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Basketball Fan
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Joined: 03 Feb 2004
Posts: 24287
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 Posted: Wed Nov 16, 2022 3:02 pm Post subject: Tom Brady, Gisele Bundchen among those sued after FTX Collapse |
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https://www.msn.com/en-us/money/companies/tom-brady-gisele-bundchen-among-those-sued-after-ftx-collapse/ar-AA14c0W9
| Quote: | 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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Basketball Fan
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Joined: 03 Feb 2004
Posts: 24287
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| Posted: Sat Mar 11, 2023 9:14 am Post subject: |
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https://uproxx.com/dimemag/lawyers-claim-shaq-chosen-to-evade-getting-served-crypto-lawsuit/
| Quote: | 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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ChefLinda
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Joined: 20 Sep 2006
Posts: 23441
Location: Boston
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| Posted: Sat Mar 11, 2023 11:47 am Post subject: |
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| 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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City_Dawg
Retired Number
Joined: 14 Jul 2006
Posts: 46844
Location: Coming soon and striking at your borders.
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| Posted: Sat Mar 11, 2023 12:23 pm Post subject: |
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Florida is not sending their best 
_________________
THE EVIL EMPIRE HAS RETURNED...
LAKESHOW SQUAD AINT NUTIN TO (bleep) WIT!... |
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