18 former NBA players have been arrested and charged federally for defrauding the NBA’s Health and Welfare Benefit Plan out of approximately $4m | The Boneyard

18 former NBA players have been arrested and charged federally for defrauding the NBA’s Health and Welfare Benefit Plan out of approximately $4m

This seems like a "huge" story that'll amount to nothing. $4M across 18 players is gonna result in a few months probation and a slap on the wrist for basically everyone involved. Maybe Telfair gets some time on his sentence since he's already in prison
 
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Welp, one good thing of Ollie tanking the program was it lessened the chance of any former UConn players making that list???
 
navery12 said:
This seems like a "huge" story that'll amount to nothing. $4M across 18 players is gonna result in a few months probation and a slap on the wrist for basically everyone involved. Maybe Telfair gets some time on his sentence since he's already in prison
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There has to be more to this story. Why would 18 millionaires bother with that little pay out per player? I know sometimes athletes are bad with their finances, but they were currently making NBA salaries.
 
Huskyforlife said:
There has to be more to this story. Why would 18 millionaires bother with that little pay out per player? I know sometimes athletes are bad with their finances, but they were currently making NBA salaries.
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Perhaps, but a widely quoted 2009 Sports Illustrated article said that an estimated 60% of NBA players go bankrupt within five years after leaving their sport. The origin of that figure may have been a statement released by a representative of the NBA players association in 2008. The scheme is known to have lasted from 2017 to last year and some of the players played in the late 90's and the 00's.

While the 60% figure may overstate the issue, it isn't hard to blow a lot of money if you don't have good people to advise you, and help you manage it.

Edit: Also I would guess that many of these guys didn't need, and weren't getting the majority of the money, but submitted claims to help out a friend(s).
 
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navery12 said:
This seems like a "huge" story that'll amount to nothing. $4M across 18 players is gonna result in a few months probation and a slap on the wrist for basically everyone involved. Maybe Telfair gets some time on his sentence since he's already in prison
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"Those charged face a count of conspiracy to commit health care and wire fraud. By midday Thursday, 16 of the 18 accused players had been taken into custody, officials said."

When you read "16 already taken into custody" by this morning, and see the words "conspiracy" and "fraud" in the statement of charges, it sounds like there will be way more than probation.
 
mussels said:
Perhaps, but a widely quoted 2009 Sports Illustrated article said that an estimated 60% of NBA players go bankrupt within five years after leaving their sport. The origin of that figure may have been a statement released by a representative of the NBA players association in 2008. The scheme is known to have lasted from 2017 to last year and some of the players played in the late 90's and the 00's.

While the 60% figure may overstate the issue, it isn't hard to blow a lot of money if you don't have good people to advise you, and help you manage it.

Edit: Also I would guess that many of these guys didn't need, and weren't getting the majority of the money, but submitted claims to help out a friend(s).
Expand ...

Committing fraud to help a friend? That would be even dumber than committing fraud to help yourself.
 
mussels said:
Perhaps, but a widely quoted 2009 Sports Illustrated article said that an estimated 60% of NBA players go bankrupt within five years after leaving their sport. The origin of that figure may have been a statement released by a representative of the NBA players association in 2008. The scheme is known to have lasted from 2017 to last year and some of the players played in the late 90's and the 00's.

While the 60% figure may overstate the issue, it isn't hard to blow a lot of money if you don't have good people to advise you, and help you manage it.

Edit: Also I would guess that many of these guys didn't need, and weren't getting the majority of the money, but submitted claims to help out a friend(s).
Expand ...
www.thesportster.com

14 NBA Players Who Went Broke Almost Immediately After Retiring

Without MANDATORY emotional, financial, and educational requirements, this problem will get worse. Let these ex NBA players serve as a warning.
www.thesportster.com www.thesportster.com

Dan Hurley has done some great things at UConn but one thing stands out to me: bringing in speakers who share experiences that will benefit the players for the rest of their lives.

Many likely don't have someone in their lives teaching them the basics of managing money, assessing the integrity of those offering to manage their finances and making their investments, and other basic issues they'll face even if they don't make Ray Allen type contracts. As I recall, Donyell Marshall had a large "posse" that he supported for a few years but one day told them it's time to leave. He was a young guy who benefited from having friends around but after a while realized he was being used. Some never realize it and end up with nothing. Check the list for some major examples.
 
Watchdog said:
Many likely don't have someone in their lives teaching them the basics of managing money
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Amen to this! I grew up with middle class parents and went to decent schools, and the more I learn about money, the more I notice that I wasn't taught jack-diddly! I can't imagine the lack of knowledge that others with less opportunity than I had must have.
 
Chief is not making excuses for these guys, if they did what’s allege. They clearly knew what they were doing was wrong. However, I am ready to bet half of them had no idea of the legal implications of what they were doing. They probably gave it very little thought and it was more like word of mouth - do this and they will send you a check.
 
BigErnMcCracken said:
Didn't Clinton Portis and a bunch of former NFL players get arrested recently for the same thing?

Tony Wroten is a kid I really wanted to play for Calhoun.
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With the way the NFL chews up and spits out injured players and lack of guaranteed contracts in the most dangerous pro sport, I'm all for players getting them for every dollar they can get.
 
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Watchdog said:
www.thesportster.com

14 NBA Players Who Went Broke Almost Immediately After Retiring

Without MANDATORY emotional, financial, and educational requirements, this problem will get worse. Let these ex NBA players serve as a warning.
www.thesportster.com www.thesportster.com

Dan Hurley has done some great things at UConn but one thing stands out to me: bringing in speakers who share experiences that will benefit the players for the rest of their lives.

Many likely don't have someone in their lives teaching them the basics of managing money, assessing the integrity of those offering to manage their finances and making their investments, and other basic issues they'll face even if they don't make Ray Allen type contracts. As I recall, Donyell Marshall had a large "posse" that he supported for a few years but one day told them it's time to leave. He was a young guy who benefited from having friends around but after a while realized he was being used. Some never realize it and end up with nothing. Check the list for some major examples.
Expand ...

At one point Lamar Odom was paying like 37 cell phone bills

Former nfl corner Phillip Buchanan, after he got a drafted, was sent a BILL from his mother for 18 years of room and board

It’s rough out there to some extent
 
Watchdog said:
www.thesportster.com

14 NBA Players Who Went Broke Almost Immediately After Retiring

Without MANDATORY emotional, financial, and educational requirements, this problem will get worse. Let these ex NBA players serve as a warning.
www.thesportster.com www.thesportster.com

Dan Hurley has done some great things at UConn but one thing stands out to me: bringing in speakers who share experiences that will benefit the players for the rest of their lives.

Many likely don't have someone in their lives teaching them the basics of managing money, assessing the integrity of those offering to manage their finances and making their investments, and other basic issues they'll face even if they don't make Ray Allen type contracts. As I recall, Donyell Marshall had a large "posse" that he supported for a few years but one day told them it's time to leave. He was a young guy who benefited from having friends around but after a while realized he was being used. Some never realize it and end up with nothing. Check the list for some major examples.
Expand ...

Normal people aren’t taught this either, it’s one of the few things the athletically gifted have known common with us commoners lol
 
The question is, if one commits health care fraud, does one‘s health insurance company drop you? Same goes for league pension, if it’s the league health and welfare plan one defrauds. That would be an easy way for the league to sweep it under the rug and get it’s pound of flesh. I’m not an ERISA lawyer, so I wouldn't know.
 
"the 18 players combined to make $343 million in their on-court NBA careers, not counting outside income, endorsements or what any may have made playing overseas."

Whether stupidity and/or greed, if proven guilty they should get tough sentencing. Sure some may be broke and that money was addictive, but damn with 18 people, someone's gonna run their mouth sooner or later exposing the con.
 
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Kitaman said:
"the 18 players combined to make $343 million in their on-court NBA careers, not counting outside income, endorsements or what any may have made playing overseas."

Whether stupidity and/or greed, if proven guilty they should get tough sentencing. Sure some may be broke and that money was addictive, but damn with 18 people, someone's gonna run their mouth sooner or later exposing the con.
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Not that I disagree they should be punished but why should their NBA salaries and endorsements matter for sentencing?
 
Chin Diesel said:
Welp, one good thing of Ollie tanking the program was it lessened the chance of any former UConn players making that list???
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Who knew Ollie Derangement Syndrome had long haul affects on the brain...

Anywho, not surprised at all to see Chris Douglass Roberts name pop up on that list, everything about his persona these days screams scammer.
 
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