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.
Edmond Sumner has grown about five inches since high school.
That has helped turn the 6-foot-5 Xavier point guard into an intriguing NBA prospect — but also seemingly contributed to physical complications. Sumner missed nearly all of his freshman year with knee tendinitis. Then, after a promising second season and start to his third, he tore his ACL in January.
Still, he’s entering the NBA draft.
Rick Broering of Musketeer Report:
Like with Duke’s Harry Giles, medical testing will be huge with Sumner. But at least Giles ended the season on the court. Sumner might not be healthy at all during the pre-draft process.
Sumner looked like a borderline first-round pick before the injury. This probably pushes him into the second round.
His long strides provide impressive speed and quickness, and he’s still shifty. Add quality court vision, and his ability to drive by defenders is even more valuable.
A 6-foot-8 wingspan and good lateral mobility also help make him a quality defender.
But it’s also concerning that so much of his positives could be undermined by his knee issues, especially considering his unreliable jumper. If Sumner can’t move like he did before getting hurt, I don’t see how he sticks in the NBA.
If Sumner’s knees check out, it’s worth rolling the dice on him and hoping his jumper develops. He might even be OK without shooting range, though that’d lower his ceiling considerably.
Again, though, the first thing is examining his knees.
In an unexpected twist as the season winds down, the Cavaliers have stumbled — 8-11 since the All-Star break — while the Celtics have just kept on winning. Suddenly the Boston Celtics are on top of the East with the best record.
Can they stay on top through the rest of the season?
Does it matter to the Cavaliers?
I cover all this ground in the latest PBT Extra.
The Raiders are moving from Oakland to Las Vegas, and Draymond Green — whose Warriors also play in Oakland is not pleased.
Green, via Monte Poole of CSN Bay Area:
I wouldn’t attend a game. I won’t attend a game.
“And I’m not a diehard Raiders fan, but I support the city of Oakland. It ain’t for me and I feel like all fans should feel that way. You just don’t do that. Come on man, that’s ridiculous.”
“If I were the fans, I wouldn’t attend a game for the next two years. But that’s just me. That’s ridiculous. No way I’d pay my money to attend a game.”
Um, does Green realize the Warriors are also moving from Oakland (to a new arena in San Francisco)?
“It’s one thing if you’re moving them from Oakland to Fremont or something,” Green said of the Raiders. “To Las Vegas?
OK, that’s Fair. I am just being pedantic. I don’t actually see moving across the bay as similar to the Raiders moving hundreds of miles away.
“That’s like moving the Dallas Cowboys or moving the Packers,” he said. “Moving the Raiders? You can move a lot of teams. Ain’t many fan bases like the Raiders fan base. That’s like moving the Boston Celtics from Boston or the Lakers from LA.
“You just don’t move certain franchises with the fan base they have.”
But seriously this time: Someone tell Green that the Raiders have already moved from Oakland to Los Angeles and back to Oakland — hundreds of miles each way and a ridiculous drive in traffic.
I get that Green — who grew up in Detroit Lions territory, roots for the Pittsburgh Steelers and is pictured above in a San Francisco 49ers jersey — just wants to connect with Oakland fans, but this argument is just intellectually dishonest.
Who should go No. 1 in the 2017 NBA draft?
A pair of Pac-12 freshmen point guards, Washington’s Markelle Fultz and UCLA’s Lonzo Ball, lead the discussion.
Fultz looks like the leading contender, but Ball doesn’t buy into the conventional wisdom.
Ball, via ESPN:
“Markelle’s a great player, but I feel I’m better than him,” said Ball, who led the Bruins to a pair of blowout victories over Fultz’s Huskies this season.
“I think I can lead a team better than him,” Ball added. “Obviously he’s a great scorer — he’s a great player, so I’m not taking that away from him.”
This will get spun into a discussion of Lonzo’s father, LaVar Ball. But, without digging deeply, D'Angelo Russell, Shabazz Muhammad and Enes Kanter each claimed to be the best player in their respective drafts. Look further, and there are many more examples.
Reaching Lonzo Ball’s level usually comes with supreme confidence. This is normal — not a cause for concern about the influence of his boastful dad.
And for what’s it’s worth, I’d favor Ball over Fultz right now, though there’s still more information to gather in the draft process.