Vin Baker Sues Financial Adviser For Losing His $86 Million NBA Fortune
T.O. should be watching this case closely.
Vin Baker who throughout his NBA career had problems with alcohol and general laziness, now is saying it isn’t his fault that he blew $86 million.
But, it is hard to lose $86 million and not realize that you are bring duped.
He must have been drinking that Mad Dog 20/20 out of a brown paper bag to be that stupid. Here are some of the details from the lawsuit.
Retired NBA All-Star Vincent Baker claims his financial adviser lost nearly all of his $86 million nest egg through negligent investments.
In his complaint, Baker says the firm agreed to provide him services “including but not limited to, a) management of Baker’s money and investments, b) coordination of his professional advisors, accounting and financial services and c) otherwise ‘manage’ Baker’s financial activities and condition.”
Baker adds: “On numerous occasions between 1997 and 2009, Brodeur and B&C made overt representations to Baker concerning the appropriateness and sufficiency of their services, including statements to the effect that:
“a) ‘you are being taken care of';
“b) ‘I/we have everything control';
“c) ‘your investments are being watched'; and
“d) don’t worry, I/we have everything covered.'”
But Baker says: “During the time that Brodeur and B&C acted as Baker’s manager, virtually all of Baker’s earnings were spent and/or his investments lost all or nearly all of their value, such that Baker’s home was foreclosed and he was forced to liquidate substantial assets for little or no value, leaving him without resources to meet his financial obligations and living expenses.”
Any time I am concerned about something and someone tells me………..
“Everything is under control.”
It immediately raises a red flag with me. I need answers, not double talk.
It will be a very hard case for Baker to win, because he gave them permission to use his money as they saw fit. Unfortunately for him they weren’t very good at it or used it to benefit themselves, not him.
This is why I personally keep the $400 I have under my couch.
I consider that my safe deposit box. Probably should have kept that to myself.
There is a bright side for Baker, at least he isn’t this guy.