![]() ![]() the profit is derived solely from the efforts of others.in which the investor expects a profit and.The SEC uses the " Howey test" to determine whether something counts as an investment contract, which includes the following criteria: ![]() How investors can identify potential scamsĪs a part of a December complaint, the Securities and Exchange Commission (SEC) alleged that FTX's native digital token, FTT, fits the agency's definition of a security because it was offered and sold as an investment contract. CNBC Make It's request for comment has not been returned. Swift was one of only a few celebrities to question the exchange, Moskowitz says on the podcast. The lawsuit claims that FTX's high-profile promoters didn't properly research FTX before participating in the "offer and sale of unregistered securities in the form of yield-bearing accounts ('YBAs')." Moskowitz's lawsuit is seeking over $5 billion in damages, according to the law firm's website. "In our discovery, Taylor Swift actually asked them, 'Can you tell me that these are not unregistered securities?'" he said. ![]() In 2021, pop superstar Taylor Swift was approached by FTX about a $100 million sponsorship deal that would have involved selling tickets as non-fungible tokens (NFTs) to her fans, according to the Financial Times.ĭuring deal discussions, Swift allegedly asked FTX representatives a simple question, Adam Moskowitz, one of the attorneys leading a class-action lawsuit against FTX's celebrity endorsers, said during an April episode of "The Scoop" podcast. ![]()
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