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.
Apr 21, 2015, 1:50 PM EDT
Is nothing sacred?
Nets coach Lionel Hollins isn’t focused on stopping Kyle Korver: ‘It’s not like we’re talking Stephen Curry’
Apr 21, 2015, 1:10 PM EDT
Korver led the Hawks with 21 points in Atlanta’s Game 1 win over the Nets.
Apr 21, 2015, 12:30 PM EDT
He’ll consider everything.
Apr 21, 2015, 11:50 AM EDT
Another report has Aldridge at no better than 50-50 to re-sign with the Blazers.
Apr 21, 2015, 11:10 AM EDT
Williams will be an unrestricted free agent this summer.
Apr 21, 2015, 10:26 AM EDT
Full voting results enclosed.
Apr 21, 2015, 9:50 AM EDT
Butler wasn’t wrong — he torched the Bucks for 31 points.
Bucks’ Zaza Pachulia ejected after two incidents with Bulls’ Nikola Mirotic, who left the game due to injury (VIDEO)
Apr 21, 2015, 9:10 AM EDT
Mirotic suffered a quad strain, a swollen knee and possibly a concussion.
Apr 21, 2015, 8:30 AM EDT
Klay Thompson was the catalyst for both big Golden State runs.
Apr 21, 2015, 8:00 AM EDT
It’s more around than over Pachulia, but it’s still impressive.
Apr 21, 2015, 1:37 AM EDT
Golden State wins Game 2, 97-87
Apr 21, 2015, 12:14 AM EDT
Pierce’s comments made him unpopular north of the border, but his play should bother the Raptors more.
Apr 20, 2015, 11:07 PM EDT
Jimmy Butler’s 31 points led the way.
Apr 20, 2015, 9:59 PM EDT
He was simply the most dominant player in Game 1 of the Mavericks vs. Rockets series.
Apr 20, 2015, 9:56 PM EDT
They did exactly that in Game 1.
Apr 20, 2015, 8:55 PM EDT
John Henson, O.J. Mayo, Jimmy Butler and Joakim Noah all got techs.
Apr 20, 2015, 8:50 PM EDT
I could try to use logic and suggest that discussing the complete legacy of Jordan with the incomplete legacy of James is a fool’s errand. But this is the Internet, logic is not always welcome.
Apr 20, 2015, 7:50 PM EDT
What you want to see as a Boston fan is Smart embrace the challenge.
Apr 20, 2015, 6:13 PM EDT
The Bulls should be in no rush to bring Hinrich back for this series.
Apr 20, 2015, 5:32 PM EDT
Also, Tyreke Evans is a game-time decision after his injury in the playoff opener.
- Hawks’ Mike Budenholzer named 2014-15 NBA Coach of the Year 6
- With Anthony Davis and Pelicans drained, Warriors deliver down the stretch 12
- PBT Extra matchup to watch: Can Toronto keep Paul Pierce quiet on the court? 6
- Bulls overcome ugly start to take 2-0 series lead over Bucks 12
- PBT Extra matchup to watch: Dallas has to find a way to deal with Dwight Howard 6
- Man arrested after fight over who is better, Michael Jordan or LeBron James 40
- PBT Extra matchup to watch: Marcus Smart needs to take on Kyrie Irving challenge 2
- PBT Extra matchup to watch: Pelican guards need to stay with Curry, Thompson 1