SBF and 12 Celebrities are being accused in a class action lawsuit of participating in the promotion of a "Ponzi scheme," and the plaintiffs are seeking compensation for damages totaling $11 billion.
Edwin Garrison, a resident of Oklahoma, is the plaintiff in a class-action lawsuit that was filed by Moskowitz and Boies on his behalf. The lawsuit names Sam Bankman-Fried, also known as SBF, along with 12 other defendants, one of which is the NBA team known as the Golden State Warriors LLC.

In addition to the NBA franchise itself, other defendants include notable public figures and celebrities such as Tom Brady, Gisele Bündchen, William Trevor Lawrence, Kevin O'Leary, Naomi Osaka, David Ortiz, Stephen Curry, Udonis Haslem, Shaquille O'Neal, Shohei Ohtani, and Lawrence Gene David.

According to the complaint that was filed by Garrison on Tuesday, it states that "FTX's fraudulent scheme was designed to take advantage of naïve investors from around the country who utilize mobile apps to make their transactions." "As a direct consequence of this, it is estimated that the total amount of harm incurred by American customers exceeds $11 billion."

Garrison's complaint insists that the lawsuit asserts that the operation of SBF was nothing more than a "Ponzi scheme," and that celebrities "actively participated" in its promotion. In addition, the lawsuit states that the operation of SBF was a "Ponzi scheme." In addition, the complaint states that despite the defendants' best efforts, the legal firm was able to recover the evidence that had been exchanged through email and text message between them. In the complaint, it is stated that

We were able to locate these incriminating FTX emails and texts despite the fact that many of them had previously been deleted.

The court case entitled Garrison v. Bankman-Fried, with the case number 22-cv-23753, was submitted to the Southern District of Florida. The lawsuit filed by Garrison alleges that the behavior of the celebrities, FTX, and SBF caused harm to "thousands, if not millions, of consumers nationwide." The lawsuit also accuses the 13 defendants of taking part in the "offer and sale of unregistered securities in the form of yield-bearing accounts."