The suit accuses promoters of the cryto platform of soliciting investments from unsophisticated investors in violation of securities laws.
The proposed class action alleges that FTX was a “Ponzi scheme” that fraudulently shuffled customer funds between its affiliated entities. It accuses the company and its endorsers of promoting unregistered securities.
“Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment — like these Defendants — to raise funds and drive American consumers to invest,” reads the complaint filed on Tuesday night in Florida federal court.
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