Tom Brady and Gisele Bündchen sued by investors for whopping $11 million after lawsuit against FTXs ‘Ponzi scheme’
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Tom Brady and Gisele Bündchen
Tom Brady did a big endorsement campaign for FTX, the cryptocurrency exchange site alongside his then-wife Gisele. The couple did a couple of advertisements promoting the brand as the Bucs QB had invested millions of dollars in the company.
FTX announced that the cryptocurrency exchange has filed for bankruptcy as the company hit the floors and incurred a massive loss. The net value of the company has reached zero and the investors want their money back. Therefore, they decided to file a lawsuit against the FTX and many high-profile celebrities.
Tom Brady, Gisele Bündchen, Larry David, Shaq, and Steph Curry were named in the lawsuit for endorsing FTX. Investors in the crypto company have filed for an $11 million lawsuit.
The lawsuit alleged that the investors were duped by sophisticated investments and the high-profile celebrities were also accused of misleading the investors with high-profile endorsements campaigns.
“In addition to the conduct of Defendant Sam Bankman-Fried, as described in this Complaint, some of the biggest names in sports and entertainment have either invested in FTX or been brand ambassadors for the company,” says the jury trial seeking complaint filed in federal court in Florida today by Edwin Garrison on behalf of all the “American consumers”
High-profile celebrities like Tom Brady lured consumers to invest in FTX
Tom Brady invested millions in FTX and did his best when promoting the company. The former Patriots QB and Gisele were a part of a couple of advertisements targeted at the average American consumer.
The use of high-profile celebrities helped the company get billions of dollars in investment as it became the world’s third-largest cryptocurrency exchange.
“Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment—like these Defendants—to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” The lawsuit said.
Tom Brady has a big battle ahead of him, as the QB will have to hire an attorney to save him from the free fall that the company is in. However, things seem to be afloat for Brady on the field as the Bucs just managed an exceptional win against the Seahawks in the NFL.
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Aamir Jethwa
(1484 Articles Published)