Professional athletes say they want daily financial advice but have been scammed

FINRA cases are often confidential and the documents are not made publicly available. Aidikoff, citing pending litigation, declined to have his clients present for interviews to explain the details of their cases. However, the fact that the athletes wanted to go public underscores their determination to “make sure that doesn’t happen to anyone else,” Parsons said, and encourages other possible victims to come forward.

Lee said in a statement that he believes Morgan Stanley will put its interests first as it has been for many years. “I was wrong,” he said.

The holidays, those who have active philanthropists, said: “We are all vulnerable to being taken advantage of by people like Darryl Cohen. We are very disappointed that a company as famous as Morgan Stanley would allow someone like Mr. Cohen in a position to allow him to move money out of our accounts the way he did.”

There is no shortage of stories of famous athletes being scammed or entangled in risky financial schemes. One Last year’s Ernst & Young report The report says professional athletes reported nearly $600 million in fraud-related losses between 2004 and 2019. “The rate of cheating in sports is trending in the wrong direction.”

But Parsons, Lee and the Holidays were different, Aidikoff said, because they simply did what many ordinary investors do: They relied on a big-name brokerage firm to make long-term decisions, low risk.

Jrue Holiday, 31, won an NBA title with the Milwaukee Bucks and an Olympic gold medal with the USA basketball team in Tokyo last year. He signed a 4-year extension in April 2021 for $134 million. He met his wife, then Lauren Cheney, while they were at UCLA, and she football career led to endorsement deals with Under Armor and Chobani.

Parsons, 33, a sniper with his best season with the Houston Rockets and Dallas Mavericks, Retired in January, two years after he was seriously injured in a car accident caused by a drunk driver. His last contract, signed in 2016, was a four-year, $94 million deal, and he operating in real estate in Los Angeles. Professional athletes say they want daily financial advice but have been scammed

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