Tom Brady found himself embroiled in a significant controversy when the FTX debacle, involving a staggering $32 billion, sent shockwaves through the crypto market. Amidst the chaos of the FTX debacle, a disheartening revelation emerged – a multitude of fervent Tom Brady admirers found themselves grappling with substantial financial losses.
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Particularly striking was the case of an ardent New England Patriots fan, who, feeling disillusioned by his idol’s association with the tumultuous affair, took the extraordinary step of filing a $30,000 lawsuit against Tom Brady.
Devoted Patriots Fan Sues Tom Brady for $30,000 Amid FTX Crypto Debacle
In a startling twist amidst the aftermath of the FTX cryptocurrency turmoil, an incident has come to light that underscores the profound impact of celebrity endorsements on unsuspecting investors. A passionate follower of the New England Patriots, Michael Livieratos, found himself facing financial distress after investing his hard-earned $30,000 in FTX – a move spurred by Tom Brady’s endorsement of the crypto exchange.
“I idolized Tom Brady and believed in his words. As a lifelong New England Patriots fan, you can imagine the influence that Tom Brady would have,” Livieratos lamented in a statement to the Washington Post.
Livieratos, a 56-year-old legal clerk hailing from Connecticut, reportedly transferred his substantial crypto holdings into the beleaguered FTX, propelled by Brady’s endorsement. Unfortunately, FTX’s subsequent downfall led to the firm’s bankruptcy, and Livieratos bore the brunt of the financial repercussions.
Reacting to the situation, Livieratos enlisted the assistance of attorney Adam Moskowitz, who subsequently initiated legal proceedings against not only Tom Brady but also “Shark Tank” co-host Kevin “Mr. Wonderful” O’Leary – another prominent FTX pitchman.
The lawsuit, filed in Miami federal court, alleges that Brady and O’Leary were complicit in promoting and endorsing FTX’s “offer and sale of unregistered securities.” The legal action seeks unspecified damages, contending that the celebrity endorsements contributed to “misrepresentations and omissions” in promoting FTX’s allegedly deceptive practices.
O’Leary, who, like Brady, had actively promoted FTX on social media, revealed that he lost a significant portion of his earnings from the endorsement. As for Brady, he, along with his ex-wife Gisele Bündchen, had also taken equity in FTX and were hit hard financially after the debacle.
FTX Fallout: Tom Brady and Gisele Bündchen’s Staggering $48 Million Loss
Amid the tumultuous waves of the FTX scandal, the financial shores of NFL superstar Tom Brady and his supermodel ex-wife Gisele Bündchen were hit hard, resulting in a staggering loss of approximately $48 million. The couple, who had been prominently associated with the now-bankrupt crypto exchange, saw their investments crumble as FTX filed for bankruptcy, leaving their stock options nearly worthless.
Report: Tom Brady and Gisele lost an astonishing $48 million in the FTX cryptocurrency crash last year.
Tom Brady had invested a staggering $30 million into FTX, while his then wife had contributed $18 million from her personal wealth.
In exchange for their investments, Tom… pic.twitter.com/OdpH8CmXYB
— Dov Kleiman (@NFL_DovKleiman) July 6, 2023
This financial setback marked a notable chapter in Brady’s otherwise illustrious career, further compounded by personal challenges and a demanding NFL season. Yet, despite the substantial loss, both Brady and Bündchen’s formidable financial resources from various sources shielded them from enduring lasting hardships, underscoring their ability to navigate the storm and maintain their prominent status in the world of sports and entertainment.
