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Former FTX CEO Sam Bankman-Fried (SBF) and a number of celebrities including Tom Brady, Gisele Bündchen, Stephen Curry and Shaquille O’Neal have been named in a class action lawsuit involving alleged engagement in deceptive practices with FTX. The lawsuit was filed by attorneys Adam Moskowitz and David Boies on Tuesday evening, and the lawsuit alleges that SBF and celebrities associated with the exchange promoted unregistered securities.

Class-action lawsuit accuses SBF and 12 celebrities of setting up a ‘Ponzi scheme’, claims $11 billion in damages

Sam Bankman-Fried, also known as SBF, and 12 other defendants, including NBA team Golden State Warriors LLC, are named in a class action lawsuit filed by Moskowitz and Boies on behalf of the resident of Oklahoma, Edwin Garrison.

In addition to the NBA franchise, well-known celebrities and personalities such as Tom Brady, Gisele Bündchen, William Trevor Lawrence, Kevin O’Leary, Naomi Osaka, David Ortiz, Stephen Curry, Udonis Haslem, Shaquille O’Neal, Shohei Ohtani and Lawrence Gene David are also charged.

“FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors across the country who use mobile apps to make their investments,” Garrison’s complaint filed Tuesday said. “As a result, American consumers collectively suffered over $11 billion in damages.”

Additionally, the lawsuit also states that the SBF operation was nothing more than a “Ponzi scheme” and that celebrities “actively participated” in its promotion, Garrison’s complaint insists. Further, the filing also notes that the emails and text messages between the defendants were decimated, but the law firm was able to obtain the evidence. The complaint notes:

Although many incriminating FTX emails and texts have already been destroyed, we have located them.

Garrison v. Bankman-Fried, 22-cv-23753, was filed in the Southern District of Florida. Garrison’s lawsuit claims the actions of the celebrities, FTX and SBF have hurt “thousands, if not millions, of consumers nationwide.” The 13 defendants in Garrison’s lawsuit are accused of participating in the “offer and sale of unregistered securities in the form of yield accounts.”

Keywords in this story

12 celebrities, Adam Moskowitz, Celebrities, Class action, David Boyes, David Ortis, Edwin Garrison, ftx, FTX Collapse, FTX Sam Bankman Fried, Garrison vs. Bankman-Fried, Gisele Bundchen, kevin o’leary, Laurent Gene David, Naomi Osaka, Sam Bankman Fried, sbf, Shaquille O’Neal, Shohei Ohtani, Stephen Curry, Tom Brady, Udonis Haslem, William Trevor Lawrence

What do you think of the former FTX boss and the 12 celebrities named in the class action lawsuit that claims consumers suffered $11 billion in damages as a result of the FTX fallout? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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