BrightLights + Blog

 

The intersection of finance, fraud, and the sports & entertainment industry.

 

Enter email address to subscribe to BrightLights blog!

Delivered by FeedBurner

Thankful. 


BrightLights Turns Two: Looking Back on  Year 2

Does Fraud Affect A Pro Athlete's Statistics?

A study never done before reveals the extent fraud damages the careers and lives of pro athletes.


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

Money Talks Podcast: Financial Fraud with David Byrne and pro soccer player, Amobi Okugo


Why Financial Advisors Defraud Pro Athletes

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.

Lonzo Ball's Family and Friends & The NBA's Problem

This is happening...it’s happening with A LOT of athletes. Right now! And nobody is saying nothing.” - Lebron James.


Kevin Garnett Supports Fraudster, Loses $77 Million to Said Fraudster

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.

The State of Financial Fraud in Professional Sports

Why be the change that athletes should see when money covers the industry like a tsunami? 


Is Anyone in the Sports World Listening?

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

What Andre Iguodala and Vince Carter Said

Andre Iguodala: "These young guys, I’m like, 'Who the hell is giving you advice?' And all those young guys, they have that one person, where we sit back we’re like, 'Man, if you don’t get the hell away from that person…'”

 

Vince Carter: "It’s everywhere, and it needs to be heard."


BrightLights' Presentation at the NCAA's Elite Student-Athlete Symposium for Men's Basketball

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.

BrightLights Podcast with AWM Capital

A podcast with a Partner of AWM Capital, Erik Averill, CFP, CKA, where we discuss how pro athletes can expand and preserve their wealth while putting the right team in place.

 


A Complaint on SEC Complaints...on Behalf of Investors

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?

BrightLights Turns One Year Old: Looking Back on the First Year of a Startup


Dear (Good) Agents, Here's Why You Need BrightLights

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.

In Your Own Words - Chris Bosh

"I have millions of dollars and I don't know finance. I've had some bad things happen in my career...People put stuff in front of me and I signed it, and then it came back and crucified me 10 years later." 


What Should I Be Doing with My Investments?

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.

 

Regulators Retreat & Our Financial Protection Depletes

The newly appointed leaders of our nation's financial regulators are decreasing or demolishing the enforcement of their own rules. This will not end well.


Not Even Marvel Comics Legend Stan Lee Is Safe from Elder Fraud

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.”

Albert Haynesworth - In Your Own Words

In Your Own Words - Albert Haynesworth

"I know he seems trustworthy. I know he seems smart. But if you let your friend handle your finances, he’s going to take millions from you…"


Warren Buffett Beats Hedge Funds with an Index Fund & Warns Against Debt

"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.”

 

Case Study: Charles Barkley Defrauded $4 Million by Personal Friend and Business Advisor

"If Donald did something wrong, that's on him. I got no control. I'm getting hit by friendly fire. I have done absolutely nothing wrong but invest and trust a friend...I said, 'You know what, Donald, I like you, I trust you.' So that's pretty how it pretty much came to fruition."  - Charles Barkley


Pro Athletes Should Ensure They Have the Right Financial Team Around Them

BrightLights Featured in Pro Athlete's Website, A Frugal Athlete


In Your Own Words - Kareem Abdul-Jabbar

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.

The Cleveland Browns Owner and His Company's $56 Million Fraud

The shocking story of an epic fraud by one of the largest private companies in the US that led to 14 individuals pleading guilty and four others on trial.


In Your Own Words - Nnamadi Asomugha

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.

Case Study: Jake Peavy, Roy Oswalt, and Mark Sanchez Defrauded $30 Million by Financial Advisor

“When you've known people your whole life and career and they let you down and they're not who you thought you were, it's devastating.”


Locket and Time

Case Study: Alyssa Milano Sues Business Manager $10 Million for Fraud

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

Abacus

Case Study: Scotty Gets a Variable Annuity

Another example why many investors can use the help of an investor advocate like BrighLights to look under the hood of their investments. 


Scale

BrightLights = Risk Management for Professional Athletes' Finances

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? 

Counting Money

What Can Pro Athletes Learn from Paul Manafort's Indictment? Follow the Money.


Maze

Johnny Depp Sues Lawyer for $30 Million in Damages

Basketball and Inequality

The Cost of Bribery and Corruption in the NCAA


Locks

Secrets To Us All: Radio DJ Defrauds Investors $5.6 Million

Paper Boats

The Costs of Financial Advice: Pro Athletes Must Choose a Financial Advisor

When choosing a financial advisor, pro athletes must understand the costs involved and how to get every last penny out of these services.


Deserted Basketball Court

Case Study: How Did Charles Banks Defraud Tim Duncan?

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?

Dice

46 Reasons Why Athletes Must Monitor Their Finances


Multiple Identical Doors

Case Study: Investment Adviser Defrauds Pro Athlete and His Wife

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?

Reflection of a Lone Tree

A Pro Athletes Financial Advisor: Broker or Investment Adviser?

Before choosing a financial advisor, professional athletes must understand a basic but fundamental difference in the standard of care that these advisors will provide.


Lookout Telescope

Case Study: Johnny Depp Sues Business Manager for $25 Million Fraud

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

Lone Tree in Drought

Financial Fallout from CTE - Fraudsters Find Another Target


Crumbling Sandcastles

Case Study: The Fyre Festival - Why Private Investments Can Be So Risky

Forest Fire

Case Study: Clinton Portis Defrauded and Bankrupt

Clinton Portis had a gun, sitting in his car, waiting to kill his financial advisor. What could have led the All-Pro running back into such dire straits? 


Eiffel Tower

The Fraud Triangle and Professional Athletes

The Cost of Fraud in U.S. Professional Sports

By my estimate, pro athletes lose $300 million to fraud every year.


Matrix Code

Where Is the Data on Fraud with Professional Athletes?

Corporate Buildings in Blue

My Time at Merrill Lynch and FINRA


Rivers and Sunset

Why the Name BrightLights?