Despite the perception of some, plenty of NBA players are smart about their money. Like anyone who makes seven or eight digits, the smart players want to put that money to work to make more money (I’m told, I don’t exactly know that first hand). They are looking for investments.
And like a number of wealthy folks, sometimes they get scammed.
Federal financial regulators broke up an alleged $18 million scam by Success Trade Securities selling fraudulent and unregistered promissory notes. And it turns out a number of NFL and NBA players — among them the Pistons’ Brandon Knight — were among those scammed. Yahoo Sports has the details.
On the heels of regulators red-flagging a potential $18 million scam last week, multiple federal agencies are probing investments sold to NFL and NBA players, Yahoo! Sports has learned.
According to multiple sources that spoke to Yahoo! Sports on the condition of anonymity, several professional athletes have either been contacted or been urged to contact investigators from the U.S. Department of Justice, the FBI and the U.S. Securities and Exchange Commission.
Apparently Jade Management — a company who helps handle the finances of some professional athletes —recommended the Success Trade Securities bonds. Jade’s officials claim they did not personally profit from the deals, either way this certainly will not help their business reputation.
Jade Management founder Jinesh “Hodge” Brahmbhatt told Yahoo! Sports his firm had more than 30 athletes who purchased high interest investments that FINRA now says were fraudulent. Some of those investments purportedly generated interest returns between 11 and 26 percent.
File this in your “if the deal sounds too good to be true…” folder.
By the way, if you’re saying this happens to athletes and not people who know money I have two words for you: Bernie Madoff.
The New York Knicks couldn’t get out of their own way on Thursday night, even with a historic performance from Carmelo Anthony. With the Washington Wizards in town, it was John Wall‘s finishing ability that pushed the Wiz over New York, 113-110.
The final 45 seconds were hectic, as Wall took the lead for Washington with just 32 seconds left after drawing a foul on Carmelo.
Down by 1, Anthony then missed a jumper with 18 seconds left and the Knicks allowed Wall to do this:
Wall would go on to steal the final possession from the Knicks, and the Wizards left MSG with a win.
Gregg Popovich can be a fiesty dude, and sometimes he just wants to get his team pumped up. After news that Pau Gasol was going to be absent from the San Antonio Spurs’ lineup against the Denver Nuggets on Thursday, perhaps this was his way of doing that?
Late in the second quarter in Denver, Popovich was seen arguing with a baseline official as play continued on. Pop was hit with an initial tech, and as the officiating crew walked away he blasted ’em with the best dad insult I’ve heard in a long time.
“You’re a terrible referee!”
Meanwhile, Emmanuel Mudiay was more than happy to assist with the second technical and ejection portion of Popovich’s tirade.
Long Live Pop.
Kristaps Porzingis is “The Unicorn” perhaps in part because of his high basketball awareness on the offensive end of the floor. On Thursday night against the Washington Wizards, the New York Knicks big man had an incredible putback dunk that surprised even his teammates.
Thanks to a missed Courtney Lee 3-pointer, Porzingis was able to fly in from beyond the arc to slam home two points.
Yeah, that’s crazy.
There’s putback dunks and then there’s flying in from beyond the 3-point line like this one. Wild.
The San Antonio Spurs will have to make do without PF/C for a while Pau Gasol thanks to a recent fracture in his left ring finger.
That’s according to a press release from the team, who said Gasol fractured his fourth metacarpal — the bone that connects the ring finger down to the carpal bones in the wrist area — during warmups before a game against the Denver Nuggets on Thursday night.
No word yet from the team on recovery time, but estimates given similar recent NBA player injuries suggest anywhere from 4-8 weeks.
Utah Jazz forward Gordon Hayward missed the first month of the season after fracturing his finger in early October. Cleveland Cavaliers PG Kyrie Irving missed around a month in 2012 with a similar injury.
Here’s hoping Gasol can make it back to the court quickly for the Spurs.