Former FTX CEO Sam Bankman-Fried (SBF) and a number of celebrities including Tom Brady, Gisele Bündchen, Stephen Curry, and Shaquille O’Neal have been named in a class-action lawsuit involving the alleged engagement in deceptive practices with FTX. The lawsuit was filed by the attorneys Adam Moskowitz and David Boies late Tuesday, and the suit alleges that SBF and the exchange’s associated celebrities promoted unregistered securities.
Sam Bankman-Fried, otherwise known as SBF, and 12 other defendants including the NBA team the Golden State Warriors LLC, are named in a class-action lawsuit filed by Moskowitz and Boies on behalf of the Oklahoma resident Edwin Garrison.
In addition to the NBA franchise, celebrities and well known individuals such as Tom Brady, Gisele Bündchen, William Trevor Lawrence, Kevin O’Leary, Naomi Osaka, David Ortiz, Stephen Curry, Udonis Haslem, Shaquille O’Neal, Shohei Ohtani, and Lawrence Gene David are also defendants.
“FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments,” Garrison’s complaint filed Tuesday says. “As a result, American consumers collectively sustained over $11 billion dollars in damages.”
Moreover, the lawsuit also says that SBF’s operation was no more than a “Ponzi scheme” and celebrities “actively participated” in its promotion, Garrison’s complaint insists. Additionally, the filing also notes that emails and texts between the defendants were decimated but the lawfirm was able to obtain the evidence. The complaint notes:
Although many incriminating FTX emails and texts have already been destroyed, we located them.
Garrison’s court case Garrison v. Bankman-Fried, 22-cv-23753, was filed in the Southern District of Florida. Garrison’s lawsuit claims the actions of the celebrities, FTX, and SBF hurt “thousands, if not millions, of consumers nationwide.” The 13 defendants in Garrison’s lawsuit are accused of participating in the “offer and sale of unregistered securities in the form of yield-bearing accounts.”
What do you think about the former FTX boss and 12 celebrities named in the class-action lawsuit that claims consumers suffered from $11 billion dollars in damages from the FTX fallout? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse
United Arab Emirates (UAE) airliner, Emirates, has announced plans to launch non-fungible tokens (NFT) and experiences in the metaverse for its workers and customers. The launch aligns with UAE's digital economy and virtual assets initiatives. First Projects Already Underway The ... read more.
Former FTX CEO Sam Bankman-Fried (SBF) and a number of celebrities including Tom Brady, Gisele Bündchen, Stephen Curry, and Shaquille O’Neal have been named in a class-action lawsuit involving the alleged engagement in deceptive practices with FTX. The lawsuit was filed by the attorneys Adam Moskowitz and David Boies late Tuesday, and the suit alleges that SBF and the exchange’s associated celebrities promoted unregistered securities.
Sam Bankman-Fried, otherwise known as SBF, and 12 other defendants including the NBA team the Golden State Warriors LLC, are named in a class-action lawsuit filed by Moskowitz and Boies on behalf of the Oklahoma resident Edwin Garrison.
In addition to the NBA franchise, celebrities and well known individuals such as Tom Brady, Gisele Bündchen, William Trevor Lawrence, Kevin O’Leary, Naomi Osaka, David Ortiz, Stephen Curry, Udonis Haslem, Shaquille O’Neal, Shohei Ohtani, and Lawrence Gene David are also defendants.
“FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments,” Garrison’s complaint filed Tuesday says. “As a result, American consumers collectively sustained over $11 billion dollars in damages.”
Moreover, the lawsuit also says that SBF’s operation was no more than a “Ponzi scheme” and celebrities “actively participated” in its promotion, Garrison’s complaint insists. Additionally, the filing also notes that emails and texts between the defendants were decimated but the lawfirm was able to obtain the evidence. The complaint notes:
Although many incriminating FTX emails and texts have already been destroyed, we located them.
Garrison’s court case Garrison v. Bankman-Fried, 22-cv-23753, was filed in the Southern District of Florida. Garrison’s lawsuit claims the actions of the celebrities, FTX, and SBF hurt “thousands, if not millions, of consumers nationwide.” The 13 defendants in Garrison’s lawsuit are accused of participating in the “offer and sale of unregistered securities in the form of yield-bearing accounts.”
What do you think about the former FTX boss and 12 celebrities named in the class-action lawsuit that claims consumers suffered from $11 billion dollars in damages from the FTX fallout? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Bitcoin cash rose to a one-week high in today’s session, despite crypto markets mostly trading lower. The global cryptocurrency market cap is down by 2.45% as of writing, which comes as traders reacted to rising geopolitical tensions. Polkadot was a notable token to slip, as prices collided with a key support point.
Bitcoin cash (BCH) raced to a one-week high on Wednesday, despite cryptocurrency markets mostly trading lower.
Following a low of $103.09 on Tuesday, BCH/USD surged to an intraday peak of $109.09 earlier in today’s session.
The move saw BCH hit its highest point since November 8, when the token was trading close to a high of $120.00.
As can be seen from the chart above, today’s high saw bitcoin cash move closer to a key resistance level of $110.00.
The 14-day relative strength index (RSI) also rose higher, with the index breaking out of a ceiling of its own.
Currently, the index is tracking at 46.52, which is above the aforementioned ceiling at 45.00.
Polkadot (DOT) on the other hand was back in the red on Wednesday, snapping a two-day win streak in the process.
DOT/USD was down by as much as 5% in today’s session, falling to a low of $5.72.
Today’s drop saw the token move closer to its support level at $5.60, which has mostly been in place for the last week.
Looking at the chart, the RSI also dropped to a floor of its own, with the index colliding with its support at 41.00.
Should the index move below this point, we will likely see polkadot move towards $5.30, which would be a two-year low.
Traders will likely also be paying attention to the moving averages, as the indicator still looks positioned for further downward momentum.
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Could we see polkadot decline further in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
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