Welp, that didn't take long. The first civil suit against the still-imploding crypto exchange FTX was just filed in a Florida court, accusing FTX, disgraced CEO Sam Bankman-Fried, and 11 of the exchange's many celebrity ambassadors of preying on "unsophisticated" retail investors.
The list of celeb defendants impressive — honestly, it reads more like an invite list to a posh award show than a lawsuit.
Geriatric quarterback Tom Brady and soon-to-be-ex-wife Gisele Bündchen lead the pack, followed by basketball players Steph Curry and Udonis Haslem, as well as the Golden State Warriors franchise; tennis star Naomi Osaka; baseballers Shoehi Ohtani, Udonis Haslem, and David Ortiz; and quarterback Trevor Laurence.
Also named is comedian Larry David — who starred in that FTX Super Bowl commercial that very specifically told investors that even if they didn't understand crypto, they should definitely invest — and investor Kevin O'Leary of "Shark Tank" fame.
"The Deceptive and failed FTX Platform," reads the suit," "was based upon false representations and deceptive conduct."
"Many incriminating FTX emails and texts... evidence how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country," it continues. "As a result, American consumers collectively sustained over $11 billion dollars in damages."
Indeed, a number of FTX promos embraced an attitude similar to the cursed Larry David commercial. In one, Steph Curry tells viewers that with FTX, there's no need to be an "expert," while a Naomi Osaka promotion pushed the idea that crypto trading should be "accessible," "easy," and "fun."
It's also worth noting that this isn't the first suit of its kind. Billionaire Mark Cuban, also of "Shark Tank" fame, was named in a class action lawsuit launched against the bankrupt lender Voyager in August, while reality TV star Kim Kardashian was recently made to pay a roughly $1.2 million fine for hawking the "EthereumMAX" token without disclosing that she was paid to do so.
The FTX suit, however, appears to be the most extensive — and high-profile — of its kind. And while a fine for a million or two is basically a one dollar bill to this tax bracket, $11 billion, even if split amongst a group of 11 exorbitantly wealthy celebs, is a more substantial chunk of change.
Of course, whether anyone actually ever has to pay up remains to be seen. Regardless, it's still a terrible look, and real people got hurt. If there's any defense here, though? At least they didn't promise to be experts.
READ MORE: FTX founder Sam Bankman-Fried hit with class-action lawsuit that also names Brady, Bündchen, Shaq, Curry [Fox Business]
More on the FTX crash: Experts Say Sam Bankman-fried's Best Legal Defense Is to Say He's Just Really, Really Stupid
The post Celebrities Are Officially Being Sued by FTX Retail Investors appeared first on Futurism.
See the article here:
Celebrities Are Officially Being Sued by FTX Retail Investors
- Futurist Serata featuring artist Luca Buvoli at Brown (Nov. 20) - November 7th, 2009 [November 7th, 2009]
- FUTUR1SM00GGI - November 8th, 2009 [November 8th, 2009]
- ‘Futurism on Film’ Series this month in NYC - November 8th, 2009 [November 8th, 2009]
- Schedule of Futurist Events in NYC (PERFORMA 09: Nov 1-22) - November 8th, 2009 [November 8th, 2009]
- ‘Futurismo/Futurizm: The Futurist Avant-Garde in Italy and Russia’ (Nov. 13 + 14) - November 8th, 2009 [November 8th, 2009]
- ‘Beyond Futurism: F.T. Marinetti, Writer’ conference at Columbia (Nov. 12+13) - November 8th, 2009 [November 8th, 2009]
- Futurism and Cars at the Museo Nicolis - November 8th, 2009 [November 8th, 2009]
- MoMA Film Series Marks Centenary of Futurism with Films - November 8th, 2009 [November 8th, 2009]
- ‘Bergson+Futurism. Speed in thought’ - Madrid (Nov. 5) - November 8th, 2009 [November 8th, 2009]
- ‘The Future in Five Senses: Echoes of Italian Futurism in New York Architecture and Design’ Nov. 16th NYC - November 8th, 2009 [November 8th, 2009]
- New World-Wide Climate Treaty in 2010 More Likely - November 8th, 2009 [November 8th, 2009]
- Tar Sands CCS Myth Shattered - November 8th, 2009 [November 8th, 2009]
- Smart Grid and Smart Meters Get Big Grants - November 8th, 2009 [November 8th, 2009]
- Pollution Makes Methane Even More Dangerous - November 8th, 2009 [November 8th, 2009]
- Climate Change Bill Hearing Video - November 8th, 2009 [November 8th, 2009]
- New Satellite to Monitor Water and Plant Growth - November 8th, 2009 [November 8th, 2009]
- Spiritual Battle Awaits the Deniers and Skeptics - November 8th, 2009 [November 8th, 2009]
- Effects of Climate Change are Observed World-Wide - November 8th, 2009 [November 8th, 2009]
- Get Yer Global Warming Science Here - November 8th, 2009 [November 8th, 2009]
- TckTckTck Wake up Call — Delay Kills - November 8th, 2009 [November 8th, 2009]
- Canada’s Awful Gold Rush - November 8th, 2009 [November 8th, 2009]
- Climate Change Talks Spark Global Backlash by Businesses - November 8th, 2009 [November 8th, 2009]
- World May Need Extra Year for Climate Treaty - November 8th, 2009 [November 8th, 2009]
- Senator Boxer Moves Climate Bill Despite Republican Obstructionism - November 8th, 2009 [November 8th, 2009]
- Lights out for incandescent lights? - November 8th, 2009 [November 8th, 2009]
- Sutures from Bacteria - November 8th, 2009 [November 8th, 2009]
- Remote-Controlled Pigeons - November 8th, 2009 [November 8th, 2009]
- Apple Announces iPhone Release Date - November 8th, 2009 [November 8th, 2009]
- UK Government Envisions a Grim Future - November 8th, 2009 [November 8th, 2009]
- Top Ten Emerging Technologies for the Environment - November 8th, 2009 [November 8th, 2009]
- DIY Mobile Networks - November 8th, 2009 [November 8th, 2009]
- Stem-Cell Treatment Cures Type 1 Diabetes - November 8th, 2009 [November 8th, 2009]
- Is Tesla Getting the Electric Car Right? - November 8th, 2009 [November 8th, 2009]
- The Future of TV News - November 8th, 2009 [November 8th, 2009]
- Bruce Sterling on Earth-Friendly Pervasive Computing - November 8th, 2009 [November 8th, 2009]
- First Step Toward Organ Regeneration in Humans - November 8th, 2009 [November 8th, 2009]
- IBM's "Five in Five" - November 8th, 2009 [November 8th, 2009]
- Outsourced Journalism - November 8th, 2009 [November 8th, 2009]
- Is True Global Democracy the Next Great Political Movement? - November 8th, 2009 [November 8th, 2009]
- The Risks of Autonomous Robots - November 8th, 2009 [November 8th, 2009]
- Microsoft Introduces "Tabletop" PC - November 8th, 2009 [November 8th, 2009]
- Britain Piloting First Biofueled Train - November 8th, 2009 [November 8th, 2009]
- Self-Healing Plastic - November 8th, 2009 [November 8th, 2009]
- Bird Population Falls Over Past 40 Years - November 8th, 2009 [November 8th, 2009]
- The iPhone Revolution? - November 8th, 2009 [November 8th, 2009]
- The End of "Cheap Food"? - November 8th, 2009 [November 8th, 2009]
- How to Stop -- Or Live With -- Global Warming - November 8th, 2009 [November 8th, 2009]
- MIT Demonstrates "Wireless Electricity" - November 8th, 2009 [November 8th, 2009]
- Unintended Consequences of Biofuels - November 8th, 2009 [November 8th, 2009]
- Time to Focus on the Big Picture in Copenhagen - December 12th, 2009 [December 12th, 2009]
- Protests in Copenhagen - December 12th, 2009 [December 12th, 2009]
- Mario Guido Dal Monte exhibit - December 13th, 2009 [December 13th, 2009]
- Futurism News Bulletin, xvi - December 13th, 2009 [December 13th, 2009]
- Viva il Futurismo! (video trailer) - December 13th, 2009 [December 13th, 2009]
- 3 exhibits in Gorizia! - December 13th, 2009 [December 13th, 2009]
- Forthcoming: ‘Antidiets of the Avant-garde’ by Cecilia Novero - December 13th, 2009 [December 13th, 2009]
- Pubblicità e propaganda. Ceramica e grafica futuriste at the Wolfsoniana - December 13th, 2009 [December 13th, 2009]
- Balla’s home scheduled to open in 2010 - December 13th, 2009 [December 13th, 2009]
- Futurismo a Savona - December 13th, 2009 [December 13th, 2009]
- ‘Zang Sud Sud’, Cosenza - December 13th, 2009 [December 13th, 2009]
- Conference in Rome (Dec. 10) - December 13th, 2009 [December 13th, 2009]
- Climate Hackergate: A Well-Orchestrated Campaign of Harassment - December 13th, 2009 [December 13th, 2009]
- The Sad Story of Cap and Trade - December 13th, 2009 [December 13th, 2009]
- How to Waste Trillions on Capturing Carbon - December 13th, 2009 [December 13th, 2009]
- Smack the Email Hack Attack - December 13th, 2009 [December 13th, 2009]
- EPA About to Declare CO2 a Public Danger - December 13th, 2009 [December 13th, 2009]
- Copenhagen Summit Starts with Virtually There Media - December 13th, 2009 [December 13th, 2009]
- Climate Scientist Gets Blunt on Trading Scheme - December 13th, 2009 [December 13th, 2009]
- One Climate Change Editorial in 56 Newspapers, 45 Countries - December 13th, 2009 [December 13th, 2009]
- This Decade Will be Hottest Ever on Record - December 13th, 2009 [December 13th, 2009]
- Divide and Conquer - December 13th, 2009 [December 13th, 2009]
- Leave the Coal in the Hole! - December 13th, 2009 [December 13th, 2009]
- COP15: Two Agreements Coming - December 13th, 2009 [December 13th, 2009]
- Climate and Copenhagen News December 10 - December 13th, 2009 [December 13th, 2009]
- Sea Level Already Rising on Atlantic Coast - December 13th, 2009 [December 13th, 2009]
- ‘Umbria Veloce’ in Perugia - December 14th, 2009 [December 14th, 2009]
- An Instable CO2-Filled Ocean - December 14th, 2009 [December 14th, 2009]
- ‘Futurismi a Ravenna’ opens Dec. 19 - December 15th, 2009 [December 15th, 2009]
- ‘Futurism and the Technological Imagination’ – 30% discount until Jan. 15 - December 15th, 2009 [December 15th, 2009]
- Protecting Our Lungs at Copenhagen - December 15th, 2009 [December 15th, 2009]