Posted on 11/20/2022 5:22:20 AM PST by canuck_conservative
The company hired Curb Your Enthusiasm’s Larry David to pitch crypto to potential investors as a sort of anti-spokesperson, admitting he knew nothing about digital currency. The commercial closes with David rejecting FTX, with a voice-over warning that said: “Don’t be like Larry. Don’t miss out on the next big thing.” ...
Tom Brady’s FTX investment began when he and his wife, Gisele Bündchen, bought an undisclosed equity stake in FTX in June 2021....
But after news broke on November 3 that FTX could be facing a liquidity crisis, investors scrambled to withdraw their holdings, demanding withdrawals worth $6 billion. FTX promptly froze all accounts. On Friday, November 11, 2022, Bankman-Fried stood down as CEO and the company filed for bankruptcy with potentially more than one million creditors in the lurch....
The lawsuit alleges that these sports and TV celebrities brought instant credibility to FTX, and should be held just as culpable as its disgraced now former-CEO Bankman-Fried....
“Selling an asset that is a financial instrument … is not the same thing as selling sneakers,” Charles Whitehead, professor at Cornell Law School, who is not involved in the case, told CNN Business. “There are anti-fraud and consumer-protection rules for selling bad sneakers. There are more restrictive rules when you’re talking about selling financial assets....
(Excerpt) Read more at stylecaster.com ...
FTX's headquarters are in the Bahamas
back in the summer, in the middle of training camp, Brady suddenly needed to take a vacation with his family in ... the Bahamas
hmmm ...
I heard they got divorced to protect their money and homes and overall fortune. Makes sense.
Even the G.O.A.T. was fooled?
I was all set to be the next Mrs. Tom Brady, but that’s out the window, now! ;)
How is one defrauding people when they were defrauded themselves?
I’m telling Lou Diamond Phillips.
You’re riding the line squaw!
😁
Tom Brady has not been himself this year. He looked gaunt and depressed at Robert Kraft’s wedding a few weeks back and not the same on the field either.
Obviously much more on his mind than a marriage breakup.
I think it may have to do with when you are using your name and fame to sell a product, you best be 100% assured that what you are selling is as advertised. Or else you will become responsible if that product is a fraud.
Kind of like being along with someone who committs a murder. You are also responsible even if you didn’t do the killing.
I guess one reason I’m not rich is because I do not understand the mania to always get richer, richer, richer.
Tom made a lot of money. Giselle made a lot of money.
Tom could have retired at the top and lived a fine life, with money in — I don’t know — treasury bills, or something.
Instead, he unretired, got back into a game which he no longer plays at the top-level, his marriage fell apart, and he got involved in a shady crypto currency outfit. Too much ambition, too much drive to get more, more, more.
But I suppose that was what got him where he was in the first place.
What a mess
Unmentioned about the primary investor motivation...... greed
Brings to mind the old adage, “If something seems too good to be true, it usually is.”
I guess that makes sense somewhat. To expect a celebrity to understand almost anything they endorse seems to be a stretch to me.
Especially financial instruments.
How many here can actually explain, in depth, crypto?
He is still one of the highest performing QBs in the game. At 45.
I agree he should have stayed retired…but he hasn’t turned into Bret Farve.
Rumor there will be an injury and he will be out before season ends
Well, I certainly can't - but I'm OK with it because I understand the Dutch Tulip Bulb collapse in depth.
Brady got hoodwinked by a pathological along with many others.
That pathologic scum, preyed on Brady. I doubt Brady knew anything beyond a script.
A lot of his hard earned cash went down the tubes with the rest of them.
Curiously, I wonder how many convervatives lost money over this?
Many high level performers, in any profession, are so “full speed ahead”, they don’t know how to stop or relax.
I saw tons of military retirees down in Florida at Patrick AFB.
They would go into the Class Six, and come out with a bunch of handles of booze.
Largely institutionalized since 18, they didn’t know how to adjust.
So they just golfed and got drunk every day.
Many people don’t have a Plan B.
Never felt the need to participate in any of these "get rich quick" scams and anything "crypto" or "bitcoin" related set off red flags for me. I was happy to sock a certain percentage of my income into mostly S&P index funds over the decades by way of 401k and also build some HSA savings for any medical expenses that might come up during my retirement. I consider myself rich because I'm healthy and have enough put aside not to have to work anymore whenever I'm ready to hang it up.
I could never (or want to) live the Tom Brady lifestyle. I guess I'm blessed to be able to appreciate the simple things and not need as much as others.
Is there a ‘clawback’ in bankruptcy proceedings when you divorce or give away money to hide it from the proceedings?
I only know not to invest in something that I don’t understand.
That’s enough…
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