Apr 17, 2013, 9:26 PM EDT
Despite the perception of some, plenty of NBA players are smart about their money. Like anyone who makes seven or eight digits, the smart players want to put that money to work to make more money (I’m told, I don’t exactly know that first hand). They are looking for investments.
And like a number of wealthy folks, sometimes they get scammed.
Federal financial regulators broke up an alleged $18 million scam by Success Trade Securities selling fraudulent and unregistered promissory notes. And it turns out a number of NFL and NBA players — among them the Pistons’ Brandon Knight — were among those scammed. Yahoo Sports has the details.
On the heels of regulators red-flagging a potential $18 million scam last week, multiple federal agencies are probing investments sold to NFL and NBA players, Yahoo! Sports has learned.
According to multiple sources that spoke to Yahoo! Sports on the condition of anonymity, several professional athletes have either been contacted or been urged to contact investigators from the U.S. Department of Justice, the FBI and the U.S. Securities and Exchange Commission.
Apparently Jade Management — a company who helps handle the finances of some professional athletes —recommended the Success Trade Securities bonds. Jade’s officials claim they did not personally profit from the deals, either way this certainly will not help their business reputation.
Jade Management founder Jinesh “Hodge” Brahmbhatt told Yahoo! Sports his firm had more than 30 athletes who purchased high interest investments that FINRA now says were fraudulent. Some of those investments purportedly generated interest returns between 11 and 26 percent.
File this in your “if the deal sounds too good to be true…” folder.
By the way, if you’re saying this happens to athletes and not people who know money I have two words for you: Bernie Madoff.
May 27, 2015, 8:30 AM EDT
They’re still tight.
May 27, 2015, 8:00 AM EDT
Curry and this Warriors team are not going to crumble like the Clippers did.
May 27, 2015, 2:02 AM EDT
J.R. Smith on the national stage of the Finals is going to be so much fun.
May 27, 2015, 1:25 AM EDT
The Hawks have an excellent foundation to build on.
May 26, 2015, 11:07 PM EDT
This one was over early.
May 26, 2015, 10:30 PM EDT
Injury issues continue to pile up as Atlanta is on the verge of elimination.
Storms in Houston forced Dwight Howard to remain at arena with fans until 2:30AM after Game 4 win over Warriors
May 26, 2015, 9:30 PM EDT
Severe flooding in the area had fans — and at least one player — stranded.
May 26, 2015, 8:09 PM EDT
May 26, 2015, 8:00 PM EDT
Inconsistent ruling, but a good one for the Rockets.
May 26, 2015, 6:59 PM EDT
Curry reported no symptoms after the game or on Tuesday, which means expect the regular Curry back for Game 5 Wednesday night.
May 26, 2015, 6:17 PM EDT
There is no timeline but this could impact training camp and the start of next season.
May 26, 2015, 5:45 PM EDT
If he’s used in the aging shooter role on the court and veteran locker room presence off it, bringing him back for another season for a few million makes sense.
May 26, 2015, 5:00 PM EDT
We talk flagrant fouls — the NBA has to find some consistency.
May 26, 2015, 4:35 PM EDT
May 26, 2015, 3:59 PM EDT
Would the league really upgrade a foul and bench a star player in an elimination game?
May 26, 2015, 3:37 PM EDT
Not that it will be enough to get the Hawks a win.
May 26, 2015, 2:50 PM EDT
The Nets just do not have good rebuilding options going forward.
May 26, 2015, 2:05 PM EDT
Minnesota’s Zach LaVine has spent the early part of his offseason working on increasing his vertical… wait, what?
May 26, 2015, 1:27 PM EDT
Will Nuggets sell low?
May 26, 2015, 12:49 PM EDT
How and why?
- PBT Extra: Expect a healthy Stephen Curry for Game 5… sorry Houston 0
- Cavaliers complete sweep of Hawks, advance to NBA Finals 58
- Kyrie Irving back in Cavaliers lineup for Game 4 vs. Hawks 5
- NBA: No Game 5 suspension for Dwight Howard, flagrant-1 for hit on Andrew Bogut stands as called 21
- Report: Kyle Korver to have surgery on his ankle 5
- PBT Podcast: We’re back (finally), talking Curry, Harden, and what should be a Flagrant Foul 0
- PBT Extra: Will Dwight Howard’s foul on Bogut be upgraded to a Flagrant 2? Should it? 13
- PBT Extra: Horford/Dellavedova incident ups tension in Hawks/Cavaliers Game 4 10