by Brian Mahany
During the last 5 years of my career I have been privileged to represent a 2 time Grammy winner, a major movie star and a great baseball player who pitched in a World Series game. We love our celebrity clients (and love keeping them out of the media spotlight.) Unfortunately, many high profile individuals have been in the limelight and for all the wrong reasons – they fell prey to bad management or financial advice.
More than 3/4’s of NFL players are broke after just 2 years in retirement. Basketball players fare slightly better and retired baseball players are not immune either.
There are a number of reasons why celebrities often have money problems. Sometimes it is simply a spending problem. Sometimes the player or actor becomes a crook – see our story on legendary N.Y. Mets player Lenny Dykstra. Unfortunately, often celebrities simply become victims of bad agents or investment frauds. Recently we learned that former Phillies baseball player Scott Eyre lost everything to “Sir” Allen Stanford who was recently convicted for masterminding a billion dollar Ponzi scheme.
Eyre is alone. Well known baseball players Bill Bukner, Gaylord Perry and Tony Gwynn all fell on hard times too.
Representing sports figures and other celebrities requires finesse. In addition to great legal representation, legal counsel must preserve their clients image while also navigating around media issues.
Suing a former agent is particularly sensitive. Often agents are family members or friends. Other times, agents may possess a fair amount of damaging personal information about the client. Unfortunately, that makes celebrities especially vulnerable.
The fraud lawyers at Mahany & Ertl have assisted many prominent personalities and high net worth individuals. If you are a victim of any type of fraud including Ponzi schemes, embezzlement, insider theft or investment frauds, give us a call. All inquiries are protected by the attorney client privilege and kept in strict confidence.
Mahany & Ertl – America’s Fraud Lawyers. Offices in Milwaukee, Wisconsin; Detroit, Michigan; Portland, Maine & Minneapolis, Minnesota. Services available in many jurisdictions.