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 ...
So it looks like continuing to play football and ruining his marriage wasn’t the worst decision he ever made.
I said it yesterday, but I’ll say it again today. Tom will have to go on playing football until he’s Biden’s age.
They could lose the houses, the cars, the jewelry, everything down to their ampersand and her umlaut.
Paling arpund with democrats will ruin a person morally.
Con men are evil. Otherwise, it is buyer beware. Don’t be stupid investing your money.
“If it seems to good to be true, it probably is,” - still a useful rule of thumb.
I would think so, but we will find out for sure in a while. I think he is in quite a messy situation. Hopefully some of it isn't criminal..
Both Tom Brady and wife are Type A competitive. That type don’t settle for “enough”. It is about the thrill of competition. It doesn’t matter that together they had more money that god. With that type of adrenaline-fueled person, any endeaveor they pursue is with the gusto to beat all other.
I am sure as investors, it was all about “winning” rather than dollars.
I mean, Tom Brady can’t stand losing table tennis (ping pong). He is just Uber-competitive.
Lie down with dogs, wake up with fleas.
How would divorce do that given their wealth, whether collective or separate?
In his commercial for FTX, basketball star Steph Curry says, “With FTX, I have everything I need to buy, sell and trade crypto safely.” If FTX turned out to not be safe, is that a problem for him? Do celebrities get a pass when they promise something that turns out to be untrue? In a celebrity-obsessed culture, may people would say yes, and it may be hard to find a jury that find a Steph Curry liable for misleading the public. But if you take the celebrity factor out of the equation, it’s not outlandish to accuse a high-level employee of a company of defrauding investors when they made claims that were false.
The positive side of this is that another light is shined on the cockroaches and their activity.
We have a civil lawsuit
A bankruptcy
some political activity by republicans
And should be some sec charges
The more light shined, the better. We will be talking about this for a while I hope.
they were paid for their services, they have deep pockets and they were instrumental in perpetrating the faudulent conspiracy. ... “any act in furtherence of the conspiracy...”
Well ... greed sells.
Hmmm ... a rather strange thought.
Brady/Bundchen might have gotten into the FTX scheme without knowing it was a scam (I’d guess they were buttered up as brilliant celebs and given special deals to “get in early”/function informally as “influencers”).
Claims on this thread imply that at some point they learned, or strongly suspected, it was a fraud. Sharing this with the public would pop their own bubble, plus tarnish their egos and brands. As far as I know they did not report it officially or otherwise.
If it can be proved that at some point they knew better, but kept it hidden in an attempt to get out and leave others holding the bag, they should have liability. For the earlier ego-blinded fool stage, not so much. Other investors had no reason to believe an old footballer and a pretty woman knew jack about investments.
As to explaining “crypto”. 1) I know only that a crypt is a dark hole in the ground for storing the dead. Cryptic implies something hidden from view. 2) First rule of investment analysis: if you can’t understand it, run away.
Exactly my thoughts. Funny timing and there’s no such thing as coincidences.
If being married would help their situation they would have stayed married and perhaps delayed divorce. Once those divorce rumors quickly started they were quickly divorced and with all financials settled. My my.
🙋🙋I like yur comment.
Your 1st paragraph applies to how I think, too👍
🐦
The legalities are beyond me, so I’ll rely on our FR legal minds.
How many suckers invested their life savings, or a portion thereof, in FTX, due to this ad? The Bradys are seen as the epitome of wealth and success. Everybody wants to be like them. Beautiful woman and I guess handsome guy (the women here can confirm either way), sitting in one of their million dollar kitchens, calling all their friends and associates to get in on this FTX thing.
A lot of people will have their lives destroyed financially over this scam. Did Tom and Giselle Brady know it was a scam when they did this commercial? Whether they did or not, they are going to be probably financially okay after the dust settles. Tom can make a million a year signing autographs alone in the worst possible scenario. Giselle is still pretty enough to make a million dollars a year by having homosexuals take pictures of her half naked. But a lot of other lives got ruined and some of them likely got roped in because the highly successful Tom and Giselle vouched for it.
I think it is safe to say that lawsuits will be flying for a while on this event. Getting divorced a week before the FTX meltdown is not a good look for Tom and Gisele..
Lol, as I recall that was called Billy Beer? But it didn't last too long.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.