The Texas State Securities Board has reportedly expanded its investigation into cryptocurrency platform FTX’s operations and its subsequent bankruptcy to now include scrutinizing promotions by celebrities like Tom Brady and Stephen Curry.
Bloomberg News first reported the development in the investigation, which is looking at possible securities-law violations. The Texas Tribune has confirmed it.
“Anyone who renders investment advice in Texas typically needs to be registered and they typically have to truthfully disclose all known material facts,” said Joe Rotunda, director of enforcement at the Texas State Securities Board, to the Tribune. “In Texas, there is not a different system of justice or regulation for people who are celebrities.”
