Oct 7, 2011, 8:44 AM EDT
It’s a challenge for NBA players — many come from backgrounds where they didn’t have money growing up, then suddenly at age 19 or so they have millions. They don’t always handle it well.
The smart ones bring in a financial manager. But what if that person is a crook?
Nathan A. Peake, 41, of Silver Spring, admitted in federal court in the District that he didn’t file tax returns from 2000 through 2007 and diverted about $5.8 million in management and agent fees from his business to personal accounts.
He also admitted to misappropriating proceeds from a $3.5 million line of commercial credit that one of his athlete clients guaranteed and paid off.
In the end, you are responsible for you. And your money.
- World Cup Preview: USA vs. Finland, what to expect 1
- James Harden on Kobe Bryant return: “He’s 20-year-old Kobe” 23
- Chris Paul discusses his signature shoe, hoops with media at launch of his Jordan Brand CP3 VIII (VIDEO) 2
- 67RIEFNS No. 1: Tom Thibodeau managing his bigs 22
- Derrick Rose knows injury questions will keep coming. And coming. And coming. 11
- FIBA World Cup preview: USA, Spain, then who else can medal? 2
- Official ‘Clippers’ Number 1 Fan’ on herself and Donald Sterling: ‘I’ll always feel it’s our team’ 18
- Cavaliers GM admits concerns about rim protection on defense 19