Tom Brady, other sports figures caught in the crypto scandal

[Peter_Spaeth]

Oh my.
https://sports.yahoo.com/tom-brady-s...181117155.html

[G1911]

It's important to have compassion for our hundred millionaires in such trying times.

[Peter_Spaeth]

I am surprised Mr. Wonderful is involved with this. I thought he was smart.

[packs]

He's rich so I assume he too enjoys doing nothing and getting paid.

[G1911]

More seriously, I can't see this suit going anywhere against the athletes. I don't believe they can be found liable for endorsing a product sponsor they had no real reason to think had some fraud involved. This seems like a "sue anyone with money" kind of suit that won't go anywhere.

I am not a lawyer, or smart.

[Peter_Spaeth]

Originally Posted by G1911

More seriously, I can't see this suit going anywhere against the athletes. I don't believe they can be found liable for endorsing a product sponsor they had no real reason to think had some fraud involved. This seems like a "sue anyone with money" kind of suit that won't go anywhere.

I am not a lawyer, or smart.

I am one of those two, and that was my initial reaction as well, although I'll keep an open mind until I read the Complaint. One suspects these folks were taken in as well. Shades of Madoff.

[packs]

It's common place to sue anyone and everyone involved in whatever issue it is that's in dispute. It doesn't necessarily mean anyone is really going after the athletes.

For example, if someone rear ends someone else and they claim they have a neck injury, they'll sue the manufacturer of the car, the ambulance service that showed up at the scene, the hospital where they were treated, etc. just to cast as wide a net as possible while looking to assign blame. Part of the strategy involves keeping your options for a pay day open and part of it is in hope that any one of the entities might settle with you just to settle even if they wouldn't be found liable at trial.

[G1911]

Originally Posted by Peter_Spaeth

I am one of those two, and that was my initial reaction as well, although I'll keep an open mind until I read the Complaint. One suspects these folks were taken in as well. Shades of Madoff.

I will buy front row tickets if evidence is found that all these famous athletes knew and were actively involved in the fraud scheme of the year. Sometimes I really wish we could, as a society, clamp down on frivolous suits. Half the cases I read about, most of the time I get hauled in for jury duty (I swear the horrific video they show jurors about jury duty has not been updated since 1987), it seems readily apparent that it is frivolous and just someone trying to get rich off someone else without any reasonable cause.

[Peter_Spaeth]

Originally Posted by packs

It's common place to sue anyone and everyone involved in whatever issue it is that's in dispute. It doesn't necessarily mean anyone is really going after the athletes.

For example, if someone rear ends someone else and they claim they have a neck injury, they'll sue the manufacturer of the car, the ambulance service that showed up at the scene, the hospital where they were treated, etc. just to cast as wide a net as possible while looking to assign blame. Part of the strategy involves keeping your options for a pay day open and part of it is in hope that any one of the entities might settle with you just to settle even if they wouldn't be found liable at trial.

If you name someone as a defendant, and presumably serve process on them, in what sense are you not going after them?

[packs]

Originally Posted by Peter_Spaeth

If you name someone as a defendant, and presumably serve process on them, in what sense are you not going after them?

Like I said, it is often in the hope of a settlement. Not every suit is filed with the intention of going to trial.

[G1911]

Originally Posted by packs

Like I said, it is often in the hope of a settlement. Not every suit is filed with the intention of going to trial.

Trying to score a payday from a settlement is going after them, and hoping it resolves quicker.

[Peter_Spaeth]

Originally Posted by G1911

I will buy front row tickets if evidence is found that all these famous athletes knew and were actively involved in the fraud scheme of the year. Sometimes I really wish we could, as a society, clamp down on frivolous suits. Half the cases I read about, most of the time I get hauled in for jury duty (I swear the horrific video they show jurors about jury duty has not been updated since 1987), it seems readily apparent that it is frivolous and just someone trying to get rich off someone else without any reasonable cause.

I actually think very few civil suits are like that, but they tend to get more publicity. The vast majority are routine.

[G1911]

Originally Posted by Peter_Spaeth

I actually think very few civil suits are like that, but they tend to get more publicity. The vast majority are routine.

I may have bad luck. Every time I have to go in, it's some "how is this a case?" suit. The good thing is that makes it really easy to make sure I don't get selected

[packs]

Originally Posted by G1911

Trying to score a payday from a settlement is going after them, and hoping it resolves quicker.

I guess my word choice was poor. I will amend it to "intend to go through with suing the athlete if no settlement is offered."

[Peter_Spaeth]

Originally Posted by G1911

I may have bad luck. Every time I have to go in, it's some "how is this a case?" suit. The good thing is that makes it really easy to make sure I don't get selected

In part what you're seeing is that most cases settle before trial, the vast majority really, so a jury is seeing cases that defendants refuse to settle and a higher percentage of those may be borderline.

[D. Bergin]

Kind of reminds me of Pets.com going broke when the dot.com bubble burst, right after spending millions of dollars on Super Bowl commercials.

Oh, and then there's Enron, who also liked buying up naming rights from sports teams.

What's ironic about the FTX scam is that the celebrities who shilled for it, were probably some of the few people that actually received any actual real money compensation for helping build the pyramid.

I doubt Larry David embarrassed himself like he did, for a piece of that shithole company. Likely they gave him and all the other celebrities a big giant check in U.S. dollars, wrote that money off, and buried it at the bottom of the pyramid, just waiting for too many people to try and cash out at once.

Don't think anybody has a leg to stand on going after the hired mouthpieces though. Otherwise celebrities and spokespeople far and wide would have already been taken down by drunk driving and smoking lawsuits.

[Casey2296]

What will be interesting in this case, which is clearly turning into a fraud case ala Madoff is whether the BK Trustee will be aggressively clawing back assets to recompense the debtors, much like the Madoff case. Which would mean going after the political donations made to both democrats and republicans.

[todeen]

I read many articles on NYT about FTX, and I also slept at a Holiday Inn once. From my knowledge gained at two accounting classes at the local community college, I saw many red flags in what I read. I think the real question is: will the Bahamas extradite?

Also, that dude Zhao, what a power play he made to take down FTX. I don't know why SBF would throw rocks when he is living in a glass house. Zhao right now looks like the little pig who built a house out of bricks. And according to SBF, the Feds are the big bad wolf.

Sent from my SM-G9900 using Tapatalk

[steve B]

The list of people involved as spokes people, especially the sports figures would have made for a neat card set.

[Peter_Spaeth]

Originally Posted by todeen

I read many articles on NYT about FTX, and I also slept at a Holiday Inn once. From my knowledge gained at two accounting classes at the local community college, I saw many red flags in what I read. I think the real question is: will the Bahamas extradite?

Also, that dude Zhao, what a power play he made to take down FTX. I don't know why SBF would throw rocks when he is living in a glass house. Zhao right now looks like the little pig who built a house out of bricks. And according to SBF, the Feds are the big bad wolf.

Sent from my SM-G9900 using Tapatalk

zhao may have his day too.
https://nypost.com/2022/11/16/binanc...-ftx-collapse/

[Republicaninmass]

Good day recently Kim K was fined 1.2 million

According to the US Securities and Exchange Commission (SEC), Kardashian promoted EMAX cryptocurrency tokens on her Instagram Story but did not make it clear that she had been paid $250,000 by the cryptocurrency brand, EthereumMax. By doing so, she broke a part of the Securities Act that makes it unlawful for people to promote securities without fully disclosing any payment they had received to do so, the SEC said.


I'm not sure an "ad" needs a disclosure, but many do have disclaimers they are indeed "paid actors"

Just playing devil advocate! Seems most of this money, and Brinkman-Frieds mom was recently used for certain campaigns.

[irv]

Originally Posted by Republicaninmass

Good day recently Kim K was fined 1.2 million

According to the US Securities and Exchange Commission (SEC), Kardashian promoted EMAX cryptocurrency tokens on her Instagram Story but did not make it clear that she had been paid $250,000 by the cryptocurrency brand, EthereumMax. By doing so, she broke a part of the Securities Act that makes it unlawful for people to promote securities without fully disclosing any payment they had received to do so, the SEC said.


I'm not sure an "ad" needs a disclosure, but many do have disclaimers they are indeed "paid actors"

Just playing devil advocate! Seems most of this money, and Brinkman-Frieds mom was recently used for certain campaigns.

Campaigns??? Certainly not a trusted, honest, noncorrupt and aboveboard Federal campaign, is it Ted?

[Peter_Spaeth]

In other celebrity crime news, Elizabeth Holmes was sentenced today to 11 years in prison. Ouch.

[mrreality68]

Originally Posted by Peter_Spaeth

In other celebrity crime news, Elizabeth Holmes was sentenced today to 11 years in prison. Ouch.

She deserved what she gets. The celebrity endorsements on the other hand will pay for their lawyers but they cannot be held liable for the companies unless they were part of the ownership/management group and then it is still a maybe

[1952boyntoncollector]

Its funny that Larry David go sued when he is saying crypto is a bad investment in the commercial...then gets sued.....could of been in an curb episode.

[Peter_Spaeth]

Originally Posted by mrreality68

She deserved what she gets. The celebrity endorsements on the other hand will pay for their lawyers but they cannot be held liable for the companies unless they were part of the ownership/management group and then it is still a maybe

Well they could be liable as individuals for their own wrongful conduct, but fraud requires proof of intent to deceive and it seems to me very unlikely a plaintiff could prove that.