Photo: Getty Images
Taylor Swift saved herself from jumping on the doomed FTX bandwagon.
More than a dozen celebrities, including NBA star Stephen Curry, NFL player Tom Brady, supermodel Gisele Bündchen, tennis legend Naomi Osaka, and popular TV show Seinfeld co-creator Larry David are named in a November 2022 class action lawsuit filed in Miami. The complaint blames FTX and its paid brand ambassadors for actively participating in the “offer and sale of unregistered securities in the form of yield-bearing accounts,” as well as abetting fraud “designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments.”
Swift avoided getting dragged in FTX’s collapse because the singer did her due diligence, and asked one important question: “Can you tell me that these are not unregistered securities?”.
Before securities like stocks and crypto shares can be offered for sale to public investors, they must be registered with the Securities and Exchange Commission.Swift was previously reported to be in talks to ink a $100 million sponsorship deal with FTX, just months before it collapsed, though the deal never happened.
Source: Billboard.
Photo Credit: Kevin Winter/Getty Images for TAS Rights Managemen.