15 Pro Athletes Scammed by Financial Advisors

Slideshow November 10, 2020 at 01:15 PM Share & Print

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When an advisor convicted in 2015 of bilking National Hockey League players and others of at least $30 million was sentenced in October to 17 years in prison, it provided a reminder that professional athletes are all too often the victims of unscrupulous financial advisors and scammers posing as financial advisors.

ThinkAdvisor named the advisor, Phillip A. Kenner, one of the 12 worst financial advisors in America for 2015.

Check out the gallery above to see 15 pro athletes who have been scammed by advisors (and by people impersonating advisors).

— Related on ThinkAdvisor:

Jeff Berman

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1. Former MLB Outfielder Angel Pagán

Early this year, a Financial Industry Regulatory Authority panel in San Juan, Puerto Rico, ordered Merrill Lynch to pay Angel Pagán and his wife, Windy Pagán, more than $2 million after a rep at the firm invested the couple’s money in unsuitable Puerto Rico municipal bonds and closed-end bond funds. Alex Gierbolini, the Merrill rep who served as the couple’s advisor, was not a party in the dispute, but was named in the award statement. Angel Pagán last played for the San Francisco Giants, starting in 2012 and retiring after the 2016 season.

(Photo: Wikimedia Commons)

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2. & 3. Ex-NBA Player Keyon Dooling & Ex-NFL Player John St. Clair

In 2016, a FINRA arbitration panel ordered Morgan Stanley to pay Keyon Dooling and John St. Clair $819,300. Their barred advisor, Aaron Parthemer, recommended that both invest in Global Village Concerns, a sports clothing maker, and that Dooling also invest in Club Play, a Miami Beach nightclub. Both investments became worthless. Dooling played in the NBA for 12 seasons, starting in 2000. St. Clair was in the NFL for 11 seasons.

(Photo: Wikimedia Commons)

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4. Former New York Jets Quarterback Mark Sanchez

In 2018, the former CEO and COO of The Ticket Reserve settled fraud charges in a scheme defrauding pro athletes including Mark Sanchez, former New York Jets quarterback. The execs aided an investment advisor, Ash Narayan of Newport Coast, California, who was earlier fined for stealing $30 million from clients and investing it in The Ticket Reserve, of which he was a board member. Sanchez played with the Jets from 2009-2013 and went on to play with the Philadelphia Eagles, Denver Broncos, Dallas Cowboys, Chicago Bears and Washington.

(Photo: Debby Wong/Shutterstock)

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5. Ex-NBA Star Tim Duncan

In 2017, a federal judge in Texas gave a four-year prison sentence to the former financial advisor of retired NBA star Tim Duncan for fraud. U.S. District Judge Fred Biery also ordered Charles A. Banks IV to pay Duncan $7.5 million in restitution. Banks also pleaded guilty to wire fraud earlier in the year. The basketball star had been urged to loan $7.5 million to Gameday Entertainment in 2012 and to guarantee a separate $6 million loan made to the sports merchandiser. Duncan played for the San Antonio Spurs from 1997-2016 and has been a coach for the team since 2019.

(Photo: S Bukley/Shutterstock)

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6. Ex-NBA Star Kevin Garnett

One year after Banks was sentenced in Duncan's case, retired NBA star Kevin Garnett sued his former accountants for $77 million, saying they worked with Banks and a related party to commit fraud, according to report in the San Antonio Express-News. The lawsuit, filed in Minnesota, named Welenken CPAs and accountant Michael A. Wertheim, who denied the allegations. Garnett played for the Minnesota Timberwolves 1995-2007 and then for the Boston Celtics and Brooklyn Nets, before ending his pro career where it started, on the Timberwolves.

(Photo: AP/Winslow Townson)

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7.-10. Dennis Rodman, Travis Best, Ricky Williams & Lex Hilliard

In 2018, a woman claiming to be a financial advisor and money manager received the statutory maximum 120-month prison sentence for defrauding former NBA players Travis Best and Dennis Rodman and ex-NFL players Ricky Williams and Lex Hilliard out of millions, U.S. Attorney Ryan K. Patrick announced. Peggy Ann Fulford, 60, formerly of Houston and New Orleans, pleaded guilty to one count of interstate transportation of stolen property. She was ordered to pay $5.8 million in restitution.

(Photo: Ulora/Shutterstock)

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11.-15. Ex-NHL Players Michael Peca, Bryan Berard, Darryl Sydor, Bill Ranford and Sergei Gonchar

According to the Justice Department, New York Islanders forward Michael Peca, U.S. Olympian Bryan Berard and Stanley Cup champions Darryl Sydor, Bill Ranford and Sergei Gonchar, were among the victims of advisor Phillip A. Kenner. The advisor was convicted in 2015 of bilking NHL players and others of at least $30 million. He was sentenced earlier this month to 17 years in prison.

(Photo: AP/Jay LaPrete)

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