{"id":1741448,"date":"2022-11-16T17:03:21","date_gmt":"2022-11-16T22:03:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1741448"},"modified":"2022-11-16T17:03:24","modified_gmt":"2022-11-16T22:03:24","slug":"tom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx\/","title":{"rendered":"Tom Brady, Steph Curry, Other Celebrities Sued For Pushing \u2018Ponzi Scheme\u2019 FTX"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1741448&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A class-action <a href=\"http:\/\/dailywire.com\/topic\/lawsuit\" target=\"_blank\" rel=\"noopener\">lawsuit<\/a> blamed several celebrities for exposing members of the public to the implosion of <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> exchange FTX, which plaintiffs characterized as a \u201cPonzi scheme.\u201d<\/p>\n<p>The company filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> on Friday after customers discovered that firms controlled by Sam Bankman-Fried and his associates were allegedly fraudulently intertwined, causing a liquidity crisis as users rushed to withdraw funds. The <a href=\"https:\/\/htv-prod-media.s3.amazonaws.com\/files\/ftx-lawsuit-1-main-1668613943.pdf\" target=\"_blank\" rel=\"noopener\">lawsuit<\/a>, filed on Tuesday in the Southern District of Florida on behalf of investor Edwin Garrison and others affected by the company\u2019s sudden failure, named as defendants former FTX CEO Sam Bankman-Fried and celebrity ambassadors who allegedly participated in the \u201cfraudulent scheme\u201d against unsophisticated investors.<\/p>\n<p>The lawsuit argued that the brand ambassadors, many of whom received equity stakes in the company, neglected to perform \u201cany due diligence\u201d before marketing FTX to the public, adding that their failure to disclose \u201cthe nature, scope, and amount of compensation they personally received\u201d in exchange for promoting FTX constitutes \u201ca violation of the anti-touting provisions of the federal securities laws.\u201d<\/p>\n<p>Among the defendants listed were Tampa Bay Buccaneers quarterback Tom Brady and supermodel ex-wife Gisele B\u00fcndchen, who appeared in an advertisement for the company and held equity stakes. The lawsuit also noted that celebrity investor Kevin O\u2019Leary assured the public that FTX was a reliable entity as recently as last month.<\/p>\n<p>Other celebrities listed in the lawsuit include Golden State Warriors point guard Steph Curry, retired baseball player David Ortiz, basketball legend Shaquille O\u2019Neal, comedian Larry David, and Jacksonville Jaguars quarterback Trevor Lawrence.<\/p>\n<p>The lawsuit, citing \u201cmisrepresentations and omissions made and broadcast around the country through the television and internet\u201d by the defendants, claimed that the celebrities were responsible for the \u201cmany billions of dollars\u201d lost by the plaintiffs. A number of individual users and institutional clients still have as much as $8 billion remaining with the company, which Bankman-Fried has reportedly attempted to <a href=\"https:\/\/www.dailywire.com\/news\/former-crypto-billionaire-sam-bankman-fried-whose-entire-fortune-just-went-to-zero-is-calling-around-for-new-investors\" target=\"_blank\" rel=\"noopener\">solicit from investors<\/a> with little success.<\/p>\n<p>Bankman-Fried, whose $15 billion net worth evaporated along with the collapsed company, <a href=\"https:\/\/www.dailywire.com\/news\/we-got-overconfident-and-careless-sam-bankman-fried-reveals-what-went-wrong-with-ftx\" target=\"_blank\" rel=\"noopener\">commented<\/a> via social media that his present goal is to \u201cdo right by customers\u201d before shifting his focus to investors. Referencing his coverage from the media as a cryptocurrency wunderkind, some of which <a href=\"https:\/\/www.dailywire.com\/news\/new-york-times-runs-puff-piece-about-disgraced-billionaire-sam-bankman-fried-leaves-out-connections-to-democrats\" target=\"_blank\" rel=\"noopener\">continued<\/a> even after his company declared bankruptcy, Bankman-Fried asserted that his team was once \u201cheld as paragons of running an effective company.\u201d Nevertheless, features \u201con the cover of every magazine\u201d and attention as the \u201cdarling\u201d of Silicon Valley caused him to grow \u201coverconfident and careless.\u201d<\/p>\n<p>The young entrepreneur and his associates are presently under supervision by police in the Bahamas, where his company is headquartered, since they reportedly considered fleeing the country for Dubai, according to a <a href=\"https:\/\/cointelegraph.com\/news\/sam-bankman-fried-is-under-supervision-in-bahamas-looking-to-flee-to-dubai\" target=\"_blank\" rel=\"noopener\">report<\/a> from Cointelegraph. Bahamian and American officials are <a href=\"https:\/\/www.dailywire.com\/news\/bahamas-may-ship-disgraced-crypto-ceo-sam-bankman-fried-back-to-the-united-states\" target=\"_blank\" rel=\"noopener\">working<\/a> to transport Bankman-Fried out of the island nation as regulators seek to address the crisis. Members of the House Financial Services Committee will hold hearings on the situation next month, during which they plan to hear from Bankman-Fried and other executives involved in related entities, including competitor Binance, which nearly purchased FTX.<\/p>\n<p>Bankman-Fried <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">donated<\/a> $39 million during the recent midterm election cycle on behalf of Democratic candidates and organizations, according to <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/top_donors\/2022?disp=D&#038;type=V&#038;superonly=N\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets, which listed him as the nation\u2019s sixth-largest individual midterm donor. FTX Co-CEO Ryan Salame donated heavily to right-leaning organizations, according to more <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/donor_detail\/2022?id=U0000004758&#038;type=I&#038;super_only=N&#038;name=Salame%2C+Ryan+D.+%26+Susan\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A class-action lawsuit blamed several celebrities for exposing members of the public to the implosion of cryptocurrency exchange FTX, which plaintiffs characterized as a \u201cPonzi scheme.\u201d The company filed for bankruptcy on Friday after customers discovered that firms controlled by Sam Bankman-Fried and his associates were allegedly fraudulently intertwined, causing a liquidity crisis as users &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1741451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1741448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1741448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1741448"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1741448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1741451"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1741448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1741448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1741448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}