CT Man Plaintiff In Proposed Lawsuit Against Tom Brady

CONNECTICUT — A Connecticut man is among the plaintiffs in a proposed class-action lawsuit against Tom Brady, Gisele Bundchen and other celebrities that promoted the troubled FTX crypto trading platform.

Legal clerk Michael Livieratos, a lifelong New England Patriots fan, moved his money from another crypto exchange to FTX after seeing Brady's endorsement, according to the Washington Post. The lawsuit alleges that digital assets are securities, and Brady and other celebrities failed to disclose their compensation for FTX endorsements.

FTX recently filed for bankruptcy, and founder Sam Bankman-Fried was recently taken into custody and charged with federal fraud offenses. The Securities and Exchange Commission has also filed civil charges and accused Bankman-Fried of defrauding customers.

FTX's new CEO, Jon Ray III, told a U.S. House committee that FTX's collapse was caused by "old-fashioned embezzlement," according to the New York Times. He noted the company had shoddy financial records and primarily used messaging app Slack and QuickBooks to keep track of invoices. QuickBooks is a popular software among small and mid-sized businesses, but unusual for large corporations, Ray said.

See also: Medical Office With 20 Locations In Connecticut Agrees to Pay $4.2 Million To Settle Claim Allegations

• Police Officer Placed On Leave In Connection With Homicide Case
• Major Development In Jennifer Dulos Case