Famous People Named as Defendants in FTX Lawsuit Include Gisele Bündchen and Tom Brady: Tom Brady and his ex-wife Gisele Bündchen are among the famous people named as defendants in a class action lawsuit against the shuttered cryptocurrency business FTX. On Tuesday, an investor filed a lawsuit against the business, alleging that the former couple’s celebrity endorsements, along with those of Naomi Osaka, Steph Curry, Shaquille O’Neal, Larry David, and others, gave the business respectability.
The lawsuit claims that “some of the most well-known figures in sports and entertainment, including these Defendants, were used as part of a scheme employed by the FTX Entities to raise funds and drive American consumers to invest… pouring billions of dollars into the misleading FTX platform to keep the entire scheme afloat.”
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According to the AP, the company declared bankruptcy less than a week before the complaint was filed due to the billions of dollars in damages it had racked up. Sam Bankman-establishment Fried’s of the corporation is being investigated by state and federal authorities.
A request for comment from PEOPLE was not immediately answered by Brady and Bündchen’s representatives.
Along with using celebrity endorsements, the company also held the name rights to Miami’s FTX Arena. Last Friday, a Miami Heat spokeswoman told ESPN that the team intended to quickly remove all of the arena’s signs.
“The reports regarding FTX and its associates are profoundly discouraging,” the county and the team said in a joint statement. Miami-Dade County and the Miami HEAT will take immediate steps to cut their relationship with FTX. We’ll look for a new arena naming rights partner collectively.
ESPN reports that FTX has sponsored the Golden State Warriors and the Washington Wizards in the past, as well as holding the brand rights to a Formula One racing team.
The morality of celebrity sponsorships for fresh bitcoin firms has not been agreed upon.
The U.S. Securities and Exchange Commission (SEC) accused Kim Kardashian of “promoting on social media a crypto asset security issued and sold by EthereumMax without reporting the payment she received for the promotion,” and she agreed to settle the charges last month.
The SEC charged the founder of SKIMS on October 3, announcing that he had “agreed to settle the charges, pay $1.26 million in fines, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.” The 42-year-old creator of SKIMS did not agree or disagree with the SEC’s conclusions, but he did agree to pay the fines and assist the investigation.
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“The Kardashian case serves as a reminder that, just because a celebrity or influencer endorses an investment opportunity, including a security based on a crypto asset, does not guarantee that the product is suitable for every investor,” said SEC Chair Gary Gensler in his remarks.
We encourage investors to consider the risks and opportunities of an investment in light of their individual financial goals, to paraphrase what he said.
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