Professional Athletes Say They Seek Financial Advice Every Day, But Have Been Deceived

FINRA cases are typically confidential and documents are not available to the public. Aidikoff refused to make his clients available for discussion to elaborate on their case, citing a pending lawsuit. Still, the fact that the athletes want to go public underscores Parsons’ determination to “make sure it doesn’t happen to anyone else” and encourage other potential victims to come forward.

Lee said in a statement that he believes Morgan Stanley will put its interests first because it has been around for so many years. “I was wrong,” he said.

those who are festive, active philanthropistsHe said: “We are all prone to exploitation by people like Darryl Cohen. We are disappointed that a well-known company like Morgan Stanley has allowed someone like Mr. Cohen to be in a position to allow him to withdraw money from our accounts as he did.”

There’s no shortage of stories about prominent athletes being deceived or involved in risky financial plans. A Ernst & Young report last year It found that professional athletes reported fraud-related losses of almost $600 million from 2004 to 2019. “The frequency of fraud in sports is heading in the wrong direction,” the report said.

But Aidikoff said Parsons, Lee and Holidays were different because they did what many casual investors often do: They relied on a large brokerage firm to make low-risk, long-term decisions.

Jrue Holiday, 31, won an NBA championship with the Milwaukee Bucks and an Olympic gold medal with the US basketball team last year in Tokyo. It signed a four-year extension for $134 million in April 2021. He met his wife, then Lauren Cheney, while at UCLA, and football career It led to endorsement deals with Under Armor and Chobani.

The 33-year-old sniper Parsons, who had his best seasons with the Houston Rockets and Dallas Mavericks, retired in JanuaryTwo years later, he was seriously injured in a car accident caused by a drunk driver. His last contract, which he signed in 2016, was a four-year deal worth $94 million and Active in Los Angeles real estate.