A gallery of athletes’ photos akin to a wall of fame came into focus today in an OnWallStreet story about investment fraud entitled, Cautionary Tales: Pro Athletes who Sued Their Advisor. Studies show that professional athletes, doctors, lawyers, high profile business owners and other busy professionals make up a high percentage of investment fraud victims. They have the money, they have the character and, most importantly, they don’t have the time to watch their investments carefully. They trust their advisor to make sound decisions and sometimes they get burned.
The OnWallStreet article talks about Terrell Owens, a six-time Pro Bowl selection, NFL wide receiver who sued his advisor, Jeff Rubin, and his form, Pro Sports Financial for mismanaging his accounts. Vince Young, the Tennessee Titans and Buffalo Bills quarterback filed claims against his Houston agent and his advisor in North Carolina for outright fraud. Five time MLB all-star Mike Sweeney, a relative youngster, claims that his advisor took advantage of his inexperience and invested his money in private equity and start-up companies that later failed. Mike Tyson and his wife fought against Live Nation Entertainment and its subsidiary SFX Financial Advisory Management claiming breach of fiduciary duty, fraud and unjust enrichment. Similarly, Denny Neagle, former MLB pitcher filed suit with his ex-wife Jennifer Neagle in Illinois Circuit Court after they discovered large sums of money in risky and illiquid assets including hedge funds and private equity funds.
In another story, Steve Gordon, a former special assistant for the Seattle Supersonics was charged with a $4 Million Ponzi scheme which he reportedly perpetuated by falsely claiming a business relationship with Los Angeles Clippers owner Steve Ballmer.
High net worth can put you at greater risk of investment fraud. Lead Investor Defender Attorney Robert S. Banks has represented professional athletes among many other individual and institutional clients he has represented across the nation. If you have concerns about your investments, contact our office so we can evaluate your situation and let you know what your options might be for recovery: 800.647.8130 or firstname.lastname@example.org
Investor Defender Attorneys make up the securities litigation practice group at Samuels Yoelin Kantor LLP. Your choice of attorney could be the most important decision you make in recovering your loss. Visit our securities litigation website at investordefenders.com