FTX's investor group has promised disgraced FTX founder Sam Bankman Fried (SBF) in exchange for his dedicated cooperation in gathering information about celebrities who have received funds from FTX to support FTX. agreed to drop the charges against him.
SBF's cooperation reduces his civil liability, but the amount is significant and follows a 25-year prison sentence for his conviction on seven counts of fraud, embezzlement and criminal conspiracy. Now, FTX investors are seeking as much information as SBF can provide about the seemingly long list of celebrities who have received funding from FTX to promote the brand. Celebrities like Tom Brady, Larry David, Stephen Curry, Shaquille O'Neal and supermodel Gisele Bündchen immediately come to mind, but there are undoubtedly others who were initially forgotten. .
Notably, SBF isn't the only one accusing celebrities, other former FTX employees like Nishad Singh, Gary Wang, and SBF's ex-girlfriend Caroline Ellison have all been accused by prosecutors. I agree to cooperate and provide as much information as possible. They have reportedly already started it.
”The deceptive FTX platform maintained by the FTX Entities is a veritable castle in the sand where the FTX Entities use new investor funds obtained through investments in YBA to funnel customer funds among opaque related entities. It was a shuffling Ponzi scheme. [yield-bearing accounts] And they take out loans to pay interest on the old ones and maintain some semblance of liquidity.
”Part of the scheme employed by the FTX Entities includes using major sports and entertainment companies, such as these Defendants, to raise funds and encourage U.S. consumers to invest in FTX. I was there. [yield-bearing accounts]These are primarily offered and sold from the FTX entity's domestic base here in Miami, Florida, which has funneled billions of dollars into the Deceptive FTX platform to keep the entire scheme alive.” the lawsuit states.