Thomas Renna Goes To Court Over Revenue Claims Being “The Easy Part” For Choice Trade Holdings In Crypto
When it comes to cryptocurrency, there are many people that have tried to defraud consumers and trick them into paying more than they ought to, especially when they are new in the business. Others have honest intentions that simply go awry. A new lawsuit involving Choice Trade Holdings (plaintiffs) and Thomas Renna (defendant) seeks to fulfill the promises that were originally made, whether they were a scam or simply overambitious.
The case describes an agreement that the two parties came into on October 15th, 2018. The agreement involved Renna’s commitment to help with the promotion of a crypto fundraising effort that Choice Trade was performing. They agreed to pay Renna, who made several claims about the strength of his network and his ability to find the investors that the company needed.
According to records, his exact words to the plaintiffs were,
“Getting your revenue to $30 million is not going to be an issue; that’s the easy part.”
Clearly, that statement was enough for Choice Trade to get behind Renna, considering that he claimed to be able to access that capital. To secure his services, they paid a $30,000 signing bonus with plans to pay him $10,000 each month as his services continued. It did not take long for the plan to go awry.
Not long after the agreement was signed, the defendant stopped the company from taking action in the industry.
Allegedly, he said,
“You need to get your message right. Once you do that, you will raise the $700,000 in a few days. It’s not a lot of money.”
The complaint adds that Renna also said that he personally would “work on the message.” He told the plaintiffs that he was working every day for up to 18 hours a day, but he ultimately brought nothing to the table.
As Choice Trade requested updates over the next few months, Renna did not provide satisfactory results. By January 10th, the company sent a letter to the defendant to release him from their contract and terminate the agreement. While that would typically be the end of interactions, it was simply the start of some unusual activity.
Court documents show allegations from the plaintiffs that, instead of simply accepting the termination of services, Renna chose to go to multiple websites to back Choice Trade. He spread rumors and essentially slandered the company’s name, actions, and other aspects of the brand. As this point, the case is still ongoing, though defamation of character certainly will not look great on Renna’s part.