Pro Athletes Say They Wanted Everyday Financial Advice but Got Cheated

FINRA circumstances are sometimes confidential, and paperwork aren’t publicly accessible. Aidikoff, citing pending litigation, declined to make his shoppers accessible for interviews to elaborate on their circumstances. Nonetheless, the truth that the athletes wished to go public underscores their dedication to “guarantee it doesn’t occur to another person,” Parsons mentioned, and to encourage different attainable victims to return ahead.

Lee mentioned in a press release that he believed Morgan Stanley would put his pursuits first as a result of it had been round for a few years. “I used to be incorrect,” he mentioned.

The Holidays, who’ve been energetic philanthropists, mentioned: “We’re all vulnerable to being exploited by folks like Darryl Cohen. We’re disillusioned that an organization as properly referred to as Morgan Stanley would allow somebody like Mr. Cohen to be able that allowed him to maneuver cash out of our accounts the best way that he did.”

There is no such thing as a scarcity of tales about outstanding athletes being duped or getting entangled in dangerous monetary schemes. An Ernst & Younger report final 12 months discovered that skilled athletes reported virtually $600 million in fraud-related losses from 2004 to 2019. The “incidence of fraud in sports activities is trending within the incorrect course,” the report mentioned.

However Parsons, Lee and the Holidays are totally different, Aidikoff mentioned, as a result of they merely did what many extraordinary buyers typically do: They relied on a big-name brokerage to make low-risk, long-term choices.

Jrue Vacation, 31, gained an N.B.A. title with the Milwaukee Bucks and an Olympic gold medal with the U.S. basketball workforce in Tokyo final 12 months. He signed a four-year extension in April 2021 for $134 million. He met his spouse, then Lauren Cheney, whereas they have been at U.C.L.A., and her soccer profession led to endorsement offers with Beneath Armour and Chobani.

Parsons, 33, a sharpshooter whose greatest seasons got here with the Houston Rockets and Dallas Mavericks, retired in January, two years after he was significantly injured in a automobile accident attributable to a drunken driver. His final contract, signed in 2016, was a four-year deal value $94 million, and he has been energetic in Los Angeles actual property.