Three separate lawsuits filed by plaintiffs represented by the boutique Moskowitz Law Firm and white-shoe law firm Boies Schiller & Flexner have been consolidated and will be overseen by U.S. District Court Judge Michael Moore in the Southern District of Florida.

The initial suit called FTX a “house of cards, a Ponzi scheme where the FTX entities shuffled customer funds between their opaque affiliated entities.” The plaintiffs alleged that celebrity promoters of FTX – including NFL quarterback Tom Brady, comedian Larry David, tennis player Naomi Osaka and the NBA’s Golden State Warriors team – drew in unsophisticated retail investors and promoted unregistered securities.

“We have been working with our team of crypto experts and are more confident than ever that all of the FTX interest accounts will be found by our state and federal courts to be ‘securities’ and thus each of the FTX Brand Ambassadors will be liable for promoting an unregistered security,” Adam Moskowitz, the lead attorney for the plaintiffs said.

“We have no doubt that Sam [Bankman-Fried] committed one of the country’s largest financial scams and he had no intention of complying with any of these FTC and SEC celebrity endorsement regulations,” Moskowitz said. “That was part of his fraudulent plan to compete with Voyager, Gemini, Coinbase, and BlockFi.”