FTX Committed No ‘Crime’ Paying Tom Brady And Others Millions, Bankman-Fried Lawyer Argues

Forbes Business Breaking FTX Committed No ‘Crime’ Paying Tom Brady And Others Millions, Bankman-Fried Lawyer Argues Derek Saul Forbes Staff I cover breaking news with a focus on markets and sports business. Following Oct 4, 2023, 02:43pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Topline Opening statements Wednesday at the high-stakes criminal trial of disgraced former crypto king Sam Bankman-Fried featured an unusual man of the hour—seven-time Super Bowl champion quarterback Tom Brady—as Bankman-Fried’s attorney legal team argued their client’s brief entry into high society is not evidence of illicit activity that could land him decades in prison. Tom Brady became an unlikely subject of discussion during the second day of Sam Bankman-Fried's ... [+] criminal trial. Getty Images Key Facts It was “not a crime” for Bankman-Fried and his company FTX to ink lucrative advertising deals with Brady and other celebrities, defense attorney Mark Cohen argued to jurors, according to multiple outlets present in the courtroom. The assertion was in response to prosecutors’ opening arguments minutes earlier, specifically naming Bankman-Fried’s relationship with Brady as evidence of the “power…built on lies” the defendant accrued before his empire burned down last fall, according to the Guardian. Cohen also argued that other assertions about the connection between Bankman-Fried and associates’ appetite for extravagance, namely the $40 million penthouse in the Bahamas he lived in, was seeking to cast his client as a “bad” guy. Bankman-Fried is being tried for seven criminal counts, including committing fraud against depositors at the FTX cryptocurrency change, at the trial which began Tuesday with jury selection. Big Number $55 million. That’s how much FTX paid Brady for 20 hours of promotional work per year for three years, according to Michael Lewis, author of the new book on Bankman-Fried, Going Infinite . Key Background In a since-deleted 2022 social media post, Brady called Bankman-Fried “my boy” (video included below). Both Brady and his ex-wife Gisele Bundchen were equity investors in FTX before the firm went bankrupt in November. Brady and Bundchen are among the two dozen celebrities facing a class-action lawsuit for their promotion of FTX. Further Reading Nytimes How Tom Brady's Crypto Ambitions Collided With Reality Cnbc Follow me on Twitter . Send me a secure tip . Derek Saul Editorial Standards Print Reprints & Permissions