Long Before the FTX Debacle, Shaquille O’Neal was Sued for Misleading Fans into Believing in a Fraudulent Bracelet

At the time when FTX was the talk of the town in the financial world, Shaquille O’Neal was among the many celebrities who publicly endorsed and acted as spokespersons for the platform. While the Big Diesel also found himself entangled in FTX’s legal fiasco, 12 years before this, Shaq had a similar experience promoting the Power Balance bracelets

In 2011, Shaquille O’Neal and Lamar Odom were sued for promoting the Power Balance bracelets, which wrongfully claimed to optimize the body’s natural energy flow, per a federal class action lawsuit. The two players in question often wore this bracelet to their games, leading fans to believe in its effectiveness.

In a report covered by NBCS, the lead plaintiff, Brian Casserly, claimed that the $79.95-worth product was “nothing short of snake oil.” The plaintiff sought statutory and punitive damages for consumer fraud, false advertising, unfair competition, and unjust enrichment. Furthermore, the lawsuit established that the company’s claims of enhancing its consumers’ strength, balance, and flexibility by simply wearing the bracelets were biological myths at their best.

It is unfortunate that Shaq got caught up in the controversy. After all, it is likely that he and Odom were fooled themselves. That said, many would have thought that the big man would learn from the experience to do his own research on a product or company before buying into it. However, apparently, he just couldn’t learn enough to avoid the FTX scandal.

The FTX scandal, led by Sam Bankman-Fried, is considered one of the biggest financial frauds in US history. The scam was uncovered last year on November 11, when depositors and investors started withdrawing their money amid concerns regarding FTX’s balance sheet. Following this, FTX collapsed into bankruptcy, and federal prosecutors charged Bankman-Fried on 13 counts of fraud and conspiracy.

According to CNN, the lawyers representing the FTX investors found it incredibly difficult to reach out to O’Neal regarding him being a spokesperson for FTX. However, when they finally could serve Shaq the notice, the Big Aristotle quickly evaded responsibility by claiming he was “just a paid spokesperson for a commercial.” Aside from O’Neal, other A-list celebrities, such as Tom Brady, Gisele Bundchen, and Stephen Curry, have also come into contention for being related to this controversy.

O’Neal was indeed just a paid spokesperson for the company, and shouldn’t have been charged in the first place. However, his evading of the lawsuit, as well as his endorsement of FTX dealt serious blows to his brand overall. While it has mostly recovered since many now find it a bit harder to trust him when he endorses a brand.

The FTX scandal dragged the names of several A-list celebrities aside from Shaquille O’Neal

According to Forbes, A-list celebrities such as former NFL QB Tom Brady and comedian Larry David also faced lawsuits for endorsing the failed cryptocurrency exchange FTX. Alongside Brady and David, 11 other celebrity endorsers have also been wrapped in this scandal. Some of the other prominent names include Brady’s former wife, Gisele Bundchen, Golden State Warriors star Stephen Curry, tennis star Naomi Osaka, former MLB star David Ortiz, and Shark Tank’s Kevin O’Leary.

Welcome to the FTX Team, Stephen Curry!

We’re excited to announce he’s become FTX Global Ambassador and a shareholder. Though, who better to announce it than @StephenCurry30 himself?! pic.twitter.com/Ypj50hnumG

— FTX (@FTX_Official) September 8, 2021

These stars were implicated for appearing in paid endorsements and campaigns for FTX, effectively defrauding the investors. However, unlike Shaquille O’Neal, all other celebrities involved in this matter cooperated with law enforcement authorities to justify their role. All of this very well contrasts with Shaq’s image of being a law-abiding citizen, especially given he had built an image of himself wanting to be a Sheriff and part of law enforcement.

Having your name attached to a scam such as this one would always be a detriment to one’s image. However, his running away from the matter will never quite sit right with fans of the big man.