Patriots football fan Michael Livieratos is doing something that once would have been considered a sacrilege in New England: He is suing former Patriots quarterback Tom Brady. Livieratos, 56, filed a lawsuit seeking unspecified damages from Brady and “Shark Tank” co-host Kevin “Mr. Wonderful” O’Leary for their marketing of FTX and crypto currency.
Livieratos is essentially arguing a quarterback sneak ruined him after he invested virtually his life’s savings into FTX before its collapse. Putting aside his decision to base financial decisions on commercials made by an athlete, Livieratos’ lawsuit raises difficult questions over the liability of celebrities who become paid spokespersons for companies.
Brady is not alone; other celebrity endorsers are being sued, too, including his ex-wife, supermodel Gisele Bundchen.
There is no question that celebrities can sell out their fans by pushing products based on little knowledge or competency. However, the question for consumers is whether being a chump is the same as being a victim.
Livieratos told the Washington Post that “as a New England Patriots fan my entire life, you can imagine the influence that Tom Brady would have.” One can certainly imagine how a celebrity could prompt you to buy a car to look as cool as, say, Matthew McConaughey. However, few of us would bet our life’s savings on his financial advice. Indeed, if my Lincoln turned out to be a lemon, I would not blame…
