The legend of the NBA, Shaquille O’Neal, agreed to pay $ 1.8 million to settle a collective appeal brought by investors in the Crypto Exchange FTX, according to several media reports this week.
Investors allege that O’Neal induced them by appearing in announcements for the exchange of collapsed cryptocurrency. Payment is about $ 1 million more than the $ 750,000 O’Neal would have been paid for its role in an FTX ad.
The former basketball star was one of several celebrities, including Tom Brady and Larry David, who were prosecuted for the promotion of exchange before his collapse at the end of 2022.
O’Neal argued that he was simply a paid actor in the announcement, saying that after the collapse of the scholarship, he was “only a remunerated spokesperson for advertising”.
If the regulations are approved, wheren will be released from all future complaints linked to the trial. He will not be authorized to request the reimbursement of the FTX bankruptcy area and will not have to admit any reprehensible act, according to the CNBC report.
The trial was filed on behalf of the users of the FTX who filed funds between May 2019 and at the end of 2022, before the spectacular failure of the company.
The founder of the FTX, Sam Bankman Fried, was sentenced to 25 years in prison for fraud of customers and investors. His sentence could be reduced by more than four years.
