Sports Financial Adviser Cheats Baseball players.

[Tx Oriole]

They have credit unions and Banks for money. When you risk money, you risk money.

That's true.

[BohKnowsBmore]

Here's the dude if you wish to call him.

Wacker is a very legit business address.

[sevastras]

Most of us have never or will never have this kind and of money. The biggest thing is they trusted their money with someone and you really can't fault KIDS who didn't earn their money from being intelligent for getting taken advantage of. Someone thinks they are being responsible by investing 80% of their income and living responsible gets taken advantage of is just sick.

[harp6]

It's appalling to me that the players (or their spouses or trusted assistants) did not monitor their accounts enough to know that tens of millions of dollars were vanishing. Just checking once a month or quarter would have turned it up.

What's is appalling is that you are judging the victims without any information. Did you ever consider that Narayan doctored the accounts to look good. Do you think that Narayan wants to get caught. The guy was a professional fraud and he will do what is necessary to cover his tracks.

I once was the victim of a Mortgage broker fraud. I lost some money, but I was more fortunate than many others. One person thought that they had paid off their mortgage fully and found that they still owed $200,000 to a bank, because the mortgage broker never payed off the bank.

In my situation all documents and accounts including tax documents sent to me were doctored to look good by the broker. He was a registered mortgage broker with the state. The state was suppose to audit him each year, but never did. He was also part of a larger mortgage brokerage corporation. The corporation was suppose to have someone audit his records and accounts. Do you know who the corporation assigned to audit the man? Himself.

I actually became suspicious about 4 months before the guy was found out. I then was trying to find out information, but was having difficulty investigating, because the bank that was involved was not cooperating in providing me information and then the banks acted like they had no knowledge of anything going wrong when the guy was found out. The banks then did all kinds of cover up, to avoid law suits.

In my case, out of all the agencies that were to monitor the mortgage broker, none of them were doing their job. If just one would have stepped in to check on things, then the fraud would have been recognized. When things went bad, they all the agencies tried to cover themselves to avoid accountability.

[harp6]

They have credit unions and Banks for money. When you risk money, you risk money.

There is a difference between risking your money on legit investments and someone doing fraud and stealing you money.

You can put your money in credit unions and banks if you want. You can also dig a hole and put your money in it. The return on your investment is about the same. In 20 years, you will still have about the same amount of money at todays rates.

I put my money into retirement funds and mutual funds. There is more risk than putting the money in the bank, but the reward is much better. The risk should only be that the investments: stocks, bonds, etc, that the fund manager invest, does poorly. The investor should never have to risk the fund manager or the fund company illegally stealing money from the investor.

[Aristotelian]

What's is appalling is that you are judging the victims without any information. Did you ever consider that Narayan doctored the accounts to look good. Do you think that Narayan wants to get caught. The guy was a professional fraud and he will do what is necessary to cover his tracks.

I agree. My kids just inherited some money controlled by my relative's financial advisor. I don't have any reason to distrust him, but when I call the company that the money is invested in to get an account balance, they tell me to call the financial advisor. Everything goes through the advisor. I assume the advisor is on the level, but if he is not I would have no way of knowing it.

If you are someone who wants to play baseball and not think about investment strategy and taxes, you hire a "professional", and you probably go with someone recommended by a friend and sanctioned by MLBPA.

[Frobby]

They have credit unions and Banks for money. When you risk money, you risk money.

There's nothing unusual in hiring an investment advisor. Sure you take the risk that the investments he/she recommends may not turn out well. But fraud is a whole 'nother can of worms.

I don't think Oswalt, Peavy or Sanchez lost their life savings or had all their eggs in this basket. According to the SEC, the three lost about $30 mm. Oswalt made $97 mm in his career and Peavy $112 mm. So the statement that Oswalt at one time had 80% of his salary going into the accounts Narayan controlled is probably a bit misleading in terms of where his overall assets were located.

By the way, I noticed that the SEC lawyer who filed the case against Narayan is named Chris Davis.

[LA2]

I agree. My kids just inherited some money controlled by my relative's financial advisor. I don't have any reason to distrust him, but when I call the company that the money is invested in to get an account balance, they tell me to call the financial advisor. Everything goes through the advisor. I assume the advisor is on the level, but if he is not I would have no way of knowing it.

If you are someone who wants to play baseball and not think about investment strategy and taxes, you hire a "professional", and you probably go with someone recommended by a friend and sanctioned by MLBPA.

My point was that if one does not want to "think about investment strategy and taxes" and leave it up to a "professional," then one is vulnerable to getting cheated. Despite having observed 50 years of my parents' investment behavior and actively invested my own money for the last 30, I can still confidently say that I have *never* met a financial advisor that was ultimately good for any of us--and that's without even going outside of the realm of legitimate behavior: what they did at each point was perfectly legal and yet ultimately not in our best interest. After all, it's in their best "professional" interest to squeeze money out of their clients regardless of whether the client benefits or not, and they usually work for big corporations, like Fidelity, etc., that reward them for constantly finding new ways to get a bigger slice of others' earned cash. Money is significant--if you're going to make tens of millions, there comes with it the responsibility to understand it and manage it prudently. The cost of not doing so is losing it to those who are aggressively seeking it out in every corner of the world. The psychology of money is fascinating--there are a lot of people who would be better off *not* making hundreds of millions of dollars.

[weams]

There's nothing unusual in hiring an investment advisor. Sure you take the risk that the investments he/she recommends may not turn out well. But fraud is a whole 'nother can of worms.

I don't think Oswalt, Peavy or Sanchez lost their life savings or had all their eggs in this basket. According to the SEC, the three lost about $30 mm. Oswalt made $97 mm in his career and Peavy $112 mm. So the statement that Oswalt at one time had 80% of his salary going into the accounts Narayan controlled is probably a bit misleading in terms of where his overall assets were located.

By the way, I noticed that the SEC lawyer who filed the case against Narayan is named Chris Davis.

Noting wrong with an investment strategy if you want to take gargantuan risk.

[weams]

There is a difference between risking your money on legit investments and someone doing fraud and stealing you money.

You can put your money in credit unions and banks if you want. You can also dig a hole and put your money in it. The return on your investment is about the same. In 20 years, you will still have about the same amount of money at todays rates.

I put my money into retirement funds and mutual funds. There is more risk than putting the money in the bank, but the reward is much better. The risk should only be that the investments: stocks, bonds, etc, that the fund manager invest, does poorly. The investor should never have to risk the fund manager or the fund company illegally stealing money from the investor.

Many legitimate investments go to zero. "As goes General Motors, so goes the United States of America."

[Frobby]

Noting wrong with an investment strategy if you want to take gargantuan risk.

So are you saying that anyone who invests in the stock market is taking a gargantuan risk?

[weams]

So are you saying that anyone who invests in the stock market is taking a gargantuan risk?

Could be. OR could be a very small one. Depends what types of stock are invested in and the willingness to make taxable withdraws in case of downturns in the market in general or the stock in specific. The CEO of one company when from a 4 billion net worth to zero in less than a quarter because of the type of stock she held. Common stock ownership and lack of diversification are the number one reasons people of any kind lose their wealth. Well. That and divorce.

[weams]

So are you saying that anyone who invests in the stock market is taking a gargantuan risk?

Nothing wrong with common stock ownership if you are willing to lose it all if you do not have a stop loss strategy in place. Many legitimate financial advisors who do not operate fraudulently do cost their client large sums of money when they get too aggressive with their strategies. But ride the waves.

[OFFNY]

It's appalling to me that the players (or their spouses or trusted assistants) did not monitor their accounts enough to know that tens of millions of dollars were vanishing. Just checking once a month or quarter would have turned it up.

Very good point.

Taking even a little bit of personal responsibility often goes a long way ...... and it would have for the players involved in this particular case had they done so.

[weams]

Just because something has not occurred since 1929 or 2000 or 2007 does not mean it will ever happen again. And those with a long term strategy weathered each of those times well, unless they were heavy in GM, Chrysler, Pets.com or Rite Aid. It does not rebound from zero.