Michael Livieratos, a fervent supporter of the New England Patriots, sued quarterback Tom Brady. Livieratos claims that Ton Brady’s endorsement of cryptocurrency in advertising persuaded him to invest in FTX.
You can picture the impact Tom Brady would have given that he has spent his entire life supporting the New England Patriots.
A Tom Brady FTX advertisement with the tagline “FTX is the safest and easiest way to purchase and trade crypto” was uploaded on Twitter by a user.
Updated Tom Brady / FTX commercial pic.twitter.com/v4kIS9a9dA
— Freezing Cold Finance Takes (@FreezingFinTake) November 24, 2022
Sam Bankman-Fried, the creator and CEO of FTX, spoke at a conference called “Crypto Bahamas,” which Brady also posted from (SBF).
https://twitter.com/ScotteSwz/status/1602757872609288193?ref_src=twsrc%5Etfw
After George Soros, SBF is the second-largest donor to the Democrat party. During the 2022 election season, he contributed $38 million to Democratic causes.
However, SBF filed for bankruptcy a few days after the midterm elections, costing investors millions of dollars and leaving them with few legal options.
A day before he was scheduled to testify before the House Financial Services Committee, SBF was detained on Monday night in the Bahamas.
SBF has been accused of securities fraud, wire fraud, and conspiracy to conduct securities fraud by the U.S. Department of Justice. If he is charged, the total punishment carries a potential 115-year prison term.
In his case, Livieratos also implicated co-host of Shark Tank and FTX frontman Kevin O’Leary.
O’Leary and Brady are accused in the lawsuit of “promot[ing], aid[ing] and actively participating in” FTX’s “offer and sale of unregistered securities.”
Livieratos allegedly lost $30,000 “essentially overnight” as a result of “FTX imploding” and filing for Chapter 11 bankruptcy, according to the lawsuit.
Brady and O’Leary are also accused of making “misrepresentations and omissions” and “aggressively selling” the “deceptive” FTX procedures, according to the lawsuit.
Brady and the model Gisele Bündchen, who also appeared in FTX commercials, are currently going through a divorce. Even so, the pair bought stock in the business.
Additionally, Shaquille O’Neal promoted FTX. Shaquille O’Neal is attempting to separate himself from FTX and its endorsers, though, as lawsuits against them mount. O’Neal said last week to CNBC, “A lot of people think I’m connected, but I was only a paid spokesperson for an ad.
He had stated in an FTX commercial from June, “I’m all in, are you?”
As lawsuits against FTX and its endorsers pile up, Shaquille O'Neal is trying to distance himself.
“A lot of people think I’m involved, but I was just a paid spokesperson for a commercial,” O’Neal told CNBC this week.
In a June FTX commercial, he'd said, “I’m all in. Are you?” pic.twitter.com/jVpTDWyGKP
— Sportico (@Sportico) December 16, 2022
Considering there were numerous celebrity endorsers we may see a huge wave of class action lawsuits coming to Bündchen, Larry David, David Ortiz, and Steph Curry.
People trust these celebrities and that means they have to be careful with what they are signing their names to.
