Tom Brady is sued in connection with FTX collapse

FTX Photo Illustrations
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The implosion of FTX could end up forcing the GOAT to sign a large check.

Buccaneers quarterback Tom Brady, who received a piece of FTX as part of a deal to become a brand ambassador, will now be paying the price in the aftermath of the company’s implosion.

Via Matt Baker of the Tampa Bay Times, Brady is one of various defendants in a class-action lawsuit filed Wednesday, five days after FTX landed in bankruptcy.

The suit claims that FTX was essentially a pyramid scam, and that it used celebrities like Brady “to continue funneling investors into the FTX Ponzi scheme, and to promote and substantially assist in the sale of the [accounts], which are unregistered securities.”

Other defendants include Brady’s ex-wife, Gisele Bundchen, Jaguars quarterback Trevor Lawrence,  Shaquille O’Neal, Stephen Curry, Shohei Ohtani, and the Golden State Warriors.

Plenty of investors have avoided crypto, due to concerns that it basically is a Ponzi scheme. Early arrivals get in at a low price. Subsequent purchasers drive up the number. The first ones in start cashing out, and then the whole thing eventually falls apart.

Next, when it’s time to pick up the pieces, some of the who got rich quick end up facing tough questions, and incurring potentially significant legal fees. That’s what Brady and others will now be doing.

52 responses to “Tom Brady is sued in connection with FTX collapse

  1. Seeing naive and greedy crypto “investors” lose their shirts will never not be entertaining.

  2. Wow. That’s quite the list of names being sued. Dumb to buy into that crap in first place though.

  3. I can’t believe these people get roped into these things. Where are their advisors? You’d think their lawyers would be smart enough to tell them to stay away, but I guess greed clouds their decision process

  4. Wow Brady involved in yet another cheating scandal. Who didn’t see this coming. This guy is the biggest fraud and conartist there is

  5. The reason Brady and all those other people are named in the lawsuit is because they have $$$. The only ones who should be liable are the weasel Sam Bankman-Fried and his minions. People like Brady were also defrauded by this weasel.

  6. Well, now we know why Tom had to go back to work and why he got divorced. He lost their entire fortune investing with a crook in the Bahamas. This is going to be a worse collapse than Curt Shilling investing his career earnings in a video game company.

  7. Sports stars like Brady very likely did not know the inner workings and were just along for the paycheck. The golden state warriors was a funny way to end the list

  8. When the concussion company that Brett Favre invested in, exaggerated claims, Favre is Satan, yet when Brady and Lawrence invest in a crooked company they’re victims? Recognize the double standard people.

  9. thurmanmerman1 says:
    November 16, 2022 at 2:17 pm
    Wow Brady involved in yet another cheating scandal. Who didn’t see this coming. This guy is the biggest fraud and conartist there is

    Totally agree.

  10. Anyone with common sense knew this was and is a Ponzi scheme however Greed has a way of blinding human beings, its been going on for centuries, the only thing that changes are the scams.

  11. If you are foolish enough to invest your real money into fake money than you deserve the loss.

  12. Wait a minute, you are saying that “crypto” isn’t a legitimate investment vehicle? Tommy – you’ve got some splainin to do!

  13. touchback6 says:
    November 16, 2022 at 2:01 pm
    Why BB walked.

    He just went off the rails, wild with ego and narcissism.

    _________________

    Justin Fields is better than the Mac Jones and Zappe.

  14. Brady most likely had no idea what he was getting into and just wanted his name on something. He’s getting his education now.

  15. “Tom is having a rough year all around.”

    Still better than 99.99% of people on this planet.

  16. A deep dive into FTX reveals this crash is gonna bring down a lot of people. A lot more story out there than whats being reported.

  17. Which ever network paying top dollar for Tom Brady broadcaster , here’s your way out … Dummies !

  18. If you invested your money because Brady, Damon and Curry told you to you deserve what you get – or didn’t get.

  19. Curt Schilling got toasted in the video game debacle to the tune of over $50 million (varying reports)but it was the State of Rhode Island who really took it on the chin to the tune of over $100 million.

  20. Crypto is not a Ponzi scheme, just a really bad investment.

    It would only be a Ponzi scheme if the trading companies never actually bought the coins on behalf of their clients and faked profits until collapse.

  21. Celebrities get paid fists for of cash for their endorsement. They wouldn’t get it, if it wasn’t worth it. We have got to stop being sheep. If you bought crypto cause TB12 did a commercial, you made your own bed.

  22. This is going to be a mess legally. They have to go after people like Brady because the true perpetrator is going to be insolvent.

  23. Brett Favre has generously offered to donate money from the Mississippi Welfare Fund to get FTX back on its feet.

  24. This changes everything. Tom now has to keep playing to recoup money lost. The NFL may have to institute a mandatory retirement age–simply to protect Tom from himself.

  25. There is risk in investing. Do your due diligence. Don’t invest in Ponzi schemes. They have no one to blame but themselves.

  26. Tom Brady might be a big sports name, but nothing more than a side aspect of this FTX thing. The folks running that did not just lose investor money, they stole it, directly taking funds from user accounts without their permission. And then they used those stolen funds to make donations and also some general lavish spending, so its just gone now. Those folks cannot get their stolen money back and so lives are being ruined.

  27. Crypto was by far the easiest asset that Brady and Bundchen to split.

    Zero for you…Zero for me.

  28. “No surprise that fake currency was worthless”

    Umm…wait until you find out how much intrinsic value “real money” has.

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