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
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

Divorce Is When Financial Planning May Matter Most and Advisors Are Still Late to the Table
Divorce Is When Financial Planning May Matter Most and Advisors Are Still Late to the Table

Divorce is a financial inflection point, not just a legal one and wealth managers need to be part of the process from day one

IRA ownership climbs as rollovers drive retirement savings growth, ICI finds
IRA ownership climbs as rollovers drive retirement savings growth, ICI finds

Nearly three quarters of US households hold tax-advantaged retirement accounts as IRA assets reach $18 trillion.

Robinhood brings AI-powered Cortex to RIAs on TradePMR
Robinhood brings AI-powered Cortex to RIAs on TradePMR

Robinhood is adding Cortex for Advisors across TradePMR, bringing AI-powered portfolio analysis and tax insights to advisors, while executives say regulatory constraints still prevent AI from directly managing client assets.

The real challenge in retirement isn’t saving — it’s spending
The real challenge in retirement isn’t saving — it’s spending

As Americans transition from saving for retirement to spending in retirement, new research suggests sustainable income matters more than account balances.

Wellington Management strikes acquisition deal with Hartford Funds in $1.9B wealth push
Wellington Management strikes acquisition deal with Hartford Funds in $1.9B wealth push

The agreement marks the end of a four-decade sub-advisory partnership while giving Wellington a scaled distribution platform for financial advisors.

SPONSORED Estate planning isn't a service add-on. It's your retention strategy.

As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.

SPONSORED Why strategy matters more than performance

In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.