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

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management