Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
FTX Fallout: Stephen Curry and Tom Brady Reportedly Under Investigation in Texas
Sports Illustrated | Madeline Coleman | Nov 22, 2022
Image: Unsplash/Mediamodifier
The Texas State Securities Board has reportedly expanded its investigation into cryptocurrency platform FTX’s operations and its subsequent bankruptcy to now include scrutinizing promotions by celebrities like Tom Brady and Stephen Curry.
- Bloomberg News first reported the development in the investigation, which is looking at possible securities-law violations. The Texas Tribune has confirmed it.
- This comes after news broke of a class-action lawsuit being filed last week that also names Curry and Brady, among a slew of other celebrities as well as the Warriors. It was filed in Florida and also names the platform’s former CEO, Sam Bankman-Fried.
See: CB Insights: FTX ‘Bagholders’ — Investments and M&A Portfolio Map
“Anyone who renders investment advice in Texas typically needs to be registered and they typically have to truthfully disclose all known material facts,” said Joe Rotunda, director of enforcement at the Texas State Securities Board, to the Tribune. “In Texas, there is not a different system of justice or regulation for people who are celebrities.”
CBC News | Nov 22, 2022
FTX bought Bahamas properties worth $300M US, some in name of Bankman-Fried's parents
Image: Reteurs/Koh Gui Qing
- The collapse of FTX, one of the world's largest crypto currency exchanges, has left an estimated one million creditors facing losses totalling billions of dollars.
- Reuters earlier reported that Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.
- Old fort property shows founder's parents, who are Stanford law professors, as signatories
- "Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.
Continue to the full article --> here
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