Shaq, Tom Brady and Osaka Caught in Florida-FTX Scheme, Ex-Exec Cooperates

14. May 2023 By admin Off

• A class action lawsuit against celebrities who promoted the now-bankrupt FTX has been joined by a former executive.
• The suit claims those celebrities misled customers and caused over $11 billion in damages.
• Former FTX CEO Sam Bankman-Fried is facing criminal and civil charges, including wire fraud and conspiracy to commit bank fraud.

Lawsuit Against Celebrities for Promoting FTX

A class action lawsuit against big-name celebrities who promoted bankrupt FTX including Shaquille O’Neal, Tom Brady and Naomi Osaka has garnered cooperation from a former executive, according to a recent court filing.Former FTX Chief Compliance Officer Daniel Friedberg provided evidence tying Florida to the celebrities, according to lawyers representing the plaintiffs. “Based upon this new, extensive evidence, there appears to be no state that has more connections to the FTX Brand Ambassador Defendants than the state of Florida,” lawyers for the plaintiffs said in the court filing on Thursday.Florida is key since the lawsuit was filed in the U.S. District Court in the Southern District of Florida, though the defendants have said the court “lacks specific personal jurisdiction over them” and that they don’t have a connection to the state, according to the filing.

Details of Lawsuit

The class action lawsuit was first filed in November, days after FTX had announced that it filed for a Chapter 11 bankruptcy. The lawsuit claimed that 12 celebrities misled customers and engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. The suit alleged that “American consumers collectively sustained over $11 billion dollars in damages,” amid the collapse.Lawyers laid out FTX’ connections to Florida in the complaint, including that it organized “its worldwide headquarters located here in Miami, Florida.”

Charges Faced By Former CEO

Former FTX CEO Sam Bankman-Fried is facing criminal and civil charges in US courts as well as abroad most recently asking a New York judge to dismiss most of his criminal charges calling some of those charges “dramatic”.He has been charged with eight criminal charges including wire fraud conspiracy unlawful political contributions among others which could result up to 100 years imprisonment if found guilty by law enforcement agencies across different countries he is being investigated by .

FTX’s Connection To Floria

The key factor linking all these cases together is Floria which seems like an important hub for conducting business operations related with financial organizations such as cryptocurrency exchanges , banks or other companies involved with digital assets . Lawyers representing plaintiffs claim there isn’t any other state having more connection with ambassadors promoting digital currencies than Floria while defendants are denying this fact stating they don’t have any linkages with mentioned states .

FTX’s executives along with few dozen famous personalities are facing legal challenges due their promotion activities related with cryptocurrency exchange platform which went bankrupt resulting billions dollars losses for investors across globe . Former chief compliance officer is providing extensive evidences connecting Floria towards named individuals whereas former CEO facing serious legal challenges for his wrong doings potentially leading him into prison sentence .