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!

“With massive salaries and lucrative product endorsements and sponsorships, it is no surprise that fraudsters target professional athletes. What is surprising however, is the fraudsters’ success.

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…”

Read more: Professional athletes alleged almost $500 million in losses as fraud targeting them continues to rise

Cindy Fields

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