More Pro Athletes Ripped Off - When Will It End?
It’s a story we have heard repeated again and again – a mortgage firm catering to pro athletes is in the news and a number of athletes have lost a significant sum of money.
This time the news comes from the Houston Area, where a company called Pro Style Financial apparently invested money on behalf of numerous NFL players, among others. From the article:
McCray joins Italian basketball professional Henry Domercant, former Denver Bronco A. Kyle Johnson, and Dallas Cowboy Jeremiah "Jay" Ratliff as alleged victims — all of whom invested in the trust through their financial agent Pro Style Financial, a financial advisory firm that works with a variety of professional athletes and is the subject of an adversarial lawsuit by Trustee Steven Notinger who is trying to identify and regain some of the assets of the failed mortgage company.
This is yet another cautionary tale. I hate to sound like a preacher, but if it sounds too good to be true, it probably is. Just because you’re a professional athlete making millions of dollars a year does not necessarily mean that you have access to investments which work miracles. That’s why pro athletes should always have someone double check and verify the credentials of those with whom they are investing. It is not foolproof, but having a sports lawyer on retainer to conduct due diligence on potential investment opportunities is always a good idea.
