{"investigation":{"slug":"let-s-go-brandon-coin-fjb-patriot-pay","entity_name":"Let's Go Brandon Coin (FJB) / Patriot Pay","trust_score":8,"severity_base":null,"score_modifier":0,"confidence":0.55,"status":"published","content_type":"investigation","summary":"Let's Go Brandon Coin, trading under the ticker $FJB, was an Ethereum-based memecoin launched in October 2021 by Grant Tragni and promoted heavily by former Trump strategist Steve Bannon and Trump adviser Boris Epshteyn on Bannon's \"War Room\" podcast. A federal class-action complaint filed February 12, 2026 in the U.S. District Court for the District of Columbia (Barr v. Bannon et al., No. 1:26-cv-00452) alleges Bannon and Epshteyn secretly took a controlling, undisclosed ownership stake in the project while publicly presenting it as decentralized and investor-driven, that an 8% transaction fee nominally earmarked for marketing and veterans'/first-responder charities was instead largely diverted, and that the project (later rebranded Patriot Pay) disabled trading in 2025 without delivering promised liquidity payouts to holders. All fraud, securities, and self-dealing allegations in the complaint are unproven; no ruling, settlement, or substantive defense response has been identified as of this writing.","sections":[{"content":"On February 12, 2026, Missouri investor Andrew Barr filed a proposed class-action complaint in the U.S. District Court for the District of Columbia, captioned Barr v. Bannon et al., Case No. 1:26-cv-00452, naming Steve Bannon, Boris Epshteyn, WarRoom, and additional individuals and affiliated entities as defendants. News coverage citing the complaint lists additional named defendants including Grant Tragni and Sarah Abdul, alongside corporate entities associated with the project; some reporting has further identified these as including Let's Go Brandon Coin LLC, Patriot Pay LLC, WarRoom LLC, 354 Nod Hill LLC, and TWINDS LLC, though this full entity list could not be independently confirmed against the primary docket in this review. The complaint alleges violations of federal securities law (sale of an unregistered security) and common-law fraud, on behalf of a proposed class of token purchasers. Barr reportedly alleges losses exceeding $58,000. As of this review, no ruling, class-certification decision, or public defense response has been identified.","heading":"Federal Class Action: Barr v. Bannon et al. (Feb. 2026)","sources":[{"url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion","name":"Bannon, Trump Aide Sued Over Let's Go Brandon Coin Promotion - Bloomberg Law","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit","name":"'Let's Go Brandon' memecoin investor sues Steve Bannon and Trump advisor Epshteyn in class action lawsuit - The Block","type":"news_article","credibility":2},{"url":"https://storage.courtlistener.com/recap/gov.uscourts.dcd.289360/gov.uscourts.dcd.289360.1.0.pdf","name":"Class action complaint, Barr v. Bannon et al. (1:26-cv-00452) - CourtListener/RECAP","type":"court_filing","credibility":1},{"url":"https://www.law360.co.uk/amp/articles/2441799","name":"Bannon, Epshteyn Sued Over 'Let's Go Brandon' Coin Promos - Law360","type":"news_article","credibility":1},{"url":"https://www.it-boltwise.de/stichwort/bannon","name":"Klage gegen Bannon und Epshteyn wegen Patriot Pay Kryptowährung - IT-Boltwise","type":"news_article","credibility":3}],"severity":"critical"},{"content":"According to Mother Jones' 2022 reporting, the Let's Go Brandon coin was created in October 2021 by Grant Tragni, a recent graduate of Rensselaer Polytechnic Institute, trading under the ticker $FJB on Ethereum via Uniswap. In December 2021, Bannon and Epshteyn promoted the token on Bannon's \"War Room\" podcast, with Bannon calling it a \"currency for the MAGA movement\" and Epshteyn describing it as a way for Trump supporters to express disapproval of President Biden. The two said they had taken a \"strategic ownership position\" in the coin and had acquired significant holdings, but declined to disclose the precise nature of that stake, whether they had sold any tokens, or their wallet addresses. The February 2026 class-action complaint alleges that Bannon promoted the token while presenting himself publicly as a neutral commentator, without disclosing that he and Epshteyn already held an ownership and control position, and that a joint on-air announcement drove the token's price up by as much as 267% in a single day.","heading":"Origins and Promotion by Bannon and Epshteyn","sources":[{"url":"https://fullsite.motherjones.com/politics/2022/01/steve-bannon-boris-epshteyn-fjb-crypto/","name":"Mother Jones (2022): Steve Bannon, Boris Epshteyn and FJB crypto","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit","name":"The Block: lawsuit coverage","type":"news_article","credibility":2}],"severity":"high"},{"content":"Per Mother Jones' contemporaneous 2022 reporting, buyers and sellers of $FJB paid an 8% transaction fee to the project's operators; the project's website stated that fees supported marketing and veteran/first-responder charities but did not disclose what portion went to charity or name specific recipients. The 2026 class-action complaint, as summarized in subsequent reporting, alleges this fee was split roughly 3% for \"marketing\" and 5% for \"charitable donation,\" and that only a small fraction of the amount collected — one report cites approximately $15,000, another describes $2.7 million in fees as having \"disappeared\" — actually reached charitable causes. These specific dollar figures come from differing secondary reports rather than a single verified accounting and should be treated as unproven pending further documentation or a court ruling.","heading":"Fee Structure and Charity Allegations","sources":[{"url":"https://fullsite.motherjones.com/politics/2022/01/steve-bannon-boris-epshteyn-fjb-crypto/","name":"Mother Jones (2022): FJB fee structure","type":"news_article","credibility":2},{"url":"https://www.thebulwark.com/p/steve-bannon-sued-over-fjb-coin-scheme","name":"The Bulwark: Steve Bannon sued over FJB coin scheme","type":"news_article","credibility":2},{"url":"https://briefglance.com/articles/bannon-backed-crypto-faces-class-action-over-alleged-investor-fraud","name":"Class action complaint coverage (fee breakdown) - BriefGlance","type":"news_article","credibility":3}],"severity":"high"},{"content":"Mother Jones' 2022 review of the project's smart-contract code, with input from outside crypto experts, found that operators retained a function allowing them to manually lock any individual holder's token balance, with the operators' own address exempted from this restriction; several holders reported having their wallets locked and later unlocked after attempting to sell. The February 2026 class-action complaint alleges this control mechanism contradicted public claims that the token was decentralized, and that operators used — or could use — the ability to freeze accounts and control liquidity and trading. These allegations about the code's capabilities are corroborated by independent 2022 technical review, though the claim that this capability was used for fraudulent purposes is an allegation from the 2026 complaint that has not been adjudicated.","heading":"Alleged Centralized Control and Wallet-Freezing Mechanism","sources":[{"url":"https://fullsite.motherjones.com/politics/2022/01/steve-bannon-boris-epshteyn-fjb-crypto/","name":"Mother Jones (2022): wallet-locking mechanism","type":"news_article","credibility":2},{"url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion","name":"Bloomberg Law: lawsuit over control and trading freeze allegations","type":"news_article","credibility":1}],"severity":"critical"},{"content":"Reporting cited in the 2026 complaint indicates Bannon and Epshteyn's public promotion of the token diminished through 2022, and that in 2023 an individual identified as Sarah Abdul (also referenced as Sarah Abdul Williams) announced that Bannon and Epshteyn would step back from involvement with the project. The token was later rebranded from $FJB to Patriot Pay. According to Bloomberg Law's coverage of the complaint, the project disabled trading around February 2025, announced its closure, and allegedly promised liquidity distributions to remaining holders that were never delivered. No independent, contemporaneous (i.e., 2025-dated) reporting of the shutdown itself was located during this review; the only sourcing for the shutdown comes via the 2026 complaint's allegations as relayed in news coverage.","heading":"Reduced Promotion, Shutdown, and Rebrand to Patriot Pay","sources":[{"url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion","name":"Bloomberg Law: shutdown and trading-disable allegations","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit","name":"The Block: rebrand to Patriot Pay and 2023 stepping-back announcement","type":"news_article","credibility":2}],"severity":"high"},{"content":"Investigators and readers should not conflate this project with LGBcoin (LGBCoin, Ltd.), a separate \"Let's Go Brandon\"-themed token minted October 27, 2021 and associated with commodities attorney James Koutoulas, which is the subject of its own unrelated securities class action (De Ford v. Koutoulas, M.D. Fla.) and a 2023–2024 SEC subpoena dispute in which a federal court ordered Koutoulas to comply with an SEC document request in May 2024. LGBcoin was also the token behind a planned, ultimately NASCAR-rejected, sponsorship of Xfinity Series driver Brandon Brown in January 2022. These are legally and corporately distinct from Let's Go Brandon Coin ($FJB)/Patriot Pay and the Bannon/Epshteyn-linked entities that are the subject of the February 2026 Barr complaint, though the near-identical branding has caused confusion in public reporting.","heading":"Distinct From a Separate, Similarly Named Project (LGBcoin)","sources":[{"url":"https://www.sec.gov/litigation/litreleases/lr-26022","name":"SEC Litigation Release: James L. Koutoulas","type":"regulatory","credibility":1},{"url":"https://www.theblock.co/post/239660/sec-says-court-should-allow-subpoena-in-lets-go-brandon-coin","name":"The Block: SEC subpoena fight over LGBcoin","type":"news_article","credibility":2},{"url":"https://www.wbay.com/2022/01/05/nascar-rejects-lets-go-brandon-cryptocurrency-sponsorship-brandonbilt-motorsports-says","name":"NASCAR rejects 'Let's Go Brandon' cryptocurrency sponsorship, Brandonbilt Motorsports says","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Separate from the crypto allegations, Steve Bannon was charged in 2022 by the Manhattan District Attorney's office with state money-laundering, conspiracy, and scheme-to-defraud charges in connection with the \"We Build the Wall\" fundraising campaign, after a related federal case had ended with a 2021 presidential pardon that did not extend to state charges. Bannon pleaded not guilty to the state charges. This matter is legally unrelated to the Let's Go Brandon Coin/Patriot Pay allegations but is relevant background on prior fraud-related legal exposure involving the same individual.","heading":"Steve Bannon's Prior Fraud Allegations (Context)","sources":[{"url":"https://www.kuow.org/stories/trump-ally-steve-bannon-pleads-guilty-and-avoids-jail-time-in-border-wall-fraud-case","name":"Trump ally Steve Bannon pleads guilty and avoids jail time in border wall fraud case - KUOW","type":"news_article","credibility":2},{"url":"https://www.courttv.com/news/bannon-pleads-not-guilty-in-we-build-the-wall-scheme/","name":"Bannon pleads not guilty in 'We Build the Wall' scheme - Court TV","type":"news_article","credibility":2}],"severity":"medium"},{"content":"As of this review, Barr v. Bannon et al. (No. 1:26-cv-00452, D.D.C.) remains a newly filed proposed class action. No court ruling, class certification order, settlement, or public substantive response from Bannon, Epshteyn, or the other named defendants has been identified. All allegations of securities fraud, undisclosed ownership, fee diversion, and wrongful account freezing described above originate from the plaintiff's complaint and secondary reporting on it, and should be treated as unproven allegations rather than established findings.","heading":"Current Legal Status","sources":[{"url":"https://boingboing.net/2026/02/15/steve-bannon-sued-over-maga-crypto-scheme.html","name":"Steve Bannon sued over MAGA crypto scheme - Boing Boing","type":"news_article","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2021-10","event":"Let's Go Brandon Coin ($FJB) is created by Grant Tragni and launches on Ethereum.","source":"Mother Jones","source_url":"https://fullsite.motherjones.com/politics/2022/01/steve-bannon-boris-epshteyn-fjb-crypto/"},{"date":"2021-12","event":"Steve Bannon and Boris Epshteyn promote $FJB on Bannon's 'War Room' podcast, describing a 'strategic ownership position' in the token; the 2026 complaint alleges this promotion drove the token's price up roughly 267% in a single day without disclosing their ownership stake.","source":"Mother Jones / Bloomberg Law","source_url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion"},{"date":"2022","event":"Public promotional efforts by Bannon and Epshteyn reportedly decline over the course of the year, per allegations in the 2026 complaint.","source":"The Block","source_url":"https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit"},{"date":"2023","event":"Sarah Abdul (reported as 'Williams' in some coverage) announces that Bannon and Epshteyn will step back from involvement with the project, according to the complaint.","source":"The Block","source_url":"https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit"},{"date":"2025-02","event":"The project, by then rebranded as Patriot Pay, allegedly disables trading and announces its closure without delivering promised liquidity distributions to holders.","source":"Bloomberg Law","source_url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion"},{"date":"2026-02","event":"Investor Andrew Barr files a proposed federal class-action complaint, Barr v. Bannon et al., Case No. 1:26-cv-00452, in the U.S. District Court for the District of Columbia.","source":"Bloomberg Law","source_url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion","date_evidence":"Case No. 1:26-cv-00452, cited with filing date '2/12/26' in Bloomberg Law's coverage of the complaint","date_original":"2026-02-12"}],"sources_used":[{"url":"https://news.bloomberglaw.com/class-action/bannon-trump-aide-sued-over-lets-go-brandon-coin-promotion","name":"Bannon, Trump Aide Sued Over Let's Go Brandon Coin Promotion - Bloomberg Law","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit","name":"'Let's Go Brandon' memecoin investor sues Steve Bannon and Trump advisor Epshteyn in class action lawsuit - The Block","type":"news_article","credibility":2},{"url":"https://storage.courtlistener.com/recap/gov.uscourts.dcd.289360/gov.uscourts.dcd.289360.1.0.pdf","name":"Class action complaint, Barr v. 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