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.
Victor Oladipo has grown into far more than just a dunker.
In fact, in Saturday’s dunk contest, he didn’t look like a dunker at all.
The Pacers star missed all three attempts of his first dunk, and a Black Panther mask was by far the biggest draw of his second. Oladipo was eliminated after the first round.
Maybe Dennis Smith Jr. wasn’t the only eliminated dunker who left something in his bag. This Oladipo dunk – 180 degrees, throwing ball off the backboard with his left hand while in mid-air, dunking with his right hand – while preparing in Los Angeles was awesome.
Larry Nance Jr. had the contest’s best dunk. This would have rivaled it.
METAIRIE, La. (AP) — New Orleans Saints and Pelicans Owner Tom Benson has been hospitalized with flu symptoms.
A statement released Wednesday by the NFL and NBA clubs says their 90-year-old owner is resting comfortably at Ochsner Medical Center, a hospital which also serves as a major sponsor and which owns naming rights to the teams’ training headquarters.
Benson has owned the New Orleans Saints since 1985 and bought the New Orleans Pelicans in 2012.
In recent years, Benson has overhauled his estate plan so that his third wife, Gayle, would be first in line to inherit control of the two major professional franchises.
Kevin Durant spent his rookie season in Seattle, before the SuperSonics moved to Oklahoma City and became the Thunder. He has said Seattle fans deserved to see him grow up in the NBA after supporting his promising start.
They’ll get their chance.
Ailene Voisin of The Sacramento Bee:
The Kings and Golden State Warriors have scheduled a preseason game next season in Seattle, according to multiple league sources.
The Oct. 6 meeting between Northern California teams will be the first NBA game in the Key Arena since the Sonics moved to Oklahoma City after the 2007-08 season and became the Thunder.
This game will be loaded with storylines. Not only Durant, but the Kings considered moving to Seattle a few years ago. And of course, the return of NBA basketball to Seattle.
At some point, Seattle will get its own team again. For now, this preseason game creates intrigue there.
Spurs coach Gregg Popovich said he’d be surprised if Kawhi Leonard played again this season, a stark reversal from just a month ago. Back then, even while announcing Leonard was out indefinitely with a quad injury, the San Antonio coach said Leonard wouldn’t miss the rest of the season.
What’s going on?
Adrian Wojnarowski of ESPN:
After spending 10 days before the All-Star break in New York consulting with a specialist to gather a second opinion on his right quad injury, All-NBA forward Kawhi Leonard bears the burden of determining when he’s prepared to play again, sources told ESPN.
Leonard has been medically cleared to return from the right quad tendinopathy injury, but since shutting down a nine-game return to the Spurs that ended Jan. 13, he has elected against returning to the active roster, sources said.
The uncertainty surrounding this season — and Leonard’s future which could include free agency in the summer of 2019 — has inspired a palpable stress around the organization, league sources said.
At first glance, this sounds like Derrick Rose five years ago. Even after he was cleared to play following a torn ACL, the then-Bulls star remained mysterious about when he’d suit up. His confidence in his physical abilities seemed to be a major issue, and he was never the same player since (suffering more leg injuries).
But the Spurs famously favor resting players to preserve long-term health. They seem unlikely to rush back Leonard. They might even sit players who want to play more often. And Leonard isn’t Rose.
Still, it’s clear something is amiss in San Antonio. Maybe not amiss enough to end Leonard’s tenure there, but the longer this lingers, the more time for tension to percolate.