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The multi-billion-dollar class action lawsuit accuses FTX, its former CEO
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and around a dozen celebrities of causing some $11 billion in U.S. investor losses
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A class action lawsuit says a small group of YouTubers known for their personal finance advice
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were paid handsomely to promote the FDX brand before it went bankrupt
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This is the same kind of lawsuit that was brought against Tom Brady, Madonna and Gwyneth Paltrow. In November 22, FTX fell apart over a 10-day period
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Its CEO, who was known as SBF, is now under house arrest until his trial in October
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He is accused of running a year-long scam in which he used billions of dollars from FDX customers
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funds for personal expenses and high-risk bets through Alameda Research, the Exchange's
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sister trading house. In January, he said he wasn't guilty of the charges. It is not clear how
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much money customers lost in the FDX scandal. But some estimates put the number at around billion and there is no timeline for when depositors could get their money back They are going after the people they think led them astray in the meantime On March 15th a class action lawsuit was filed with the United States District Court in Miami
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It names seven people from the United States, Canada, the United Kingdom, and Australia who bought
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FDX yield bearing accounts, saying that the defendants did not disclose the nature and scope of
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their sponsorships and or endorsement deals, payments and compensation, nor did they conduct
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adequate energy diligence. The document says that influencers played a major role in the FDX
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scandal and that the crypto platform wouldn't have reached such heights without their support
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and hype. It also says that influential people took and disclosed payments that range from
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tens of thousands to millions of dollars. The most obvious criminal here is Sam Bankman-Fried
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Sam Bankman-Freed and his associates are frauds and criminals. In a video called being sued, he said, why does the person promoting something rise to the level of personal financial advice
