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Blog Entry

Report: Vin Baker sues adviser over $86 M losses

Posted on: January 25, 2012 4:53 pm
Edited on: January 25, 2012 5:04 pm
 
Vin Baker is reportedly suing a financial adviser over millions in losses. (Getty Images)
Posted by Ben Golliver

Vin Baker's nickname might as well be "cautionary tale."

After making four All-Star games and earning more than $97 million during a 13-year NBA career, it's been nothing but financial hardship since his retirement in 2006.

Baker has owed more than a million dollars in back taxes to Connecticut, according to NBCConnecticut.com, he's had foreclosures on multiple properties, according to CNBC.com, and now he's reportedly suing his long-time financial adviser for allegedly squandering his fortune.

CourthouseNews.com reports that the 1993 lottery pick has taken legal action against Brodeur & Co. Certified Public Accountants because he believes the company mismanaged his finances between 1997 and 2009.
Retired NBA All-Star Vincent Baker claims his financial adviser lost nearly all of his $86 million nest egg through negligent investments.

Baker says: "During the time that Brodeur and B&C acted as Baker's manager, virtually all of Baker's earnings were spent and/or his investments lost all or nearly all of their value, such that Baker's home was foreclosed and he was forced to liquidate substantial assets for little or no value, leaving him without resources to meet his financial obligations and living expenses."

Baker claims that Brodeur and his firm breached their duties to him "through inadequate oversight and/or failure to implement systems to track sources of money and discourage fraud ... inadequate accounting ... inadequate reporting ... mismanaging Baker's assets, upon information and belief, through commingling of funds and the use of personal credit cards ... by mismanaging Baker's assets, upon information and belief, through transactions with Brodeur and B&C's manager's friends and family; and ... through transactions with Brodeur and B&C's managers, affiliates, business associated, and like entities."
Courant.com reports that Baker admitted to problems with alcohol abuse in a 2010 interview. He was arrested on DUI charges in 2007.

Baker, now 40, averaged 15.0 points and 7.4 rebounds per game during a career that included stops with the Milwaukee Bucks, Seattle SuperSonics, Boston Celtics, New York Knicks, Houston Rockets and Los Angeles Clippers.

Hat tip: ProBasketballTalk
Comments

Since: Mar 18, 2011
Posted on: January 26, 2012 7:57 pm
 

Report: Vin Baker sues adviser over $86 M losses

Wow! Thats shocking! And thats another point. Why do thse athletes invest in property knowing thats in x amount of years there career will be over with. Dont they know or didn't someone tell them that they have to pay property tax. They could be well off for a long time. But like my man said in a earlier comment. It easier said than done!



Since: Jan 25, 2012
Posted on: January 26, 2012 9:23 am
 

Report: Vin Baker sues adviser over $86 M losses

Wow well wouldn't be wonderful if any of that one sided article was anywhere near the truth. Where to start, where to start... Ok how about the money pit in Durham CT. It was a crappy left over mansion that Vin wanted just about completely rebuilt. Also Vin never had his hands on any where near 1/2 that money all at one time and he pissed it away in chunks as it came in. I heard the CPA firm had his hands full trying to keep Vin from walking in to a bank and taking 50k out at a clip without telling anybody. Anyone mention the Rev Baker Vins Dad? Well nothing in the form of money went anywhere to anybody with out the good revernds signature on each and every check. Yes Vin was not allowed to write checks because he could not control himself so Dad Baker had to keep the purse strings "berry berry" tight. The CPA ( not an investment firm) was only hired to keep track of how and where the money came and went. I'm sure suggestions were made as to what to do with money but everything Vin touched turned to lead. Does anyone remember that old rat hole Saybrook fish house? Well "Chef Vin" got ahold of that and did a beautiful and very expensive renovation of the building. Lots of money went there but the business failed twice I believe and now is the "otter cove". Some locations are just played out and of course the economy was great in the beginning and tanked all the way through the business. And what about unpaid taxes? Who is ultimately responsible for paying taxes? If I had 97 million I think I could pay the 1.5 million dollar tax bill that is still owed (BTW). This guy gets kicked off teams for drinking and...... Then goes broke from his bad actions and business decisions and has the onions to try to sue his CPA for 4 million clams. Did anyone mention the CPA is a well repected and very honest firm. Those who know, know the truth. If i lost 5 million and i thought it was my accountants fault i would have just fired them and hired another. Your telling us you hung in with a company for 12 years while "they" lost 97 million dollars of your money? Pla-leeze and good luck with that. The real story is the CPA hung in with you while you self destructed. The CPA should be ( and now most likley will ) be suing you! The CPA will show up to court with a truck load of evidence and records Vin will show up with his pockets turned out asking "wheres the beef" . This can be nothing more than a lame PR stunt cooked up to save face and get someone else to pay his tax bills. Sad actually, but the whole thing will get laughed right out of court and then the counter suits will arrive to his P.O. Box if you get my drift. By the time this is over he will be more famous for what he is famous for (insert truth here) then ever. Should be interesting to watch someone who was hit bottom hit it twice as hard again. This won't be pretty. Sorry Vin but your barking up the wrong tree this time. (again). You can call it all off and go on with your regular life, but I know your a great casino buff and this is your double down play. Hang in and hang on. (p.s. You should be suing Foxwoods and Mohegan Sun that's who really "took" your jing.) Truth is ya simply just blew it all, now man up and stop blaming others for your problems. Your going to give your dad ( a wonderful man btw) a freaking heart attack. Let it go and leave everyone alone, many have suffered, lost and are still owed money as a result of your rise and fall. Let Old Saybrook continue to heal and recover and then hopefully forget.



Since: Jan 2, 2010
Posted on: January 26, 2012 2:06 am
 

Report: Vin Baker sues adviser over $86 M losses

I don't feel sorry for shit. How do you blow 87 million? Just sit on your ass live somewhat modest, and you should make it just fine. You have 87 million why take risk investing so much?! really hard to feel sorry for these guys at all. But hey Im not a 87 millionare so I guess its easy to say what one should do.



Since: Oct 16, 2011
Posted on: January 25, 2012 8:38 pm
 

Report: Vin Baker sues adviser over $86 M losses

Dear Professional athlete. Split your money between 3 companies, and only deal with comapnies who deal with lots of millionaires who won't screw you over because it would cost them their repuation and BILLIONS. I'm talking about Goldman Sachs, Scwaub, Carnegie Mellon, Fidelity ect.

These companies won't rip you off for a few tens of millions because it would cost them BILLIONS. Stop thinking you need some special financial wiz kid, you just need a company who can't "afford" to lose their repuation by ripping you off. Plus these comapnies have their employees bonded against theft of your money. 

Why do these guys pay their agents 5% for? 



Since: Mar 18, 2011
Posted on: January 25, 2012 5:20 pm
 

Report: Vin Baker sues adviser over $86 M losses

No, I dont make in excess of over a $1,000,000. I can tell you this though. After hearing of all the mishandling of someone else's money, I be damn if ANYONE will handle it for me. Like Oprah told MC Hammer after his so called BF misappropriated his funds, no one sign or handles my money except me! Too often we hear of athletes or anyone of great fortune getting bamboozled. 


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