NFL stars who’ve flagged their advisers
Several current and former National Football League players recently have found themselves caught up in alleged Ponzi schemes or engulfed in legal battles over failed investments. Indeed, NFL players, like all professional athletes, are highly susceptible to being taken advantage of when it comes to investing their money, observers say.
Professional athletes in particular hear the siren call of the “inside deal,” and believe that brokers and advisers have access to privileged, back-room knowledge, said Arthur Grant, chief executive of independent-contractor broker-dealer Cadaret Grant & Co. Inc. “They believe the myth that Wall Streeters can double their money in six months, and if only they can get in that private game, they could do that too,” he said.
Here are some of the harder hits.
[Text by InvestmentNews' Bruce Kelly and John Goff; this story was supplemented with reporting from the Associated Press.]