Tom Brady, the quarterback for the Tampa Bay Buccaneers, is one of the superstars that a Texas regulator is looking into for possible law breaches related to their marketing of the cryptocurrency exchange FTX.
About three weeks ago, the cryptocurrency startup FTX filed for chapter 11 bankruptcy protection. According to sources, the company lacks the resources to pay back stakeholders.
Texas launches investigation into Tom Brady and Steph Curry over FTX promotion.JUST IN: 🇺🇸 Texas launches investigation into Tom Brady and Steph Curry over FTX promotion.
A “significant percentage” of the defunct FTX Group’s holdings, according to a counsel for Bankman-Fried, “have either been stolen or are missing.” The names of FTX’s principal creditors are being withheld for the time being.
In the wake of the group’s collapse, Tom Brady, who was given a stake in FTX as a condition of a pact to serve as a spokesmodel, will be paying the price.
The lawsuit asserts that FTX was essentially a Ponzi scheme that employed famous people like Brady to “keep funneling stakeholders into the FTX pyramid scam and substantially help in the sale of the accounts, which are unregistered securities” and “to promote and substantially assist in the sale of the accounts.”
