Fan Sues Tom Brady After Losing Nearly Entire Life Savings in FTX Crypto Scam
A man who describes himself as a lifelong New England Patriots fan is suing Tom Brady after he invested his entire life savings in the FTX crypto scheme.
Michael Livieratos, 56, says in his filing that he was convinced to invest in FTX after seeing the commercials in which Tom Brady was pushing the company headed by Democrat mega-donor Sam Bankman-Fried.
As a New England Patriots fan my entire life, you can imagine the influence that Tom Brady would have,” the man told the media, according to the New York Post.
Bankman-Fried has since been arrested and charged with financial crimes in the Bahamas, where his company was registered.
FTX founder Sam Bankman-Fried (2nd L) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas, on December 13, 2022. MARIO DUNCANSON/AFP via Getty Images
Brady and his soon-to-be former wife, model Gisele Bündchen, were significant actors in selling the company to potential investors. Both also lost millions in the deal.
Livieratos has filed suit after hiring attorney Adam-Moskowitz, who filed suit against Brady, and another FTX frontman, Shark Tank co-host Kevin O’Leary.
The lawsuit states that O’Leary and Brady “promoted, assisted in, and actively participated in” FTX’s “offer and sale of unregistered securities.”
The lawsuit charges that Livieratos lost his $30,000 investment “literally overnight” when “FTX imploded” and filed for Chapter 11 bankruptcy.
The suit alleges that Brady and O’Leary perpetrated “misrepresentations and omissions” while “aggressively marketing” the “deceptive” FTX’s practices.
Tom Brady before the F1 Crypto.com Miami Grand Prix on May 08, 2022, at Miami International Autodrome in Miami Gardens, FL. (Brennan Asplen/Icon Sportswire via Getty Images)
Bankman-Fried has also been hit with charges by the U.S. Department of Justice, including wire fraud, securities fraud, and conspiracy to commit wire fraud and securities fraud.
If given the full penalty upon conviction, he could face 115 years in prison.
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