HomeBusinessPatriots fan sues Tom Brady after investing $30K in FTX
Patriots fan sues Tom Brady after investing $30K in FTX
December 14, 2022
A lifelong New England Patriots fan who idolized Tom Brady invested nearly his entire live savings in FTX after the future Hall of Fame quarterback touted the crypto exchange in commercials, according to a lawsuit.
“As a New England Patriots fan my entire life, you can imagine the influence that Tom Brady would have,” Livieratos told the Washington Post.
Livieratos hired Florida-based attorney Adam Moskowitz, who filed a lawsuit in Miami federal court last month against Brady and “Shark Tank” co-host Kevin “Mr. Wonderful” O’Leary, another FTX pitchman.
O’Leary and Brady “promoted, assisted in, and actively participated in” FTX’s “offer and sale of unregistered securities,” according to the lawsuit.
“Literally overnight, Mr. Livieratos’ assets held in his YBA [yield-bearing account] were robbed from him as FTX imploded” and it filed for Chapter 11 bankruptcy protection, according to the lawsuit.
The lawsuit, which seeks unspecified damages, alleges that O’Leary and Brady are responsible for “misrepresentations and omissions” while “aggressively marketing” the “deceptive” practices by FTX.
O’Leary, Brady and other celebrities “hyped FTX to their social media fans, driving retail consumer adoption of the deceptive FTX platform,” the lawsuit states.
O’Leary recently revealed that he lost his $15 million fee that he was paid as a spokesperson for FTX.
Brady, along with his ex-wife Gisele Bündchen, took an equity in FTX last year. The amount was not disclosed, but the pair had agreed to donate millions of dollars to FTX’s effective altruism mission, the company said at the time of the deal.
Both Brady and O’Leary were not immediately available for comment.
The Justice Department on Tuesday announced a slew of charges against Bankman-Fried, including wire fraud, securities fraud, and conspiracy to commit wire fraud and securities fraud.