![]() While there has been debate about the role of the SEC and more broadly securities law governing crypto, the SEC sees no ambiguity regarding FTX’s exchange token as an investment that could appreciate in value. The SEC’s complaint also noticeably describes FTT, which was FTX’s crypto asset or “exchange token,” as a security. The celebrities might also be called as witnesses in depositions or trials. If celebrities interacted with Ellison, Wang or Bankman-Fried, those conversations and messages could surface as evidence. The cooperation should lead to lighter punishments but will require Ellison and Wang to plead guilty to federal charges, share evidence and supply testimony that will paint Bankman-Fried as the architect of a wide-ranging scheme. In defense, the celebrities can argue they were not “in the know,” as evidenced by them losing money as part of FTX’s collapse.Įllison and Wang have agreed to cooperate with federal authorities in the prosecution of FTX founder Sam Bankman-Fried, who faces up to 115 years in prison if convicted. They, in turn, promoted FTX and in some instances urged their fans to take their advice and spend their money on FTX. While spokespersons and endorsers are usually not liable for the unlawful acts of a sponsored company, these celebrities allegedly held larger roles, including as investors and customers, and arguably possessed more knowledge than an ordinary endorser and a higher duty of care. Last month, Brady, Curry, Gisele Bundchen, Shaquille O’Neal, Udonis Haslem, David Ortiz, Trevor Lawrence, Shohei Ohtani, Naomi Osaka, Larry David and Kevin O’Leary were named defendants in one lawsuit, while Curry faces an additional lawsuit over FTX ties to the parent of the Bored Ape Yacht Club NFT series. Steph Curry Sued for Bored Ape Promo in Wake of FTX MeltdownįTX 'Ponzi Scheme' Lawsuit Could Set New Mark for Endorser Liability SBF Arrest on Fraud Charges Forestalls Testimony, FTX Sports Lawsuits
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