Ex-business manager indicted in $7M defrauding Cavs' Richard Jefferson

[Big Boss]

Agents, business managers, and financial advisors

 

[Field Marshall Bradley]

Not all investments are gambles fukk face. There are a plethora of investments that gain slow and steady and are guaranteed and insured. You're self made, you should know this

Those returns may come at a snail's pace but that principal aint going nowhere

 

[Big Boss]

Nikkas getting finesse by these cacs.
I'd just hide my shyt inder the mattress.

Secure the bag

 

[Sensitive Blake Griffin]

Man these nikkaz need to stop giving anyone Power of Attorney. That shyt is a common theme in these stories.

Greed is a muthaphukka though

He forged his signature for POA though. Read the article.

 

[Sensitive Blake Griffin]

Edit: double post

 

[Mars]

Why just athletes tho..?. and what is financially literate anyway....? Dude making several 100 grand to a milly a month, not 35k annually.....

Most athletes should still take a bare bones approach to their money until their playing days are over....

1.My comment isn't exclusive to just athletes....Entertainers and non famous people are just as incompetent.

2.Financial illiteracy is when a person:

A.doesn't understand basic financial terminology
B.Doesn't understand how interest rate/compound interest,credit cards,Loans,etc can help or hurt them long term.
C.Doesn't know how to manage a simple bank/checking account.
Etc...

Many people know how to hustle,and make money.But they have no idea how to manage money,nor transfer their riches into wealth

3.I agree 100% about the "bare bones approach "....no heavy investing until retirement,or until they have studied up,and are confident in whatever they desire to invest in.

 

[pete clemenza]

It's tough though breh. You play basketball 24/7 basically. You're in a different state every 3 days...There's no way you have time to pay the rent, Credit Card bills, car payments, make investments, etc...

You could try to leave it up to your spouse...or your parents...but we know that's a bad idea

So you hire a finance guy...he has to have power of attorney because otherwise he has to have you on the phone for EVERYTHING. I mean he can't even check your bank balance without tying you in on 3 way...so if you don't sign that over then the whole thing is pointless

The real issue here is that it seems like basketball players appear to be easy targets for these snake ass con artists.

Maybe I've been on thecoli too long but that gives me serious vibes.

Like they think brothers just won't notice

I get the gist of what you're saying but when it comes to your money, you make time. Plus these guys have alot of downtime as well. I pay all my bills online these days. It could be done if they really wanted to do it. Check your accounts(savings, checking, funds, credit card) online. Make sure you're responsible for all the transactions.Make sure nobody has access to your accounts- not even your money manager, business partner, family member- nobody. They have to want to do it though. They definitely have the time.

 

[Donald J Trump]

Shut the fukk up twice. Everyone uses the internet dumb fukk.




Yes, all investments are a gamble if you have millions to start with, because they are mostly unnecessary when you already have money.




Exactly stupid fukk that's why there is no need to invest. Inflation doesn't affect people with 10 million or more. He'll be dead before any of that matters.



Wrong. In 20 years nothing changed. Products are worth what you pay for them; and rich/famous people don't even have to pay for most things. If he sat on his 10 million he'd be able to do all the same things he could 20 years ago.



VERY MUCH so. Based on what you're saying I wouldn't be shocked if you ended up a bum ass nikka-- no diss all facts.

Paying the money that you physically possess to someone or something on the idea that it'll be worth more LATER is the dumbest thing a person can possibly do. Go watch Wolf of Wallstreet and pay attention to the first 15 minutes. Even Mark Cuban said as much in interviews about credit and loans-- same concept. All stupid ideas.

Everything you say finance wise is irrelevant when you said the bolded. Shut it fam.

 

[ORDER_66]

Steal millions of my money and YOU gonna regret it!!!

 

[Jaylen Tatum]

Do you idiots think bill gates handles his own money? nobody with millions of dollars handles their own money. You clowns are just haters so you blame the victims. They hire professionals not random friends or family members and expect these professionals to do their job without stealing from them.

 

[OH SOHH TRILL]

Most of your investments aren't covered by FDIC.
Also FDIC only pays out in the event of a bank failure.

Federal Deposit Insurance Corporation - Wikipedia
Items not insured
Only the above types of accounts are insured. Some types of uninsured products, even if purchased through a covered financial institution, are:[61]

• Stocks, bonds, and mutual funds including money funds
  • The Securities Investor Protection Corporation, a separate institution chartered by Congress, provides protection against the loss of many types of such securities in the event of a brokerage failure, but not against losses on the investments.
  • Further, as of September 19, 2008, the United States Treasury is offering an optional insurance program for money market funds, which guarantees the value of the assets.[62]
  • Exceptions have occurred, such as the FDIC bailout of bondholders of Continental Illinois.
• Investments backed by the U.S. government, such as Treasury securities
• The contents of safe deposit boxes.
  Even though the word deposit appears in the name, under federal law a safe deposit box is not a deposit account – it is merely a secured storage space rented by an institution to a customer.
• Losses due to theft or fraud at the institution.
  These situations are often covered by special insurance policies that banking institutions buy from private insurance companies.
• Accounting errors.
  In these situations, there may be remedies for consumers under state contract law, the Uniform Commercial Code, and some federal regulations, depending on the type of transaction.
• Insurance and annuity products, such as life, auto and homeowner's insurance.

you can buy private insurance for your accounts. also, no one lost a penny from a bank account during the financial crisis. its basically a given that the government won't allow that to happen at a reputable bank.

 

[Doomsday]

Everything you say finance wise is irrelevant when you said the bolded. Shut it fam.

Wrong. Inflation doesn't effect rich people, I stand by what I said.

 

[Rosecrans]

it was verbal, however dude forged documents with his name

He forged his signature for POA though. Read the article.

He gave POA to another guy right after though. So even if this one particular guy forged it, these dudes need to stop being so trusting of these financial advisers in general; the POA has screwed so many of them out of millions

 

[David_TheMan]

you can buy private insurance for your accounts. also, no one lost a penny from a bank account during the financial crisis. its basically a given that the government won't allow that to happen at a reputable bank.

Yeah private insurance isn't FDIC

 

[David_TheMan]

Wrong. Inflation doesn't effect rich people, I stand by what I said.

You don't know what you are talking about.
Inflation hurts everyone, especially savers or those with accumulated wealth, who lose the value of their savings..
You could argue it directly effects them more than someone that doesn't have stored assets