It’s a challenge for NBA players — many come from backgrounds where they didn’t have money growing up, then suddenly at age 19 or so they have millions. They don’t always handle it well.
The smart ones bring in a financial manager. But what if that person is a crook?
The Washington Examiner tells the story of the former manager for Steve Francis and Ty Lawson, among other pro athletes, who is now headed to jail. (Via Eye On Basketball)
Nathan A. Peake, 41, of Silver Spring, admitted in federal court in the District that he didn’t file tax returns from 2000 through 2007 and diverted about $5.8 million in management and agent fees from his business to personal accounts.
He also admitted to misappropriating proceeds from a $3.5 million line of commercial credit that one of his athlete clients guaranteed and paid off.
In the end, you are responsible for you. And your money.
Or as Dave Navarro (and Agent Mulder) told us, “trust no one.”
If you’re a Knicks fan, the positive is that at least Kristaps Porzingis tried to make a play.
But he was not going to stop the athletic Bradley Beal with a full head of steam, and the result was a Beal dunking over Porzingis as he tries to block the attempt.
Beal wasn’t sharp, scoring 12 points on 5-of-14 shooting. The Knicks has an efficient Carmelo Anthony and that got them the win.
We had an efficient Carmelo Anthony sighting in the preseason.
Anthony and the Knicks went up against the Wizards and ‘Melo hit 10-of-15 shots to score 21 points. He also had four rebounds and four assists.
Derrick Williams had 23 points on 11 shots to lead the Knicks in scoring, and New York won 115-104.