Ohtani joins long list of scammed athletes and celebrities
-
Shwetha Surendran, ESPN
Ippei Mizuhara’s alleged theft of at least $16 million from his former employer, Los Angeles Dodgers superstar Shohei Ohtani, shocked the sports world, but the story of a celebrity getting fleeced by a member of his inner circle is a tale as old as time.
From Billy Joel to Alanis Morissette to athletes including Dennis Rodman and Mark Sanchez, there’s a long list of celebrities and athletes who lost effective control of their assets and found themselves victimized by people they once trusted.
According to a 2021 report from global accounting and consulting firm EY, professional athletes alleged they lost nearly $600 million due to fraud from 2004 through 2019. The research also showed that fraud was growing as athletes’ income from endorsements and salaries also rose.
“You also have a group that’s very young, with high earnings, which is very unique, and they’re very focused on their careers. And so, they ultimately trust,” said Chase Carlson, a Florida attorney who specializes in representing professional athletes and entertainers who are victims of investment fraud or mismanagement. “They have to choose somebody to trust. And unfortunately, people take advantage of that trust.”
Mizuhara was well known for being Ohtani’s interpreter, working closely with him during Ohtani’s six years in the major leagues. But Mizuhara’s relationship with Ohtani stretched well beyond the clubhouse and included responsibilities such as driving him around, handling his daily tasks and managing certain business and personal matters outside of baseball. Federal authorities said Mizuhara was Ohtani’s “de facto manager and assistant.”
According to an affidavit filed by federal authorities last week, Mizuhara stole millions of dollars from an account he helped Ohtani open in 2018. Mizuhara allegedly used the money to cover gambling debts he amassed with an illegal bookmaking operation in southern California.
Ohtani said he never gave Mizuhara control of his accounts, but Mizuhara allegedly told Ohtani’s other advisers and accountants — none of whom speak Japanese — that Ohtani had denied them access to the account, according to the affidavit. Federal authorities also allege that Mizuhara falsely identified himself as Ohtani to “trick and deceive” bank employees into authorizing wire transfers to the illegal bookmaking operation.
“You have those financial advisers and business managers that have been bad actors,” said Anthony Smalls, the head of entertainment, sports and media for MGO, a global accounting firm. “But for the most part, we find that it’s their trusted friends [and] family members that are most often discovered as the folks who can circumvent approval processes.”
Some examples include:
-
In 1989, Billy Joel sued his former manager Frank Weber — who was also his ex-wife’s brother and his oldest daughter’s godfather — for $90 million, claiming fraud and breach of fiduciary duty, among other allegations. Joel eventually settled out of court after Weber declared bankruptcy.
-
In 2017, the former business manager for Alanis Morissette was sentenced to six years in federal prison after he withdrew $4.8 million from the Canadian entertainer’s account without her knowledge. The manager, Jonathan Schwartz, also embezzled nearly $2 million from two other clients, prosecutors said.
-
Peggy Ann Fulford duped NBA Hall of Famer Dennis Rodman, former NFL player Ricky Williams and other athletes out of millions of dollars by falsely claiming that she was a Harvard-educated financial adviser. In 2018, she pleaded guilty to one count of interstate transportation of stolen property, was sentenced to 10 years in prison and ordered to pay $5.8 million in restitution to her victims. Fulford was released early from her sentence in 2023.
-
Federal authorities charged a former Morgan Stanley adviser, Darryl Cohen, with three different counts of fraud in 2023 after he allegedly defrauded NBA players Jrue Holiday, Chandler Parsons and Courtney Lee out of $5 million. Each of the two counts of wire fraud carries a maximum sentence of 20 years, and the count of investment adviser fraud has a maximum five-year sentence. In a statement to ESPN, an attorney representing Cohen said, “Mr. Cohen has pleaded not guilty and continues to vigorously fight these allegations. Trial is scheduled for February.”
-
Former San Antonio Spurs star Tim Duncan accused a former financial adviser of scamming him out of more than $20 million. In 2018, a judge ordered Charles Banks IV to pay $7.5 million in restitution.
-
Former San Francisco Giants pitcher Jake Peavy, former NFL quarterback Mark Sanchez and other athletes were cheated out of more than $30 million by Ash Narayan, an investment adviser who “secretly [siphoned]” money from their accounts using forged or unauthorized signatures, federal authorities said in 2016. Narayan pleaded guilty in 2019 to wire fraud and subscribing to a false tax return, was sentenced to over three years in federal prison and ordered to pay $18.8 million in restitution.
Smalls said that many athletes have the tendency to split responsibilities between different members of their team, which creates silos and in turn leads to a lack of transparency in roles. Ideally, the assembled team should be meeting with the athlete or entertainer at regular intervals, ensuring a closed circle that allows for checks and balances, Smalls said.
“Of course anything can happen in any scenario, but the chances of six different disciplines colluding together to cause some kind of bad act is a lot less likely than someone who’s able to operate in their silo with autonomy being able to do it in their area and that area not have a mechanism that touches another area,” he said.
Athena Constantinou, director of international operations at the Sports Financial Literacy Academy, said that most of these incidents boil down to a lack of financial literacy.
“If athletes were financially literate, they would know better than to hand over their finances to anyone,” Constantinou said. “Because, your advisers, they have the role of informing you about your options. But you are the one who is making the final decisions, and you are the one who bears the repercussions.”
Constantinou said that leagues and players associations have a duty to give their players a financial education.
The NFL Players Association (NFLPA) requires agents and financial advisers to be registered with the association, meeting a list of educational and work experience, background checks and examinations.
Agents maintain NFLPA certification by paying an annual fee, attending a seminar, obtaining professional liability insurance from an approved carrier, and negotiating at least one player contract within a three-year period. The NFLPA also has regulations and a code of conduct for players’ financial advisers.
The NBPA and MLBPA do not have certification requirements for financial advisers but do have regulations for player agents. The MLBPA also certifies minor league agents, limited certified agents and expert agent advisers.
Zach Miller, a former NFL player who won the Super Bowl with the Seattle Seahawks in 2014, recalled signing his first contract and relying on his dad’s recommendation of a broker. Miller is now a certified financial planner and private wealth adviser at AWM Capital, a wealth management family office. He said that while mandatory educational sessions might be helpful, engaging players on financial literacy might be hard until they have some experience managing their money.
“It’s no different than your job on the NFL field. You’re either winning your one-on-ones, doing your assignments correctly, doing all those things. You got to do that for your money, too,” Miller said. “You got to know how much you’re paying in taxes. You got to know how much you saved that year. Very few players actually even know how much money they spend each year. It’s the wildest thing.”
Ideally, besides an agent, an athlete should surround themselves with a certified financial planner, a tax certified public accountant, an independent registered investment advisory group and a personal attorney to read through all contracts they sign, said Erik Averill, a former professional baseball player and co-founder of AWM Capital.
But ultimately, the onus falls back on the athlete or celebrity to know their cash flow, he said, and that a lack of knowledge about money leaving an account is “unacceptable.”
“This is your money, and you own everything,” he said. “So, you can hire a lot of people to do a lot of things, but you can never transfer the responsibility for the ultimate result of your finances and your withholding.”
Week 7 shook up the College Football Playoff picture. No team earned a more impactful result than Indiana, whose win at Oregon is now the best in the country during the first half of the season. Indiana’s playoff chances jumped 21%, climbing to a 93% chance to make the playoff, according to the Allstate Playoff predictor.
Not only are the Hoosiers off the bubble, but Indiana also is chasing a first-round bye as one of the top four seeds, having cemented its place alongside Ohio State and Miami as one of the nation’s best teams.
Indiana wasn’t the only winner, though, as South Florida and Texas Tech both saw their playoff chances jump by at least 15%.
Below you’ll find one team in the spotlight for each of the Power 4 leagues and another identified as an enigma. We’ve also tiered schools into three groups. Teams with Would be in status are featured in this week’s top 12 projection, a snapshot of what the selection committee’s ranking would look like if it were released today. Teams listed as On the cusp are the true bubble teams and the first ones outside the bracket. A team with Work to do is passing the eye test (for the most part) and has a chance at winning its conference, which means a guaranteed spot in the playoff. And a team that Would be out is playing in the shadows of the playoff — for now.
The 13-member selection committee doesn’t always agree with the Allstate Playoff Predictor, so the following categories are based on historical knowledge of the group’s tendencies plus what each team has done to-date.
Reminder: This will change week-to-week as each team builds — or busts — its résumé.
Jump to a conference:
ACC | Big 12 | Big Ten
SEC | Independent | Group of 5
Bracket
SEC
Spotlight: Tennessee. The Vols have looked like a borderline playoff team against unranked opponents in recent weeks, beating Mississippi State and Arkansas by a combined 10 points with one overtime. Offensively they’ve been elite, averaging 300 passing and 200 rushing yards per game this season. Defensively, they need to stop the run to make a run in the SEC. They’ll have a chance against Alabama on Saturday to further legitimize their hopes. With a win, Tennessee’s chances of reaching the playoff would jump to 52%, according to the Allstate Playoff Predictor. Tennessee ranks No. 10 in ESPN’s game control metric and No. 19 in strength of record. The Vols are projected in the committee’s No. 12 spot this week, which means they would get knocked out of the actual field during the seeding process to make room for the highest-ranked Group of 5 champion. The five highest-ranked conference champions are guaranteed spots in the playoff, so if the fifth team is ranked outside of the committee’s top 12, its No. 12 team gets the boot.
Enigma: Texas. The Longhorns took a baby step toward a return to CFP relevance with a big win against Oklahoma, but it was their first win against a Power 4 opponent and their first against a ranked team. Texas has the 15th-most difficult remaining schedule, and with two losses is already in a precarious position. The Longhorns will play three of their next four opponents on the road (at Kentucky, Mississippi State and Georgia). There were encouraging signs from the win against the rival Sooners, from the stingy defense that flustered quarterback John Mateer all game to what looked like an improved offensive line that gave quarterback Arch Manning some time to throw. He completed 16 of 17 passes for 119 yards and a touchdown when under no duress. If Texas can continue to put it all together against the heart of its SEC schedule, it could make a run to be one of the committee’s top two-loss teams.
If the playoff were today
Would be in: Alabama, Georgia, LSU, Oklahoma, Ole Miss, Texas A&M
On the cusp: Tennessee
Work to do: Missouri, Texas, Vanderbilt
Would be out: Arkansas, Auburn, Florida, Kentucky, Mississippi State, South Carolina
Big Ten
Spotlight: USC. The Trojans have looked like a CFP top 25 team through the first half of the season, with their only loss a close one on the road to a ranked Illinois team. In Week 7, USC’s convincing 31-13 win against Michigan pushed it into more serious Big Ten contention. Ohio State and Indiana are the leaders, followed by Oregon, but USC has the fourth-best chance (7.1%) to reach the Big Ten title game, according to ESPN Analytics. That will change when the Trojans go to Oregon on Nov. 22, but they don’t play Ohio State or Indiana during the regular season. A win at Notre Dame on Saturday would be a significant boost to USC’s playoff résumé, while simultaneously knocking the Irish out of playoff contention. According to the Allstate Playoff Predictor, USC’s chances of reaching the playoff would adjust to 58% with a win against Notre Dame. According to ESPN Analytics, USC has less than a 50% chance to win its games against Notre Dame and Oregon.
Enigma: Washington. The Huskies have improved significantly and quickly under coach Jedd Fisch, who’s in his second season. Their only loss was to Ohio State, 24-6, on Sept. 27, but they lack a statement win that gives them real postseason credibility. Wins at Washington State and Maryland are certainly respectable, but bigger opportunities loom starting on Saturday at Michigan. This game has significant implications, because if the Huskies can win, they stand a strong chance of hosting Oregon as a one-loss team in the regular-season finale. According to ESPN Analytics, Michigan has a 67.6% chance to win on Saturday, and Oregon has a 70% chance to beat Washington on Nov. 29. The Huskies are projected to win every other game, though. A win against Michigan could increase their playoff hopes significantly.
If the playoff were today
Would be in: Indiana, Ohio State, Oregon
On the cusp: USC
Work to do: Nebraska, Washington
Would be out: Iowa, Illinois, Maryland, Michigan, Michigan State, Minnesota, Northwestern, Penn State, Purdue, Rutgers, UCLA, Wisconsin
ACC
Spotlight: Georgia Tech. Raise your hand if you had Georgia Tech at Duke on Saturday circled as a game that would impact the College Football Playoff. The Yellow Jackets would have been the next team to crack the latest CFP projection this week, and their chances of reaching the ACC championship game will skyrocket if they can win at Duke. Georgia Tech currently has the fourth-best chance to reach the ACC title game behind Miami, Duke and Virginia. ESPN Analytics gives the Blue Devils a 61.8% chance to win. The only other projected loss on the Jackets’ schedule is the regular-season finale against Georgia. Even if Georgia Tech reaches the ACC title game and loses, it could get in as a second ACC team with a win over Georgia.
Enigma: Virginia. The Hoos have won back-to-back overtime games against Florida State and Louisville, putting themselves in contention for a spot in the ACC championship. They host a tricky Washington State team on Saturday that just gave Ole Miss a few headaches, though, and need to avoid a second loss to an unranked team. The toughest game left on their schedule is Nov. 15 at Duke. Without an ACC title, Virginia is going to have a tough time impressing the committee with a schedule that includes a loss to unranked NC State and possibly no wins against ranked opponents. It didn’t help the Hoos that Florida State lost to an unranked Pitt, as the win against the Noles was the highlight of their season so far.
If the playoff were today
Would be in: Miami
On the cusp: Georgia Tech
Work to do: Virginia
Would be out: Boston College, Cal, Clemson, Duke, Florida State, Louisville, North Carolina, NC State, Pitt, SMU, Stanford, Syracuse, Virginia Tech, Wake Forest
Big 12
Spotlight: BYU. The Cougars needed a late-night double-overtime win at Arizona to stay undefeated, and are on the path to face Texas Tech in the Big 12 championship game. The question is if they can stay undefeated until the Nov. 8 regular-season matchup against the Red Raiders. BYU has its second-most difficult remaining game on Saturday against rival Utah, which is also in contention for the Big 12 title. BYU has a slim edge at a 51% chance to win, which would be a critical cushion considering back-to-back road trips to Iowa State and Texas Tech await. The Big 12 has also gotten a boost from Cincinnati, which has a favorable remaining schedule and could be a surprise CFP top 25 team. If BYU stumbles over the next three weeks, a road win at a ranked Cincinnati team would help its résumé. Speaking of the Bearcats …
Enigma: Cincinnati. Is this team for real? The Bearcats have won five straight since their 20-17 season-opening loss to Nebraska, including three straight against Big 12 opponents Kansas, Iowa State and UCF. All three of those teams are .500 or better, and the selection committee will respect that as long as it holds. Cincinnati also has November opportunities against Utah and BYU, which could change the playoff picture in the Big 12. ESPN Analytics gives the Bearcats less than a 50% chance to beat Utah, BYU and TCU.
If the playoff were today
Would be in: Texas Tech
On the cusp: BYU
Work to do: Cincinnati, Houston, Utah
Would be out: Arizona, Arizona State, Baylor, Colorado, Iowa State, Kansas, Kansas State, Oklahoma State, TCU, UCF, West Virginia
Independent
Would be out: Notre Dame. The Fighting Irish have the best chance to win out of any team in the FBS, with a 49% chance to finish 10-2. According to the Allstate Playoff Predictor, Notre Dame would have a 50% chance to reach the CFP if it runs the table. That seems accurate, given the selection committee would compare Notre Dame against the other 10-2 contenders, and it’s a coin toss as to whether the room would agree that the Irish’s résumé and film make them worthy of an at-large bid. How Miami and Texas A&M fare will impact this — as will the head-to-head results if those teams don’t win their respective leagues and are also competing with the Irish for one of those at-large spots. It helps Notre Dame that opponents USC and Navy could finish as CFP top 25 teams if they continue to win. Undefeated Navy could also make a run at the Group of 5 playoff spot.
Group of 5
Spotlight: South Florida. South Florida. The Bulls are back on top after their convincing 63-36 win at previously undefeated North Texas, which just a week ago was listed here as a potential Group of 5 contender. Following the win, the Bulls’ chances of reaching the CFP increased by 20%, according to ESPN Analytics. South Florida’s lone loss was Sept. 13 at Miami, 49-12, which was a significant defeat against what could be the committee’s No. 1 team. Although that result showed the gap between the Bulls and one of the nation’s top teams, it certainly didn’t eliminate South Florida, which has one of the best overall résumés of the other contenders. With wins against Boise State, Florida and now at North Texas, this is a team that earned the edge in this week’s latest projection. Still, South Florida has the second-best chance of any Group of 5 school to reach the playoff (30%) behind Memphis (42%), according to ESPN Analytics.
Enigma: UNLV. Undefeated UNLV survived a scare from 1-5 Air Force on Saturday to stay undefeated and in contention for a playoff spot. UNLV and Boise State, both of the Mountain West Conference, are the only teams outside of the American Conference with at least a 5% chance to reach the playoff, and they play each other in a critical game on Saturday. UNLV has scored at least 30 points in each of its six games this season and is 6-0 for the first time since 1974, but it hasn’t always been pretty. UNLV scored the winning touchdown against Air Force with 36 seconds left and allowed the Falcons 603 total yards. The Rebels have the fourth-best chance to reach the playoff at 9% behind the American’s Memphis, South Florida and Tulane.
If the playoff were today
Would be in: South Florida
Work to do: Memphis, Navy, Tulane, UNLV
Bracket
Based on our weekly projection, the seeding would be:
First-round byes
No. 1 Ohio State (Big Ten champ)
No. 2 Miami (ACC champ)
No. 3 Indiana
No. 4 Texas A&M (SEC champ)
First-round games
On campus, Dec. 19 and 20
No. 12 South Florida (American champ) at No. 5 Alabama
No. 11 LSU at No. 6 Ole Miss
No. 10 Oklahoma at No. 7 Georgia
No. 9 Texas Tech (Big 12 champ) at No. 8 Oregon
Quarterfinal games
At the Goodyear Cotton Bowl, Capital One Orange Bowl, Rose Bowl Presented by Prudential and Allstate Sugar Bowl on Dec. 31 and Jan. 1.
No. 12 South Florida/No. 5 Alabama winner vs. No. 4 Texas A&M
No. 11 LSU/No. 6 Ole Miss winner vs. No. 3 Indiana
No. 10 Oklahoma/No. 7 Georgia winner vs. No. 2 Miami
No. 9 Texas Tech/No. 8 Oregon winner vs. No. 1 Ohio State
-
David Hale
CHAPEL HILL, N.C. — After a week of chaos surrounding the North Carolina football program and Bill Belichick’s future in Chapel Hill, the six-time Super Bowl-winning coach denied rumors he was looking for an exit and doubled down on his belief that his “process” eventually will lead to a winning team.
“Reports about my looking for a buyout or trying to leave here is categorically false,” Belichick said. “There’s zero truth to any of that. I’m glad I’m here. We’re working toward our goals. We believe very much in the process. We need to just keep working and grinding away, and that’s exactly what we’re doing.”
Belichick said there were “things we could’ve done better” but widely praised embattled general manager Michael Lombardi as having “done a good job,” reiterated that the timing of his hire put North Carolina behind other schools in terms of talent acquisition, and said that, regardless of the on-field results for the 2-3 team, UNC has made major strides in its performance.
“It’s a learning curve,” Belichick said. “We’re all in it together. But we’re making a lot of progress, and the process will eventually produce the results we want like they have everywhere else I’ve been.”
Belichick’s Monday media session was attended by university chancellor Lee Roberts, athletics director Bubba Cunningham and a host of other high-level administrators, as well as Lombardi — something unique for a midseason news conference.
Cunningham said the school continues to support Belichick’s vision for the program, but he admitted the disappointing results have led to a lot of frustration.
“There’s a steeper learning curve than we all anticipated,” Cunningham said. “The gap between expectations and performance is more severe than what we expected, and that’s what creates a lot of attention.”
Two weeks ago, Lombardi sent a letter to donors preaching patience during a “rebuilding” process, a terminology several players pushed back on.
“It’s Coach Belichick’s first year, so I’m not surprised he’s wanting to rebuild it,” Boise State transfer Andrew Simpson said. “Wanting to grow and be better, that’s what I focus on. Just because it’s a rebuild doesn’t mean we can’t win games now. We have seven more games, and that’s what I focus on.”
Belichick downplayed any concerns about the on-field results, saying he doesn’t “have expectations other than achieving what we want to achieve every day” and reiterating he has the support of the administration.
Reports of internal strife in the locker room were also dismissed by Belichick and multiple players made available to the media Monday, with Belichick saying Lombardi, in particular, maintains close conversations with players.
Among other controversies last week, Belichick refused to comment on the suspension of assistant coach Armond Hawkins for recruiting violations, but he said a planned Hulu documentary, which had reportedly been scrapped amid the team’s bad start, would still happen in some form.
“It’s still a work in progress, and we’re working through a few logistics,” Belichick said. “But there will be something.”
North Carolina is coming off its second open date in the past three weeks and heads to Cal for the team’s first ACC road trip Friday.
Belichick said he expects an improved performance with the additional week of practice time, despite a woeful defeat against Clemson following the last open date.
“Everybody’s most interested in the final score, and I’m at the top of that list,” he said. “But it’s a process. You build a culture, you build a program, and eventually the results will come. When will that happen? Hopefully as soon as possible. We’re working hard to get there.”
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024