NHL Players Bilked for Millions

This is almost a follow up to the SI article I posted.  Yes, you need advice, but you have to get it from the right person.  Do your due dilligence.  This cat wasn’t even licensed!  Guys like him make it hard for guys like me that do things the right way.

SCAM ON ICE: Suit says ‘adviser’ bilked NHL players for millions

Sunday, April 26th 2009, 1:21 PM

The view from the pool deck at Arizona businessman Phillip A. Kenner’s multi-million dollar hideaway in Cabo San Lucas, Mexico.

Phillip A. Kenner

Phillip A. Kenner

An unlicensed financial adviser who bills himself as a “lifestyle coach” scammed several NHL players out of millions of dollars, according to sources familiar with the case and a lawsuit filed by former NHL star Joe Juneau.

See Rest of Article Here

Why I Do What I Do

spr20090323pittIn case you were wondering why I’ve chosen to work with professional athletes, this article from Sports Illustrated makes it pretty clear.

My goal: To make sure none of my clients end up in an article like this!

How (and Why) Athletes Go Broke                                     

BY PABLO S. TORRE , Sports Illustrated

Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn’t matter how much they make. And the ways they blow it are strikingly similar.

…What happens to many athletes and their money is indeed hard to believe. In this month alone Saints alltime leading rusher Deuce McAllister filed for bankruptcy protection for the Jackson, Miss., car dealership he owns; Panthers receiver Muhsin Muhammad put his mansion in Charlotte up for sale on eBay a month after news broke that his entertainment company was being sued by Wachovia Bank for overdue credit-card payments; and penniless former NFL running back Travis Henry was jailed for nonpayment of child support.

In a less public way, other athletes from the nation’s three biggest and most profitable leagues—the NBA, NFL and Major League Baseball—are suffering from a financial pandemic. Although salaries have risen steadily during the last three decades, reports from a host of sources (athletes, players’ associations, agents and financial advisers) indicate that:

• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

• 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.

Read the Full Article at Sports Illustrated Here

Super Sunday


You have my permission to spend money on your Super Bowl Party today!  Come on, we have a sixth championship to celebrate!

Be Careful Who You Listen To


Wow, NBC really has some cohones!  They had the nerve to have MATT MILLEN on their playoff edition of Football Night in America.  For those of you that don’t know, until he was recently fired he was the GM of the Detroit Lions who just completed the WORST SEASON IN NFL HISTORY by going 0-16.  Further, just to prove that this year wasn’t a fluke, he led them to the worst 8-year record in the NFL since WWII at 31-97.

It might not be so bad if they brought him on just to make fun of him and his overall GUMPNESS as a GM.  But no….right after Dan Patrick gets Matt to say that he would have fired himself (who admits to that?) ….he asks him for analysis on how Arizona can win their game against Atlanta in a segment called…get this…The Winning Formula!  How can a guy from a WINLESS team comment on anyone’s WINNING formula? Come on people.

If that’s the case, I might as well get in on the act.  Here are my new show ideas:

“Handling High Pressure Interviews” hosted by Sarah Palin

“Trusting Your Financial Advisor” hosted by Bernie Madoff

oh, and don’t forget

“Ethics in Politics” hosted by Gov. Rod Blagojevich

You really have to be careful who you listen to.  You have to consider the source.  I am not suggesting that someone must be perfect to give advice or to do interviews, but this is just ridiculous.

So…….Who are you taking advice from?