New England Sports legends Tom Brady and David Ortiz are among the high-profile celebrities who endorsed failed cryptocurrency exchange FTX and now find themselves named in a class-action lawsuit.
A lawsuit filed late Tuesday argues that Brady, Ortiz, and other celebrities used their star power to lend instant credibility to the now-insolvent crypto firm operated out of the Bahamas by disgraced billionaire Sam Bankman-Fried.
As a result, the suit holds that these celeb endorsers are just as culpable as Bankman-Fried himself.
Florida-based attorney Adam M. Moskowitz filed the suit.
Other high profile stars who backed FTX include Seinfeld creator Larry David, Shark Tank billionaire Kevin O’Leary and actor Matt Damon.
It’s not clear how exactly all of these famous backers were compensated, but reports have suggested that Brady was paid in an equity deal that gave him shares of FTX.
Those shares will now be worth pennies on the dollar, if anything, only compounding a very bad year for the recently divorced Brady, whose Tampa Bay Bucs are 5-5 on the year.
Ortiz had previously been rumored to have financial troubles, as evidenced by his decision a few years ago to have an estate sale, but it’s unclear if he got an equity arrangement similar to Brady.
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