Tom Brady, Gisele Bundchen among those sued after FTX Collapse

 
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PostPosted: Wed Nov 16, 2022 3:02 pm    Post subject: Tom Brady, Gisele Bundchen among those sued after FTX Collapse

https://www.msn.com/en-us/money/companies/tom-brady-gisele-bundchen-among-those-sued-after-ftx-collapse/ar-AA14c0W9

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Tom Brady, Gisele Bundchen among those sued after FTX collapse





Former FTX Trading CEO Sam Bankman-Fried, NFL quarterback Tom Brady, supermodel Gisele Bundchen and comedian Larry David are among a celebrity-studded list of people accused of defrauding investors who lost money in the cryptocurrency exchange's sudden collapse

A proposed class-action filed in federal court in Florida late Tuesday names those four, along with other athletes and entertainers, as defendants in the case. All promoted FTX, one of the world's largest crypto trading platform exchanges before it declared bankruptcy on November 11, with the company now under investigation for possible securities violations.

"It is still very difficult to comprehend that just one company defrauded more than $11 billion dollars from consumers, all from our backyard here in Miami," Adam Moskowitz, the attorney leading the class action, said in an email.

As part of a $20 million ad campaign, Brady and Bundchen in 2021 filmed a commercial called "FTX. You In?" showing them telling acquaintances to join the FTX platform, according to the suit.

David, the creator of "Seinfeld" and "Curb Your Enthusiasm," appeared in an ad for FTX entitled "Don't Miss Out on Crypto," which aired during the 2022 Super Bowl.

Other current and former athletes named in the suit are NBA star Stephen Curry; NFL quarterback William Trevor Lawrence; baseball player Shohei Ohtani; tennis player Naomi Osaka; and broadcaster and former basketball player Shaquille O'Neal. Kevin O'Leary, a host of "Shark Tank," is also named in the complaint.

The exchange shuffled customer money between affiliated entities, using new investor funds and loans to pay interest to the old ones in an attempt "to maintain the appearance of liquidity," Moskowitz alleged, adding that FTX used public figures to give the operation an air of credibility.

"FTX were geniuses at public relations and marketing, and knew that such a massive Ponzi scheme — larger than the Madoff scheme — could only be successful with the help and promotion of the most famous, respected, and beloved celebrities and influencers in the world," he said.

FTX did not immediately reply to a request for comment.

FTX's creditors will be first in line to get whatever assets a bankruptcy judge deems appropriate to distribute as the company seeks to restructure as part of its Chapter 11 filing. Investors in the Bahamas-based company, which had raised some $2 billion in venture capital, come next.

That means FTX account holders, who used the platform to trade bitcoin, ethereum and other digital currencies, may have to wait years to get their money back – if they ever do.
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PostPosted: Sat Mar 11, 2023 9:14 am    Post subject:

https://uproxx.com/dimemag/lawyers-claim-shaq-chosen-to-evade-getting-served-crypto-lawsuit/

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Lawyers Claim Shaq Has ‘Chosen To Evade’ Getting Served In A Crypto Lawsuit By Hiding Inside His Home

The lawsuit surrounding the bankrupt crypto exchange FTX has seen a whole lot of celebrities get named as defendants. Big names like Tom Brady, Gisele Bündchen, Larry David, and Steph Curry are all defendants in a class action suit that was filed on behalf of an Oklahoma resident who had an FTX account. According to the suit, the celebrities who endorsed the company engaged “in deceptive practices to sell FTX yield-bearing digital currency accounts.”

There is one celebrity defendant who has allegedly been a bit difficult to serve, and it’s the (quite literal) biggest name of the bunch. According to Sarah Emerson of Forbes, there have been multiple efforts to serve Shaquille O’Neal, who lawyers claim “has chosen to evade service, in order to draw out these proceedings, or to otherwise attempt to avoid answering for these allegations.”

As for how he’s been doing that, lawyers allege Shaq is hiding inside of his home in an effort to not get served. Per Forbes:

Over the past month, the 7-foot-1-inch tall athlete has allegedly hidden inside his home when process servers appeared at his door with court papers. The lawyers also claimed to have contacted O’Neal’s last known litigation counsel to no avail.

Both Shaq’s spokesperson and the lawyers representing the plaintiff did not respond to a request for comment from Forbes. The Basketball Hall of Fame inductee was asked about his involvement with FTX last year and said “a lot of people think I’m involved, but I was just a paid spokesperson for a commercial.”
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PostPosted: Sat Mar 11, 2023 11:47 am    Post subject:

Quote:
"It is still very difficult to comprehend that just one company defrauded more than $11 billion dollars from consumers, all from our backyard here in Miami," Adam Moskowitz, the attorney leading the class action, said in an email.


Scam artists based in Florida!?! I'm shocked!
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PostPosted: Sat Mar 11, 2023 12:23 pm    Post subject:

Florida is not sending their best
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PostPosted: Tue Apr 18, 2023 5:01 am    Post subject:

https://www.cnn.com/2023/04/17/business/shaq-ftx-lawsuit/index.html?utm_medium=social&utm_source=twCNN&utm_term=link&utm_content=2023-04-17T16%3A45%3A03

Quote:
Shaq is finally served in FTX investor suit after months of hiding, lawyers say
Allison Morrow



After months of attempting to serve Shaquille O’Neal in a lawsuit against celebrities who endorsed the now-bankrupt FTX crypto platform, lawyers for a group of FTX investors said they finally succeeded on Sunday.

“Plaintiffs in the billion $ FTX class action case just served @SHAQ outside his house,” the Moskowitz Law Firm tweeted. “His home video cameras recorded our service and we made it very clear that he is not to destroy or erase any of these security tapes, because they must be preserved for our lawsuit.”

Representatives for O’Neal didn’t immediately respond to a request for comment.

“A lot of people think I’m involved, but I was just a paid spokesperson for a commercial,” the basketball champion told CNBC in December.

O’Neal was the last of the celebrities in the class-action suit to be served a legal notice, according to court documents. The lawsuit, filed by heavyweight attorney Adam Moskowitz in November, accuses FTX founder Sam Bankman-Fried, along with several public figures who endorsed the platform — including Tom Brady, Gisele Bundchen, and Steph Curry — of defrauding investors.

Tom Brady Gisele Bundchen SPLIT
Tom Brady and Gisele Bundchen's FTX stake will probably get wiped out
Moskowitz has called FTX “a massive Ponzi scheme,” run by “geniuses at public relations and marketing” who enlisted the help of beloved sports and entertainment figures to promote it.

Last week, a judge denied Moskowitz’s attempt to serve the legal notice to O’Neal via his official Twitter and Instagram accounts after the NBA Hall of Famer repeatedly evaded agents hired to serve the documents in person.

“Mr. O’Neal’s conduct over the last 5 months in evading service in this action is unprecedented, and frankly shocking,” Moskowitz said in the motion last week.

FTX collapsed into bankruptcy on November 11 after depositors and investors yanked their money amid concerns about the platform’s balance sheet. Since then, federal prosecutors have charged Bankman-Fried and several other executives with orchestrating one of the biggest financial frauds in US history. Bankman-Fried, who was arrested in December and is out on house arrest, has pleaded not guilty to 13 counts of fraud and conspiracy. At least three of his former co-workers have pleaded guilty and are cooperating with investigators.
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PostPosted: Sat May 20, 2023 9:43 am    Post subject:

https://profootballtalk.nbcsports.com/2023/05/20/plaintiffs-suing-ftx-tom-brady-and-others-still-havent-managed-to-serve-shaquille-oneal/

Quote:
Plaintiffs suing FTX, Tom Brady, and others still haven’t managed to serve Shaquille O’Neal

Tom Brady’s vast array of business interests include the flaming wreckage of FTX, a cryptocurrency Ponzi scheme that collapsed in a flurry of criminal and civil charges. Brady and other celebrity endorsers have been sued. Brady eventually authorized his lawyers to execute a waiver of service. One of the defendants has managed to avoid being served the summons and complaint.

The Wall Street Journal recently reported that plaintiffs still have not effected service of process on NBA legend Shaquille O’Neal.

Skip

They have tried to serve him at home. They have tried to serve him at the studio. They have reportedly “tossed the legal papers” at his SUV.

They claim O’Neal is dodging process. He denies it.

The plaintiffs requested an opportunity to serve O’Neal by direct message on Twitter and Instagram. The president judge called the request “frivolous,” and he denied it.

Shaq is hard to miss. And it has to be stressful for him to constantly be on the lookout for someone who will be handing him an envelope containing the paperwork that requires him to answer the civil allegations.

It’s hard to imagine in this day and age that the old-school practice of physically delivering the materials is required. Still, the law insists on a clear paper trial that the person actually received the materials, starting the clock for responding — or risking a finding of default.

The longer Shaq can avoid service of process, the longer he can avoid answering for the underlying allegations.

Later this year, a new book from Michael Lewis will likely shed light on everything related to the rise and fall of FTX. Lewis was there for the good times and bad, and he undoubtedly knows plenty about the things celebrity endorsers like Brady and Shaq knew, and when they knew them.
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PostPosted: Sat May 20, 2023 10:01 am    Post subject:

Guessing its easier for a celeb to avoid being served because they have bodyguards, even for a big guy like Shaq.
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PostPosted: Sun May 21, 2023 7:16 am    Post subject:

lakersken80 wrote:
Guessing its easier for a celeb to avoid being served because they have bodyguards, even for a big guy like Shaq.


Shaq is on TV during the playoffs. Nobody attempted to go to TNT studios to serve him?
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PostPosted: Sun May 21, 2023 8:35 am    Post subject:

Basketball Fan wrote:
lakersken80 wrote:
Guessing its easier for a celeb to avoid being served because they have bodyguards, even for a big guy like Shaq.


Shaq is on TV during the playoffs. Nobody attempted to go to TNT studios to serve him?


You can't get there without bypassing security. Everyone who gets access to the studio are credentialed.
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PostPosted: Sun May 21, 2023 8:55 am    Post subject:

lakersken80 wrote:
Basketball Fan wrote:
lakersken80 wrote:
Guessing its easier for a celeb to avoid being served because they have bodyguards, even for a big guy like Shaq.


Shaq is on TV during the playoffs. Nobody attempted to go to TNT studios to serve him?


You can't get there without bypassing security. Everyone who gets access to the studio are credentialed.


They're in Boston and Miami for the ECF someone couldn't get to one of those places?

Shaq eventually goes home too.
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PostPosted: Mon May 22, 2023 8:00 am    Post subject:

Basketball Fan wrote:
Shaq eventually goes home too.


Pretty hard to serve someone at their home when they are determined to void you and live behind a security gate.

I used to do process serving, it can difficult to do successfully even when the subject doesn't have Shaq level security.
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PostPosted: Mon May 22, 2023 8:55 am    Post subject:

Dumb enough to invest their real currency in fake currency and not be aware of the stupid high risks???

I'd sue the US Government for allowing little kids to run such giant scams
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PostPosted: Mon May 22, 2023 2:00 pm    Post subject:

DaMuleRules wrote:
Basketball Fan wrote:
Shaq eventually goes home too.


Pretty hard to serve someone at their home when they are determined to void you and live behind a security gate.

I used to do process serving, it can difficult to do successfully even when the subject doesn't have Shaq level security.


You have a point there.
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PostPosted: Wed May 24, 2023 1:44 pm    Post subject:

https://profootballtalk.nbcsports.com/2023/05/24/shaquille-oneal-finally-gets-served-in-ftx-lawsuit/

Quote:
Shaquille O’Neal finally gets served in FTX lawsuit
Posted by Mike Florio on May 24, 2023, 1:48 PM EDT

He was able to run, but he was not able to hide.

NBA legend Shaquille O’Neal, after eluding process servers for months, finally has received a summons and complaint in the class action filed against him and other celebrities (including Tom Brady) over the collapse of FTX.


Attorney Adam Moskowitz tells PFT that O’Neal was served on Tuesday night, during the Heat-Celtics NBA game that O’Neal was working for TNT.

Coincidentally, the arena where the game was played previously was named FTX Center, before the company imploded.

“He was personally provided the papers, so he cannot raise his absurd delay tactics,” Moskowitz said. “We watched the prior Heat/Celtics game, so knew he would be in the outside broadcasting b0oth where fans were right next door.”

We caught wind of the fact that Shaq had been served because a PFT reader who attended the game tipped us off to the fact that a kerfuffle of some sort had occurred. The reader found and photographed the front page of a copy of the summons.

O’Neal was served with the original FTX lawsuit filed by the Moskowitz firm. He also was served in a new lawsuit over the Astrals Project, an NFT/crypto offering.

“The allegations in the new crypto complaint are very serious and detail how him, his son and his business partner all founded this NFT Metaverse and he made promises every week that he would be extremely involved, so the value of the NFTs would grow greatly,” Moskowitz said. “Once the FTX fraud was revealed, he ran away and has not been heard since.”

O’Neal has 20 days to respond to both complaints.
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