FTX lawsuit that ensnared Tom Brady, Shohei Ohtani, Steph Curry moves forward, barely

A federal judge dismissed 12 of the 14 charges Wednesday in a multidistrict litigation case in the Southern District of Florida that ensnared Tom Brady, Shohei Ohtani, Steph Curry, and other celebrities who endorsed the defunct cryptocurrency exchange FTX.

Ohtani, Brady, and Curry were the most prominent athletes to endorse FTX, which filed for Chapter 11 bankruptcy protection in November 2022 following a sudden collapse.

More news: MLB agent confirms client has $100 million endorsement portfolio

The class action lawsuit accuses the athletes and other endorses of helping to sell unregistered securities tied to the now-defunct company.

In his ruling, Judge K. Michael Moore said the commercial endorsements did not establish the celebrities knew FTX was a fraud.

More news: Team bans TV crew from filming $15 million pitcher's sim game

FTX founder Sam Bankman-Fried was convicted on fraud, money laundering and conspiracy charges. In 2024, he was sentenced to 25 years in prison. Now, it appears all but certain the celebrities who endorsed FTX will escape punishment.

There is precedent in celebrity endorsers not facing legal liability for SBF's misdeeds. In the case of Ohtani, he need look no further than another former Los Angeles Dodgers star.

Former Dodgers first baseman Steve Garvey appeared in infomercials for the Enforma weight loss system, and made numerous statements promoting its efficacy. When Enforma was found to have engaged in deceptive advertising, the Federal Trade Commission filed charges against Garvey. He was ultimately cleared of accusations of engaging in false advertising.

Home/Sports Media

FTX lawsuit that ensnared Tom Brady, Shohei Ohtani, Steph Curry moves forward — barely

By J.P. Hoornstra | May 9, 2025