Tom Brady, Giselle Bündchen, Larry David Sued In FTX Class Action Suit – Deadline

“I was never wrong about this, never,” said a dismissive and scoffing Larry David earlier this year in the present day Super Bowl advertising to invest in cryptocurrency exchange FTX.

While that Seinfeld co-creator refused the wheel, coffee, the US Constitution, electricity, put a man on the moon and more innovation in the commercial many praises, it seems that David may have been right about FTX now collapsed, for all the good it is going to do him.

Along with the likes Tom Brady, Gisele Bundchen, Stephen Curry and Golden State Warriors, Shaquille O’Neal, and Naomi Osaka, David is now a defendant in a class action lawsuit against FTX and ex-CEO Sam Bankman-Fried.

“In addition to the actions of the defendant Sam Bankman-Goreng, as described in this Complaint, some of the biggest names in sports and entertainment have either invested in FTX or have been brand ambassadors for the company,” said the jury trial looking for a complaint filed in federal court in Florida today by Edwin Garrison on behalf of all “American consumers” who “collectively sustained over $11 billion dollars in damages” from FTX’s latest accident. “A number of them hyped FTX to their social media fans, driving retail consumer adoption of the Deceptive FTX Platform,” Chart heavyweight Map added (read here).

In the case of curry, it is NBA Legend admitted on a TV spot in other languages ​​that he didn’t know anything about crypto. He added, looking at the camera: “I don’t have to. With FTX I have everything I need to buy, sell, and trade crypto safely.

Perhaps not more now that he and others should sue.

The heavy use of celebrities convinced consumers to pour “billions of dollars into the fraudulent FTX platform to keep the whole scheme afloat,” the attorney Adam Moskowitz and a brigade of other lawyers said. “The Deceptive FTX platform managed by FTX Entities is actually a house of cards, a Ponzi scheme where FTX Entities shuffles customer funds between its opaque affiliated entities, using new investor funds obtained from investments in YBA and loans to pay interest on old ones and trying to maintain the appearance of liquidity ,” he also said, to a larger point.

And this is where it can get sticky for celebrities who lend their names and images to FTX.

“Importantly, although the Defendant disclosed their partnerships with FTX Entitas, they have never disclosed the nature, scope, and amount of compensation they personally received in exchange for the promotion of the Deceptive FTX Platform, which the SEC has explained that they failed to disclose. This information would violate the provisions of anti -touting of federal securities laws,” the broad filing notes. “Furthermore, none of these plaintiffs performed their due diligence prior to marketing these FTX products to the public.”

Valued at more than $32 billion earlier this year, Bahamas-based FTX and its corporate cousin crypto trader Alameda Research filed for Chapter 11 bankruptcy last week. The worst crash of the world’s third largest crypto exchange came as Bankman-Fried and other executives. fail to lure more investors to help starve out billions and billions in losses from doubts about the company’s business model and asset management. It probably doesn’t help that FTX is under investigation by the FTC, DOJ and others for moving investor money without permission.

Citing recent rulings and fines against the likes of Kim Kardashian and ex-Boston Celtic Paul Pierce over non-disclosure support compensation, complaints that seek unspecified actual, direct and compensatory damages that can run into nine-figures and beyond based on the consumer base FTX drew from.

Undoubtedly all the big names will hire big lawyers to help get them off the hook here. Although, they may have to flip a bit more through the old Rolodex than usual, as a celeb lawyer David Boyes actually help represent Garrison in this action. However, in the meantime, check out that Larry David ad that everyone saw as hilarious during the 2022 Super Bowl:

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