Judge dismisses most charges against FTX’s celebrity boosters
1 min read
Summary
A Florida court has dismissed most claims against the celebrity promoters of now-defunct cryptocurrency exchange FTX, ruling that it did not appear they knew about the firm or its fraudulent activities.
However, the endorsers, including Tom Brady and Gisele Bundchen, Kevin O’Leary, Larry David and numerous sports stars, still face claims of violating securities laws in Florida and Oklahoma, and the case against them was allowed to be amended and re-filed.
FTX’s 30-year-old founder Sam Bankman-Fried was booed and laughed at in a New York courtroom last month when he testified that he had not knowingly defrauded investors.
Bankman-Fried is facing charges of fraud and conspiracy and could spend the rest of his life in prison if convicted on all counts.
Since the collapse of FTX the crypto industry has been subject to increasing levels of scrutiny and regulation.