As people are looking for ways to make themselves whole, they are looking for other people to hold accountable. And hoping they will be able to get some of their lost funds back. Their eyes have now turned to the celebrities that FTX used in commercials.

Celebrities look like they are getting their due

I have made it no secret what my opinion is on the whole celebrity/influencers being used to peddle financial projects to their fans and followers in the past. And my stance on this has not changed. If they want to get the payday, they have to be accountable for what they peddle. With Kim Kardashian was recently fined $1.26 million for peddling a scam project to her fans. I think there is at least a fair chance that these celebrities will have to pay up as well.

The Deceptive FTX Platform maintained by the FTX Entities was truly a house of cards, a Ponzi scheme where the FTX Entities shuffled customer funds between their opaque affiliated entities, using new investor funds obtained through investments in the YBAs and loans to pay interest to the old ones and to attempt to maintain the appearance of liquidity

The celebrities being named in the suit are NFL quarterback Tom Brady, comedian Larry David, tennis player Naomi Osaka and NBA team the Golden State Warriors. While I don't think the suite is a class action suite, not yet at least. There is more than one plaintiff named in the suit, but not enough to make them a class as far as I know. But that might change.

Let´s please see some jail time this time

But if this will lead to meaningful changes there need to be something more than just a fine. Because a fine to rich people will just be seen as the cost of doing business. And the cost will just be passed along to us the consumers in the end. I would therefore like to see some jail time or prohibit them from partaking in similar ventures in the future.

What is your thought on this, is the system good as it is or would you like to see some changes? And if so what would you like to change? The comment section is open to you. If you did please consider following me, or reading my other posts or why not do both?

See you on the interwebs!

Picture provided by: https://pixabay.com/