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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.”

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Giants sell 10% stake to private equity firm

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Giants sell 10% stake to private equity firm

The San Francisco Giants have sold a reported 10% stake in the team to private equity firm Sixth Street.

The team confirmed the deal Tuesday but not the amount of the investment, which was first reported Monday by the New York Times.

Sportico places the value of the franchise and its team-related holdings at $4.2 billion.

Sixth Street’s investment, reportedly approved by Major League Baseball on Monday, will go toward upgrades to Oracle Park and the Giants’ training facilities in Scottsdale, Arizona, as well as Mission Rock, the team’s real estate development project located across McCovey Cove from the ballpark.

Giants president and CEO Larry Baer called it the “first significant investment in three decades” and said the money would not be spent on players.

“This is not about a stockpile for the next Aaron Judge,” Baer told the New York Times. “This is about improvements to the ballpark, making big bets on San Francisco and the community around us, and having the firepower to take us into the next generation.”

Sixth Street is the primary owner of National Women’s Soccer League franchise Bay FC. It also has investments in the NBA’s San Antonio Spurs and Spanish soccer powers Real Madrid and FC Barcelona.

“We believe in the future of San Francisco, and our sports franchises like the Giants are critical ambassadors for our city of innovation, showcasing to the world what’s only made possible here,” Sixth Street co-founder and CEO Alan Waxman said in the news release. “We believe in Larry and the leadership team’s vision for this exciting new era, and we’re proud to be partnering with them as they execute the next chapter of San Francisco Giants success.”

Founded in 2009 and based in San Francisco, Sixth Street has assets totaling $75 billion, according to Front Office Sports.

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Ohtani ‘nervous’ in Tokyo but gets 2 hits, runs

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Ohtani 'nervous' in Tokyo but gets 2 hits, runs

TOKYO — Shohei Ohtani seems impervious to a variety of conditions that afflict most humans — nerves, anxiety, distraction — but it took playing a regular-season big-league game in his home country to change all of that.

After the Los Angeles Dodgers‘ Opening Day 4-1 win over the Chicago Cubs in the Tokyo Dome, Ohtani made a surprising admission. “It’s been a while since I felt this nervous playing a game,” he said. “It took me four or five innings.”

Ohtani had two hits and scored twice, and one of his outs was a hard liner that left his bat at more than 96 mph, so the nerves weren’t obvious from the outside. But clearly the moment, and its weeklong buildup, altered his usually stoic demeanor.

“I don’t think I’ve ever seen Shohei nervous,” Dodgers manager Dave Roberts said. “But one thing I did notice was how emotional he got during the Japanese national anthem. I thought that was telling.”

As the Dodgers began the defense of last year’s World Series win, it became a night to showcase the five Japanese players on the two teams. For the first time in league history, two Japanese pitchers — the Dodgers’ Yoshinobu Yamamoto and the Cubs’ Shota Imanaga — faced each other on Opening Day. Both pitched well, with Imanaga throwing four hitless innings before being removed after 69 pitches.

“Seventy was kind of the number we had for Shota,” Cubs manager Craig Counsell said. “It was the right time to take him out.”

The Dodgers agreed, scoring three in the fifth inning off reliever Ben Brown. Imanaga kept the Dodgers off balance, but his career-high four walks created two stressful innings that ran up his pitch count.

Yamamoto rode the adrenaline of pitching in his home country, routinely hitting 98 with his fastball and vexing the Cubs with a diving splitter over the course of five three-hit innings. He threw with a kind of abandon, finding a freedom that often eluded him last year in his first year in America.

“I think last year to this year, the confidence and conviction he has throwing the fastball in the strike zone is night and day,” Roberts said. “If he can continue to do that, I see no reason he won’t be in the Cy Young conversation this season.”

Cubs right fielder Seiya Suzuki went hitless in four at bats — the Cubs had only three hits, none in the final four innings against four relievers out of the Dodgers’ loaded bullpen — and rookie Roki Sasaki will make his first start of his Dodger career in the second and final game of the series Wednesday.

“I don’t think there was a Japanese baseball player in this country who wasn’t watching tonight,” Roberts said.

The Dodgers were without Mookie Betts, who left Japan on Monday after it was decided his illness would not allow him to play in this series. And less than an hour before game time, first baseman Freddie Freeman was scratched with what the team termed “left rib discomfort,” a recurrence of an injury he first sustained during last year’s playoffs.

The night started with a pregame celebration that felt like an Olympic opening ceremony in a lesser key. There were Pikachus on the field and a vaguely threatening video depicting the Dodgers and Cubs as Monster vs. Monster. World home-run king Saduharu Oh was on the field before the game, and Roberts called meeting Oh “a dream come true.”

For the most part, the crowd was subdued, as if it couldn’t decide who or what to root for, other than Ohtani. It was admittedly confounding: throughout the first five innings, if fans rooted for the Dodgers they were rooting against Imanaga, but rooting for the Cubs meant rooting against Yamamoto. Ohtani, whose every movement is treated with a rare sense of wonder, presented no such conflict.

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Cardinals shortstop Winn out with wrist soreness

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Cardinals shortstop Winn out with wrist soreness

JUPITER, Fla. — St. Louis Cardinals shortstop Masyn Winn was scratched from the lineup for their exhibition game on Tuesday because of soreness in his right wrist.

Winn was replaced by Jose Barrero in the Grapefruit League matchup with the Miami Marlins, with the regular-season opener nine days away. Winn, who was a 2020 second-round draft pick by the Cardinals, emerged as a productive everyday player during his rookie year in 2024. He batted .267 with 15 home runs, 11 stolen bases and 57 RBIs in 150 games and was named as one of three finalists for the National League Gold Glove Award that went to Ezequiel Tovar of the Colorado Rockies.

Winn had minor surgery after the season to remove a cyst from his hand. In 14 spring training games, he’s batting .098 (4 for 41) with 12 strikeouts.

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