NBA star Carmelo Anthony slams former financial consultant with suit to recoup $2 million

NBA star Carmelo Anthony slams former financial consultant with suit to recoup $2 million
Denver Nuggets basketball star Carmelo Anthony filed a lawsuit in federal court in Sacramento, Calif., this week alleging that his former financial and business adviser transferred more than $2 million from his accounts without his knowledge or consent.
DEC 08, 2009
By  Sue Asci
The complaint, filed against Mr. Harmon and employees associated with his company — which describes itself as a “full service tax, accounting and financial services firm” on its website — alleged that they transferred $1.75 million of Mr. Anthony's money last year to a firm with which Mr. Harmon was affiliated. The complaint also alleged the defendants invested an additional $265,000 with other third parties between 2005 and 2008, also without Mr. Anthony's knowledge. Also, the complaint charged the defendants with billing and collecting accounting and management fees that they did not earn. Earlier this year, Mr. Anthony fired Mr. Harmon and hired a new business manager and consultant. The complaint also alleged that Mr. Harmon and associates turned over books and records to the new manager that were incomplete and incorrect. Mr. Anthony is seeking $2 million plus punitive damages. “Over the past few years, it has become increasingly prevalent for fiduciaries to view their clients as ‘prey,' said Robert Hirsh of Robert Hirsh & Associates of Beverly Hills, Calif., who is representing Mr. Anthony. Mr. Harmon was not immediately available for comment when contacted at his Roseville, Calif.-based firm.

Latest News

LPL adds $600M UBS team in Tennessee
LPL adds $600M UBS team in Tennessee

The firm's latest additions, led by a second-generation financial advisor, are striking out via its Linsco employee advisor channel.

eMoney supports focused financial planning with enhanced needs analysis
eMoney supports focused financial planning with enhanced needs analysis

The Fidelity-owned fintech aims to help advisors connect with mass market and mass affluent prospects with single-goal conversations.

Trump SEC pick Paul Atkins grilled by Democrats in early political test
Trump SEC pick Paul Atkins grilled by Democrats in early political test

The prospective chair of the agency has pledged to shed conflicted interests and "return common sense to the SEC."

Finra moves to boot Alpine Securities, same firm that claims the regulator can’t
Finra moves to boot Alpine Securities, same firm that claims the regulator can’t

'If I were on the side of Alpine Securities, I’d put all my eggs in the federal court,' one attorney said.

CFP Board floats new procedural rules around bankruptcy, misdemeanors
CFP Board floats new procedural rules around bankruptcy, misdemeanors

If approved, the proposed revisions would achieve outcomes similar to the existing process while reducing the burden of oversight.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve