A former financial advisor who worked for financial services giants Morgan Stanley and Wells Fargo has been convicted of defrauding three NBA players out of millions of dollars and splurging the funds to purchase luxury items and pay personal bills.
The U.S. Department of Justice (DOJ) says that 52-year-old Daryl Cohen used his position to mastermind a scheme that stole $5 million from three NBA players – Jrue Holiday, Chandler Parsons and Courtney Lee.
Authorities say that between 2017 and 2020, Cohen and a co-conspirator caused the trio of players to purchase unnecessary life insurance policies with markups of 200% or more, pocketing millions of dollars and using them to make home renovations, credit card payments, and as gifts to others.
Furthermore, Cohen moved $500,000 from the accounts of Lee and Parsons as “donations” to Beast Basketball.
However, neither Lee or Parsons authorized such transactions and when confronted, Cohen told Parsons that his funds were going to underprivileged children, when in reality, they were mostly used to fund a gym at Cohen’s house.
Lastly, Cohen used a sports agency and a law firm to fraudulently use $328,125 of Parsons’s money to repay a disgruntled MLB player who was a client of his.
Cohen has been convicted of one count of wire fraud and one count of investment advisor fraud and faces up to 25 years in prison.
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The post Ex-Morgan Stanley and Wells Fargo Advisor Drains $5,000,000 From NBA Players, Splurges on Home Renovations, Credit Cards and More appeared first on The Daily Hodl.
Source: Daily HODL
Original Post: Ex-Morgan Stanley and Wells Fargo Advisor Drains ,000,000 From NBA Players, Splurges on Home Renovations, Credit Cards and More
