Tom Brady may want to avoid Texas for a while. Or longer.
Via Watcher.Guru, Texas has started an investigation of Brady and Steph Curry for their activities to promote FTX.
Sports lawyer Daniel Wallach adds that the Texas State Securities Board has filed a Notice of Appearance in the FTX bankruptcy proceeding.
It could just be the beginning. Federal prosecutors reportedly investigated FTX months before its collapse. Now that the company has imploded, it may just be a matter of time before the indictments are handed down.
Brady, who became a brand ambassador for FTX in 2021, and Curry already have been sued in connection with the crash of the crypto house of cards. The argument is that it is and always was a pyramid scheme, with celebrities employed to encourage folks to buy, buy, buy — driving the price higher. Then, the first ones in start cashing out, more take their money, and it all falls apart. With those who swallowed the hook last holding the bag.
Now, Brady may have multiple bags to hold as the process of figuring out responsibility for the alleged swindle commences.