Dark Shadows of the FTX Scandal Chase Tom Brady With Another Big Blow to His Name

Tom Brady made a huge mistake getting on the FTX bus with Sam Bankman-Fried. The crypto wave came strong and Brady had no way of knowing what was to come next. After the recent collapse of the cryptocurrency exchange, the seven-time Super Bowl champion found himself in trouble for marketing fraud.

Tom Brady, NBA legends Shaquille O’Neal and Steph Curry, and Naomi Osaka are some of the high-profile athletes facing charges for promoting the controversial crypto selling and buying platform. Tom, who was FTX’s brand ambassador, did multiple commercials for SBF’s brainchild. Including one with his former Brazilian supermodel wife, Gisele Bündchen, months before they announced their divorce in October.

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The primary defendant of the case is Oklahoma resident Edwin Garrison. According to the official class-action lawsuit statement, “the deceptive and failed FTX Platform was based upon false representations and deceptive conduct.” Against Brady and the others, the defendants claimed that the stars “promoted, assisted in, and actively participated” during the marketing bubble phase of FTX.

Tom Brady has hired his own team of lawyers for this FTX drama

Ex-New England Patriots and Tampa Bay Buccaneers star quarterback Tom Brady didn’t stop at the commercials. The 7x Super Bowl champion and former wife Gisele also decided to invest financially in SBF’s company. And since the company’s fallout last month and taking down with it almost $10 billion in asset values, the lingering threat of incoming lawsuits couldn’t be stopped. Brady has sought help from the law firm Latham & Watkins LLP.

Andrew Clubok, the head of the securities litigation firm, will represent 15x Pro Bowler Tom Brady. Latham & Watkins will also actively represent the other athletes and celebrities involved in the class-action, according to the lead plaintiff’s lawyer, Adam Moskowitz. This also includes comedian Larry David, the Golden State Warriors NBA franchise, and Boston Red Sox legend David Ortiz.

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Owner Sam Bankman-Fried is also facing the class-action along with criminal charges of fraud. The Bahama Police picked up SBF last week. Brady should have thought twice before getting on board back in 2021. This will be an enormous distraction in an already troubled season where the Bucs are 6-7. After the divorce last month, this was the last thing Brady needed with the Cincinnati Bengals game next week.