Denver Nuggets star Carmelo Anthony is suing his former business manager Larry W. Harmon for allegedly misappropriating more than $2 million of his assets.The lawsuit, filed in U.S. District Court in Sacramento, Calif., on Monday, alleges that Anthony's former business manager, Larry W. Harmon, and employees of Larry Harmon & Associates P.A., breached their fiduciary duties by transferring $1.75 million of Anthony's money without his knowledge or consent to a company formed by Harmon, most of it in 2008.
Another $265,500 was discovered to have been invested in third parties without Anthony's knowledge or consent between 2005 and 2008, according to the lawsuit, which seeks recovery of the approximately $2 million, plus punitive damages.
Harmon said he was unaware of the lawsuit and said he'd wait to see what the gold medalist alleged. Anthony ended his business relationship with Harmon earlier this year, according to the suit.
The athlete's need to accept some responsibility for how they choose to spend their money. They need to be proactive with understanding the investment vehicles being used as well as control their own spending habits which is where the bulk of the money usually ends up.
If these guys make that kind of money and accept a bad investment decision, you can't blame the advisor 100%. Everyone is on the Bernie Madoff witch hunt now but you can't blame your advisor if you ignore his advice or worse yet, if you sign off on the strategy and it doesn't work out, don't claim to ba a victim all of a sudden.
If youmake millions and you spend millions, you're going to be broke. A $2mil investment that went bad isn't really where your problem lies. what did you do with the rest of it?
I'd advise that you stop picking up the tab for your friends and blowing hundreds of thousands of dollars a month becaue when you're broke, your "friends" will be gone.