Texas launches investigation of Tom Brady over FTX promotion

Crypto Exchange FTX's Collapse Continues To Cause Fallout Throughout Industry
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Tom Brady may want to avoid Texas for a while. Or longer.

Via Watcher.Guru, Texas has commenced an investigation of Brady and Steph Curry for their activities to promote FTX.

Sports lawyer Daniel Wallach adds that the Texas State Securities Board has filed a Notice of Appearance in the FTX bankruptcy proceeding.

It could just be the beginning. Federal prosecutors reportedly investigated FTX months before its collapse. Now that the company has imploded, it may just be a matter of time before the indictments are handed down.

Brady, who became a brand ambassador for FTX in 2021, and Curry already have been sued in connection with the crash of the crypto house of cards. The argument is that it is and always was a pyramid scheme, with celebrities employed to encourage folks to buy, buy, buy — driving the price higher. Then, the first ones in start cashing out, more take their money, and it all falls apart.  With those who swallowed the hook last holding the bag.

Now, Brady may have multiple bags to hold as the process of figuring out responsibility for the alleged swindle commences.

25 responses to “Texas launches investigation of Tom Brady over FTX promotion

  1. The argument is that it is and always was a pyramid scheme, with celebrities employed to encourage folks to buy, buy, buy — driving the price higher. Then, the first ones in start cashing out, more take their money, and it all falls apart
    —–
    Umm yeah, that’s how crypto works. If people weren’t smart enough to understand that, they shouldn’t get bailed out. That’s the risk that comes with investing in a decentralized commodity. Invest in the stock market instead if you don’t know, but taking a flier on a crypto currency then hoping the government makes you whole when it goes south is bs.

  2. Lol it is stupid to blame Brady for this. He was pretty much being paid to advertise a product, just like how it was stupid to be mad at Matt Damon for the Crypto he promoted, even tho it is cool to make fun of them.

  3. Ridiculous. If he’s liable for others’ own financial decisions, then under that logic, Jim Cramer should have millions of lawsuits against him. Random actors in big pharma should be tried for manslaughter when a drug kills people.

  4. Let me take a guess that the politicians that took political contributions from this money laundering scam will get away without any repercussions (like usual)…

  5. Crypto currency is the greatest Ponzi scheme in the history of the planet!
    Folks buying made up uesless play tokens thinking they’re valuable, just think about that!

  6. I never really got this. As much as I dislike Tom Brady, what’s he really got to do with the business itself? I HIGHLY doubt he was privy to anything other than ‘Hey, here’s a check. Say these words in front of the camera.’

  7. Not a Brady fan, any celebrities used for big name advertising should be paid for their services. If they had no part in the set up then they should not be punished. If evidence shows they had insider info of pending failure they should be punished for that along with having to return all cash out funds for dispersment as specified by the court.

  8. Can you imagine Brady playing ball for a quarter of a century and ending up with his pockets hanging out?

  9. pkrlvr says:
    November 22, 2022 at 10:04 am
    The argument is that it is and always was a pyramid scheme, with celebrities employed to encourage folks to buy, buy, buy — driving the price higher. Then, the first ones in start cashing out, more take their money, and it all falls apart
    —–
    Umm yeah, that’s how crypto works. If people weren’t smart enough to understand that, they shouldn’t get bailed out. That’s the risk that comes with investing in a decentralized commodity. Invest in the stock market instead if you don’t know, but taking a flier on a crypto currency then hoping the government makes you whole when it goes south is bs.

    ——-
    Hate to break it to you bud but the stock market is completely rigged too. I’ve seen enough firsthand examples to know this for a fact.

  10. If Brady/Curry/etc had just done traditional commercials for FTX without taking ownership stakes they don’t get investigated at all. There’s always risks and at that level you need smart people advising you who can see problems before they’re on top of you.

  11. FTX spent twenty million on that slick Brady ad campaign targeting unsophisticated investors/sports fans.

    Shilling for an obviously dubious business model should have consequences. Tom and Gisele and Steph and the rest should really be ashamed of themselves. But they aren’t.

  12. I feel zero sympathy for anyone that invests in something because a celebrity endorses it. Least of which a crypto scam.

  13. I’m far more interested in why he took a PPP loan and it’s limited funds away from small, struggling mom and pop businesses; which is what the loan was designed for, during the height of the pandemic, and if he’s ever repaid it!

  14. Crypto Exchange FTX’s Collapse Continues To Cause Fallout Throughout Industry
    Getty Images
    Tom Brady may want to avoid Texas for a while.

    Yep, Perry on wheels and Paxton are going to straighten ‘ol Brady out right after they eliminate rape and secure the border …. Should all be in order by the end of next week. Next will be Washington ……..

  15. If you take financial advice from celebrities in commercials or on social media, you probably shouldn’t be managing your own money…

  16. There are still these “personal investing” websites that show Crypto stock, and how much money you can make. BUT, look at who they are targeting with these ads. Sad!!!!

  17. Making decisions based on celeb endorsements are for idiots. Is a celeb endorsing a car responsible if the brakes fail? Airline endorsers for plane crashes? Talcum powder endorsers for cancer? MacDonalds endorsers for the fattening of America? Get a grip. Caveat emptor.

  18. sbc2556 says:
    November 22, 2022 at 11:18 am
    I’m far more interested in why he took a PPP loan and it’s limited funds away from small, struggling mom and pop businesses; which is what the loan was designed for, during the height of the pandemic, and if he’s ever repaid it!

    —————–
    Compared to what owners get for stadiums, Brady’s PPP was pennies. You make valid points but none of it was a consideration in who should receive free money or the requirement for repayment. Blame Washington. Sad part is, we gave them the authority to do so.

  19. Texas is taking action? Sounds like something that would be more likely to occur in NY or CA.

  20. Looks like everyone with complaints about ATT have been overlooking who the real culprit is. It’s “Lily”, the spokesperson who’s in every ATT commercial.

  21. All politicians are corrupt, you ever wonder why they end up millionaires at the end of the day. Time to wake up boys

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