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15 Pro Athletes Cheated By FAs: ThinkAdvisor List
With news of Phillip A. Kenner, one of the worst advisors in 2015, being sentenced to 17 years in jail recently, ThinkAdvisor compiled a list of financial advisors that have scammed professional athletes.
- Angel Pagan, ex-MLB outfielder for the Mets, Giants and Cubs: FINRA ordered Merrill Lynch to pay Pagan and his wife more than $2 million after investing in unsuitable investments.
- Keyon Dooling, a former NBA player, who played for the Clippers, Heat, Magic, Nets, Bucks, Celtics and Grizzlies: Dooling was advised by Aaron Parthemer to invest in Global Village Concerns and Club Pay, both of which become worthless.
- John St. Clair, a former NFL player who spent time with the Rams, Dolphins, Bears and Browns: St. Clair was also advised by Parthemer. FINRA ordered Morgan Stanley to pay Dooling and St. Clair $819,300.
- Mark Sanchez, best known for his time as Quarterback of the NFL’s Jets: Sanchez fell victim to a scheme surrounding The Ticket Reserve. Advisor Ash Narayan, a board member of the company, stole $30 million from clients to invest it in the company. Sanchez also spent time for the Eagles, Cowboys, Redskins, Bears and Broncos.
- Tim Duncan, NBA All-star for the Spurs: Charles A. Banks, Duncan’s financial advisor, was ordered to pay $7.5 million to Duncan for fraud and was sentenced to four years in jail.
- Kevin Garnett, an NBA All-Star who played for the Timberwolves, Nets and Celtics: Garnett sued Welenken CPAs for $77 million, accusing them of working with Banks to commit fraud.
- Dennis Rodman, an NBA All-Star who played for the Pistons, Bulls, Spurs, Lakers and Mavericks: Peggy Ann Fulford, who claimed to be a financial advisor, defrauded Rodman and others out of millions of dollars. She was sentenced to 120 months in prison.
- Travis Best, an ex-NBA player, who spent time with the Pacers, Bulls, Heat, Mavericks and Nets: Best was also a victim of Fulford, who was ordered to pay $5.8 million in restitution.
- Ricky Williams, a Heisman Trophy winner and running back for the NFL’s Saints, Dolphins and Ravens: Williams was also a victim of Fulford.
- Lex Hilliard, a running back for the NFL’s Dolphins, Patriots, Jets and Vikings: Hilliard was also a victim of Fulford.
- Michael Peca, an NHL player mostly known for his time with the Islanders and Sabres: Financial advisor Phillip Kenner, who was sentenced this month to 17 years in prison for swindling a bunch of players and others out of $30 million.
- Bryan Berard, an NHL player who played defense for the Islanders, Maple Leafs, Rangers, Bruins, Blackhawks and Blue Jackets: Berard is another one of Kenner’s victims.
- Darryl Sydor, an NHL defenseman for the Penguins, Kings, Stars, Blue Jackets, Lightning, and Blues: Sydor is yet another one of Kenner’s victims.
- Bill Ranford, an NHL goalie with the Bruins, Oilers, Capitals, Red Wings, and Lightning: Kenner also ripped off Ranford.
- Sergei Gonchar, an NHL defenseman with the Capitals, Bruins, Penguins, Senators and Stars: Gonchar was also ripped off by Kenner.
Read the full article from Think Advisor.