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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