as a crypto “guru”. However, critics have pointed to a lack of verifiable track record and documented outcomes for his customers.
Key details from the case include:
- •Tan alleges that he and other investors were convinced to purchase the course and join the club based on promises of rapid growth and exclusive access to Belmar’s inner network.
- •The lawsuit indicates that funds were rerouted from the original entity to affiliated ventures without full disclosure to subscribers.
- •The complaint is seeking millions in damages, citing fraud, breach of contract, and deceptive practices.
- •As of the time of reporting, Belmar has not publicly commented on the lawsuit.
Implications for Online Crypto Businesses
This case underscores the increasing scrutiny faced by online “crypto influencer” businesses. It serves as a warning that glamorized social media branding does not substitute for verified results or safeguard investor funds.