Posted on 07/07/2023 2:25:10 PM PDT by nickcarraway
The lawsuits are bogus. Brady himself lost money, so he didn’t profit off of these people’s losses. He was an exceptional NFL quarterback. That doesn’t make him a financial wiz. That goes for Shaquille, Giselle, and most of the rest.
Nobody’s suing the politicians who took money though, right?
at the end of the day, they only lost their time, not money, and maybe some damage to their brand, but I doubt it. The lawsuit part is worrisome, but I don’t think it has any legs, unless someone got on their and said I guarantee you this investment is safe and will pay off. Most investments like that have a long disclaimer that investing is risky, and the investor knows full well he could lose his entire investment. So in the end, these guys did not really get hurt.
He lost money perhaps twice. First, he wasted an endorsement for $30 million in worthless paper. Next, he may have to pay taxes on that $30 million because that was the value at the time. But the next year, he can endorse something else and write off the loss.
Maybe though, he could argue the $30 million was fraudulent and never received, so he can avoid the taxable income.
Actor Benjamin McKenzie (Gotham, the OC) has spoken out against crypto and even testified to the Senate about it.
Taking the stock wasn’t the mistake.
Taking the stock and holding it was the mistake. If they sold half of it and let the rest roll, they would have been very happy.
Greed kills a lot of good stock holders.
One word...diversify.
Taylor Swift’s father works (worked?) on Wall Street - he simply advised her to ask: “are these securities registered with the SEC?”
When the answer was NO - it revealed it would be a legal minefield.
I believe all these others imagined that wasn’t relevant because FTX was incorporated in Antigua and Barbuda, and headquartered in Bahamas - even though they were seeking investment from US persons, in the USA.
They did promote it to their fans.
I don’t know, but I hope so.
I don’t know how much they could lose in the lawsuit, but it will be a headache, and probably generate legal fees.
So, you think Taylor Swift would have made money if she took the $100 million? I know in the Bernie Madoff case, people who cashed out had that money clawed back.
Technically, Brady did not lose “money”.
He was paid for his services in agreed upon stocks in the company.
It just that the stocks now have no value.
Correct. Perhaps I should have said he did not make any money (therefore, he did not benefit from their loss).
He was paid $10M in worthless stock to hype a trash stock that rose to $30M, then crashed to $0. He didn’t lose or gain anything for his ill-informed sales pitch.
If you see Brady in a Raiders uniform this year, you’ll know why.
Brady’s portfolio deflated?
Do you know he didn’t buy any himself? He still has to answer the lawsuit. And there could be tax implications.
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