BrightLights Turns Two: Looking Back on the Year 2

Trust but Verify: Oversight of a Pro Athlete's Financial Advisor Is Essential

The beauty of finance for those selling it is that no matter what is happening, there’s a way to manipulate the situation into something positive.

This is one of the weirdest cases of fraud against a pro athlete, a testament to the huge role our psychology plays in fraud, one where Garnett’s trust of someone can be so omnipotent that he’s blind to reality and risk.

Ernst & Young reports pro athletes suffered $500 million in fraud-related losses.

I had the honor to speak about fraud awareness and prevention to NCAA Men’s Basketball players projected to go the pros...this is my script and PowerPoint slides.

83 advisers with 18,000 accounts and $1.62 billion in assets were charging excessive fees, fraudulently trading, or practicing without registrations...yet the SEC names none of them. Why?

There’s a reason so many pros end up broke. If an athlete’s support system is corrupted (and hint: money corrupts) and people bleed them dry, it’s not going to end well. Good agents protect their players through the whirlwind of pro sports. Good agents want their client’s story to end well.

For all the people out there who have wondered this question and/or are curious of its answer, the legendary pioneer of common sense investing, Jack Bogle, has the answer.

Featuring a sketchy business partner, a sham charity, a forged check, a condo, millions of dollars missing, a bodyguard with a criminal history, and more.

"Whoever has been scamming him should be held responsible. No one else dares to get close to the police, and the reason is they all have a lot of things to hide.”

"These managers urged others to bet billions on their abilities. Why should they fear putting a little of their own money on the line? 

"What followed was the sound of silence. Though there are thousands of professional investment managers who have amassed staggering fortunes by touting their stock-selecting prowess, only one man – Ted Seides – stepped up to my challenge.”

Philadelphia 76ers #1 overall pick, Ben Simmons: "That was when I realized I really need to get this together before it gets worse."

The NBA legend wishes he could jump into a time machine and provide some financial advice to his thirty-year-old self. His advice illuminates a lesson BrightLights preaches: Trust but verify.

Reading this quote by the former All-Pro NFL cornerback turned actor/producer, my heart skipped a beat - this quote sums up why I started BrightLights. Change is gonna come.

A story of fraud, theft, and negligence by a trusted advisor with no checks and balances.

Athletes buy insurance to protect their future earnings from career-ending injuries. Yet they fail to protect money they've already earned from fraud. Why? 

First his business manager, now his lawyer. What other professionals of Depp's are left?

Secrets, like being millions of dollars deep in gambling debts, can create pressure on someone to find money fast in any way possible.

The fraud on Tim Duncan by his advisor of 16 years comes up in more conversations than any other. If he can get taken, are all athletes shark bait?

They questioned their adviser for years about $1.2M in fraudulent fees, and he responded with fake statements, emails, and even a fake person! What were they to do?

What can professional athletes learn from Johnny Depp's allegations of a $25 million fraud by those entrusted with the keys to his kingdom?