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.
Aug 20, 2014, 7:15 PM EDT
Stephen Curry says yes, Kevin Durant says no.
Aug 20, 2014, 6:19 PM EDT
Nedovic had hoped to play for Serbia, but couldn’t get medical clearance.
Aug 20, 2014, 5:07 PM EDT
Video game Curry doesn’t come close to shooting as well as the real life version.
Aug 20, 2014, 4:12 PM EDT
If Bledsoe decides to play for the qualifying offer, he’ll almost certainly bolt as an unrestricted free agent next summer.
Aug 20, 2014, 2:59 PM EDT
Aug 20, 2014, 2:04 PM EDT
Strangest comparison ever. And pretty accurate.
Aug 20, 2014, 1:01 PM EDT
Photo is excellent.
Aug 20, 2014, 12:09 PM EDT
Miami could use the depth, but at this point the pickings are slim.
Aug 20, 2014, 11:17 AM EDT
Move would be purely financial for Philadelphia, but if Stoudemire is contributing at that time, Knicks may pass.
Aug 20, 2014, 10:35 AM EDT
He makes some points.
Aug 20, 2014, 9:56 AM EDT
It goes much deeper than that.
Aug 20, 2014, 9:16 AM EDT
You cannot push all the way back from knee surgery without having pain.
Kobe Bryant says he will not be same player as before, says he’s evolved into something equally good
Aug 20, 2014, 8:44 AM EDT
Kobe has plenty of doubters now to fuel him.
Aug 20, 2014, 8:00 AM EDT
Best NBA Jam duo on a current team? Give me Durant and Westbrook.
Aug 20, 2014, 12:01 AM EDT
Bryant appears on latest Sports Illustrated cover.
Aug 19, 2014, 10:29 PM EDT
Highlights only serve as a reminder of just how bad things were in Los Angeles.
Aug 19, 2014, 8:57 PM EDT
Derrick Rose, not so much.
Report: Agent for Greg Monroe pursued sign-and-trade deals with five teams, including Thunder and Blazers
Aug 19, 2014, 7:21 PM EDT
Monroe will sign qualifying off with Pistons if no deal is in place by Oct. 1.
Aug 19, 2014, 6:00 PM EDT
Bonner now drives a 2014 Chevy Impala.
Aug 19, 2014, 5:00 PM EDT
I would pay good money to see this, even though I wouldn’t understand a word.
- Should NBA coaches get NFL style challenge flags? 0
- Report: Suns discussing trade possibilities for Eric Bledsoe 13
- Report: Sixers may look to trade for Amar’e Stoudemire at this season’s deadline 29
- Kevin Durant reiterates that rest was his reason for withdrawing from Team USA 8
- Kobe Bryant says he will not be same player as before, says he’s evolved into something equally good 19
- Report: Agent for Greg Monroe pursued sign-and-trade deals with five teams, including Thunder and Blazers 25
- Derrick Rose sits out another Team USA practice, not likely to start Wednesday 22
- DeMarcus Cousins practices with team USA Tuesday, says he’s 50-50 for Wednesday game 2