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Blockchain
payments company Rocketfuel Blockchain is suing its co-founder for
allegedly misrepresenting patent applications and defrauding the firm. 

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In a complaint
filed with the Central District Court of California, Rocketfuel claimed
its co-founder and former treasurer Joseph Page hid the fact that
patents he transferred to the company had expired. The company is
seeking damages of at least $5.1 million. 

According to
Rocketfuel, Page transferred patent applications to the company in March
2018, thereby relinquishing his rights to the patents. These patents
were for several payment processes for Rocketfuel’s blockchain platform,
including cryptocurrency user interface systems.

B4MC Gold Mines
acquired Rocketfuel in June 2018. When B4MC took over the company, and
started doing business as Rocketfuel, Page said the patents were being
examined by the United States Patent and Trademark Office (PTO). Page
and other shareholders sold their shares in Rocketfuel, and he
received five million shares of the newly acquired firm worth
approximately $45 million.

A year later, Page resigned from the
board. He demanded shareholders of Rocketfuel raise 4 million euros in
capital to develop the technology described in the patents or pay him
100,000 euros and transfer the intellectual property back to him. 

But
Rocketfuel alleged the patent applications had expired, and the company
could no longer revive them. Three of the five patents Rocketfuel now
owned were considered abandoned between 2014 and 2017. 

The
company said Page admitted the patents expired in June 2019 but said
this was due to Rocketfuel’s inability to raise capital to use the
technology. However, the company said Page let the patents expire
because he failed to pay additional filing fees and did not respond to
other PTO requests. 

Rocketfuel said if it had known it couldn’t
use the patents, it never would have gone through with the acquisition.
They claim Page assigned the patents to Rocketfuel, and sought shares of
stock in exchange, despite knowing these patents no longer had value
for the firm. 

No court date has been set for the case. Cointelegraph could not find contact information for Page.