Self-styled crypto entrepreneur Luke Belmar has been hit with a federal civil lawsuit that accuses him and his wife of mis-representing their wealth and investment programs, diverting funds into undisclosed ventures and creating rival entities to siphon clients’ capital.

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 large social-media presence, showing a lifestyle of apparent wealth and positioning himself as a crypto “guru”. However, critics have noted a lack of verifiable track record and documented outcomes for customers.

Key details from the case:

• Tan alleges he and others were convinced to buy into the course and club by promises of rapid growth and exclusive access to Belmar’s inner network.
• The lawsuit points to funds being rerouted from the original entity to affiliated ventures without full disclosure to subscribers.
• The complaint is seeking millions in damages for fraud, breach of contract and deceptive practices.
• Belmar has not publicly commented on the lawsuit as of the time of reporting.

This case highlights the growing scrutiny of online “crypto influencer” businesses—and serves as a warning that glamorised social media branding does not substitute for verified results or safeguard investor funds.