Steph Curry and Tom Brady, investigated for the FTX scam and cryptocurrencies

The Texas State Board of Financial Security has launched an investigation into misleading advertising by celebrities and athletes such as Tom Brady and Steph Curry they did for the FTX cryptocurrency exchange platform. as progressed Bloomberg and then confirmed the Texas Tribunethe body considers that the stars should have detailed all the ins and outs of their commercial agreements and also, by law, they would have to be registered investors with the relevant institutions.

“Anyone who gives investment advice in Texas needs to be registered and must share all material facts in a credible manner,” says Joe Rotunda, director of the Texas State Securities Board’s legal office. “In Texas there is no separate regulatory system for people who are celebrities.“, he added. The news about the investigation comes after a lawsuit with the names of Brady and Curry, among other public figures, was filed last week by “control, promote, assist and actively participate” in the investment scheme “aggressively promoted” by FTX. The company, which collapsed in a matter of hours, has caused millions of dollars in losses to more than a million investors, filed for bankruptcy last week and triggered an avalanche of cancellations on its many lucrative advertising deals focused on the world of sports.

The class action lawsuit against FTX, its executives and its backers defines the company as “a house of cards, a Ponzi scheme… that tried to maintain the appearance of liquidity” with tricks and deceptive activities for its clients. According to the Wall Street Journal, the United States Securities and Exchange Commission (SEC) is also investigating with the Justice Department the activities of FTX before its collapse. Less than a month ago kim kardashian was penalized with a fine of 1.26 million dollars for misleadingly advertising a cryptocurrency through its social networks without detailing that it was an advertisement.

read also

Source link

About Admin

Check Also

Elon Musk -at the wheel- delivers Tesla’s first electric trucks for Pepsi and Frito-Lay | Video

Posted at 21:42 ET (02:42 GMT) Friday, December 2, 2022 playing 1:09 Posted at 21:11 …

Leave a Reply

Your email address will not be published. Required fields are marked *