So many athletes end up broke because those in their inner circle abuse their trust and generosity. Don’t be a victim! If you’re in need of an advisor that prioritizes you and your needs, contact us!
According to a new analysis by the EY Forensic & Integrity Services practice, professional athletes alleged $494 million in fraud-related losses from 2004 through 2017. The number and value of known fraud cases have also steadily increased nearly every year for the past decade.
This is a problem across all major sports. Due in part to each professional football team’s roster size, 41% of identified fraud victims were professional football players. Professional basketball players made up 22% of the identified victims, professional baseball players 15%, and professional hockey players another 10%. Professional soccer players and boxers each accounted for 5%. Fraudsters also target groups of athletes that can span across a variety of leagues; of the $494 million in potential fraud targeting athletes, $114 million (23%) related to cases involving athletes from…”