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Sports Stars Who Were Scammed Out Of Millions

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Pro athletes make millions upon millions of dollars, but how hard is it to keep that cash?

For many who have trusted people to invest their money for them, it’s harder than you might think. While many of these sports stars are still sitting pretty comfortably on their leftover millions, losing most of your savings is still a hard pill to swallow. Until you land your next million-dollar endorsement deal.

Still, it’s not fair that a trusted scammer would be able to walk away with anything you’ve earned. Here are a few sports stars who were scammed out of millions.

What steps can athletes take to protect their wealth from financial scams?

Sports Stars Who Were Scammed Out Of Millions

Athletes are often known for their high earnings and lucrative endorsement deals. However, not all of them are able to protect their wealth from unscrupulous individuals who seek to swindle them out of their hard-earned money. Here are some sports stars who fell victim to financial scams and lost millions in the process.

1. Allen Iverson – The former NBA superstar was scammed out of $4 million by his financial advisor. The advisor reportedly invested Iverson’s money in fraudulent schemes, including a Ponzi scheme, without his knowledge. Iverson filed a lawsuit against the advisor, but most of the money was never recovered.

2. Vince Young – The former NFL quarterback lost $18 million due to a series of bad investments and financial mismanagement. Young had trusted his financial advisor with his money, but later discovered that the advisor had made risky investments without his consent. Young eventually filed for bankruptcy in 2014.

3. Marion Jones – The former Olympic track and field star was sentenced to six months in prison in 2008 for lying to federal investigators about her use of performance-enhancing drugs. However, Jones also lost millions of dollars due to a financial scam. Her former advisor was convicted of wire fraud and money laundering after embezzling $2 million of Jones’ earnings.

4. Roy Jones Jr. – The former boxing champion was entangled in a Ponzi scheme that resulted in the loss of millions of dollars. The scheme promised high returns on investments, but it turned out to be a fraud. Jones was one of many victims of the scam, and he wasn’t able to recover most of his money.

5. Terrell Owens – The former NFL wide receiver was scammed out of $4.5 million by his financial advisor. Owens had trusted the advisor to manage his investments, but it turned out that the advisor had made unauthorized purchases and withdrawals from his accounts. Owens filed a lawsuit and won the case, but the advisor declared bankruptcy and Owens was never able to recover the money.

These athletes serve as a cautionary tale for others who have earned a fortune through their athletic achievements. It’s important to be vigilant and protect one’s wealth from those who seek to exploit it for their own gain. This includes conducting due diligence on financial advisors, monitoring investments closely, and seeking legal recourse when necessary.

In conclusion, the financial scams that targeted these sports stars serve as a timely reminder that even the most successful and wealthy individuals can fall prey to dishonest schemes. While it’s unfortunate that they lost millions of dollars, these athletes can still serve as an inspiration to others by choosing to persevere despite setbacks and continue to pursue their passions on and off the field.