Professional Athletes, Celebrities Often Targeted for Securities Fraud

TheShepherd Smith Kantas＆Edwards律师事务所has represented many athletes and other celebrities who lost millions because of improper handling of their investments. While overspending and poor investing are two common causes for these losses, the rich and famous also make easy targets for securities fraud, which is when our securities law firm steps in.

One reason for this is that many professional athletes and other people that have become famous are not prepared or well informed about how to manage their new wealth. This can make them easy prey for irresponsible or purposely negligent financial advisers.

“We listen to complaints daily about the mishandling of investors accounts,” saidShepherd Smith Edwards and Kantas founder and securities fraud lawyer William Shepherd. “Yet, it is surprising even to me that financial firms and advisors would engage in financial wrongdoing that harms high-profile investors. Many ‘financial sociopaths’ have zero thought about others and, apparently, little concern for their own negative notoriety.”

就在最近，包括宽阔的接球手特雷尔·欧文斯（Terrell Owens）在内的30名NFL球员在一个赌场项目上追求了一家佛罗里达经纪人，导致了超过4000万美元的损失。2月，前拳击重量级迈克·泰森（Mike Tyson）对他的前顾问和金融咨询公司提起了证券欺诈诉讼，原因是据称bob200体育从他们的帐户中撤出了30万美元以上，这使他损失了数百万美元的收入。7月，五次获得美国职业棒球大联盟全明星迈克·斯威尼（Mike Sweeney）提起了证券案件bob200体育瑞银Financial Services (UBS)和his ex-broker there claiming he suffered about $7.6 million in losses.

Other Recent Securities Cases Involving Defrauded Pro Athletes (Investment News):
• FINRA awarded $1.46 million to NBA champion Horace Grant against Morgan Keegan & Co. over mortgage-backed securities and funds that lost up to 80% when the subprime market failed. Fund manager James Kelseo consented to pay $500,000 in penalties for allegedly inflating the securities’ value.

• Dozens of athletes, including NBA player Jason Terry and US Olympic soccer player Heather Mitts are suing SunTrust Bank (STI) and William Crafton Jr. over losses they sustained in a number of Ponzi scams.

• Green Bay Packers’ Vince Young is embroiled in a securities case with financial adviser Ron Peoples and ex-agent Major Adams II over $5.5 million losses. He is alleging breach of fiduciary duty, unjust enrichment, breach of contract, and usury.

As our securities fraud law firm mentioned earlier, athletes are not the only celebrities to fall victim to negligent or greedy representatives. Actors Kevin Bacon, Kyra Sedgwick, and John Malkovich, film director Steven Spielberg, candidate and former New York governor and current NY City Comptroller Candidate Eliot Spitzer, and Dreamworks CEO Jeffrey Katzenberg are just some of the wealthy people that sustained losses in the Bernard Madoff Ponzi Scam.

Contact oursecurities fraud law firmto request your free case assessment.

Athletes vs. Advisers, Investment News
Terrell Owens Adviser Banned After NFL Players Lose $40 Million，彭博/商业周，2013年3月7日

更多的博客文章:
SEC Stops Former Marine’s Hedge Fund Fraud That Targeted Military Folk, Stockbroker Fraud Blog, August 12, 2013

US Will Likely Arrest Two Ex-JPMorgan Chase Employees Over Trading Losses Related to the London Whale Debacle, Institutional Investor Securities Blog, August 10, 2013
投资者声称，他们在俄亥俄州庞氏骗局损失了3亿美元，股票经纪人欺诈博客，2013年8月10日