When Tom Brady partnered with his friend Sam Bankman-Fried to become a sponsor for Bankman-Fried’s FTX cryptocurrency exchange, he likely thought that it would be a lucrative deal for both parties. Unfortunately for Brady, the deal ultimately cost him a lot of money, forced him into some expensive legal battles, and has been a PR nightmare after the exchange collapsed. And now, that scandal has landed his friend in prison for a long time.
As Pro Football Talk reported, Sam Bankman-Fried was convicted of seven federal charges by a jury in New York on Thursday after accusations of wire fraud, securities fraud, and money laundering. He now faces up to 110 years in prison as a result.
“Tom Brady had a $55 million deal with FTX. The company collapsed last November. On Thursday, FTX co-founder Sam Bankman-Fried was convicted on federal fraud and money laundering charges,” Pro Football Talk said in a post on X, the social media website that was formerly known as Twitter.
Brady had a prominent role in promoting the company with Bankman-Fried even saying “everywhere [he] went, people mentioned that they had heard of FTX because of Brady.” In return for his promotion, Brady Brady received $55 million in FTX stock while his ex-wife, Gisele Bundchen received $19.8 million – but it all became worthless once FTX collapsed.
It’s a pretty horrible situation for Brady, and people had a lot to say about it on social media.
Breaking news (not really) crypto is a scam and this is the first of many
— hfts (@forthesp0rts) November 3, 2023
Brady has been sued in civil court for his role in promoting FTX.
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