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Saturday, March 21, 2009
Torii Hunter, Entrepreneur — And Con Artist Victim
Stick to name brand financial advisers is the lesson of this episode, I guess:
Stick with investments such as the stock market, public securities, gold and other things that while you can't see them, are relatively safe. Athletes often prefer the thrill of something tangible, the story reports, such as inventions, nightclubs and car dealerships that go bankrupt. Los Angeles Angels outfielder Torii Hunter invested almost $70,000 in an inflatable raft invention that would sit under furniture. Owners could pump it up during heavy rain and float away on their sofa during a flood. Hunter never saw his money again.More on this kind of thing at Sports Illustrated; 60% of NBA players are broke within five years of retirement. And...
Numerous retired MLB players have been similarly ruined, and the current economic crisis is taking a toll on some active players as well. Last month 10 current and former big leaguers—including outfielders Johnny Damon of the Yankees and Jacoby Ellsbury of the Red Sox and pitchers Mike Pelfrey of the Mets and Scott Eyre of the Phillies—discovered that at least some of their money is tied up in the $8 billion fraud allegedly perpetrated by Texas financier Robert Allen Stanford. Pelfrey told the New York Post that 99% of his fortune is frozen; Eyre admitted last month that he was broke, and the team quickly agreed to advance a portion of his $2 million salary.