$400 million Shaquille ONeal continues to dodge civil allegations that recently divorced Tom Brady loses millions

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Tom Brady had both successful and unsuccessful business ventures, but particular collaboration with celebrities and athletes in the industry ended up being the most costly for him. This deal damaged his reputation and millions of people lost their life savings. All the celebrities have been sued, including Brady. This lawsuit has been going on for over 4 months now.

Reports claim that Brady lost a staggering amount of money in this business venture. But the troubles didn’t stop there for him. Then came the legal troubles. In this high-stakes legal battle, attention is focused on Brady and the other defendants as they face intense public scrutiny.

The Ponzi scheme with Tom Brady

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Of a handful of Bradys business ventures, the one that has given him the most trouble is FTX, a cryptocurrency company that has been accused of using a Ponzi scheme to defraud users. He was joined by 10 other celebrities and athletes, including his wife. The company was in debt and went bankrupt, causing investors to lose all of their savings. All celebrities have been sued. The complaint claims that 11 people, including Tom Brady, promoted unregistered investments by being brand ambassadors. Stephen Curry, Larry David and Shaquille ONeal are also among the company’s ambassadors, and are therefore named defendants in the lawsuit.

via Getty

NEW YORK, NY MAY 06: Tom Brady (L) and Gisele Bundchen attend the Costume Institute gala for the exhibition PUNK: Chaos to Couture at The Metropolitan Museum of Art on May 6, 2013 in New York City. (Photo by Michael Stewart/Getty Images)

The plaintiffs are seeking billions of dollars in damages in the lawsuit. All defendants are named in the suit except for Shaq. The plaintiffs have yet to deliver the legal documents to him, according to the Wall Street Journal.

The plaintiffs have apparently tried various ways to reach the NBA legend, but have yet to be successful. Numerous reports claimed that Shaq was trying to evade his legal obligations, but he strongly denied it. The plaintiffs presented all sorts of ways in which they tried to reach Shaq. Which includes going to his place and the studio. They also claimed to have even thrown the legal papers on his SUV, but for the past three months they have been unsuccessful.

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The FTX Scandal

Brady has already allowed his lawyers to sign a waiver of the lawsuit, as have all the other celebrities except Shaq. He still denies most of the allegations of reaching out by plaintiffs. He claimed that he had not yet been reached by anyone. The trial is still ongoing and is yet to take place in the near future.

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This lawsuit not only caused financial difficulties, but also affected Tom Brady’s reputation, as the failed collaboration with celebrities and athletes tarnished his image. The company’s CEO, a suspected fraudster, is now under house arrest.

Watch this story: After hitting $3,900,000 on his paycheck, JA Morant gets a stern lesson from Shaquille ONeal

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