Sports

Ex-NBA Star Kwame Brown Sues Financial Adviser for Allegedly Stealing $17.4 Million of His Money

275

Ex-NBA star Kwame Brown is suing his financial advisors for fraud and claiming they stole $17.4 million of his money.

According to court documents obtained by The Blast, Brown — who was the #1 pick of the 2001 NBA Draft straight out of high school — is suing Merrill Lynch, Bank of America and a financial advisor named Michelle Marquez.

Brown claims he was a client of the defendants from 2004 until 2017. Brown says they were to handle all his financial matters, collect his NBA income, invest his money and trade certain stocks for him, but only to invest or trade with his consent.

The suit claims Marquez began overseeing his account and, on several occasions, began investing Brown’s money into various projects and trading stocks without his permission.

Brown claims Marquez even opened several bank accounts under his name, without his knowledge and without giving him access to the accounts. He believes she was depositing his money into those accounts and began investing and trading his money while collecting a commission for herself.

According to the lawsuit, Brown claims he took out a $1.1 million loan in 2006 and instructed Marquez to pay off the balance of the loan right away. In 2015, Brown says he learned Marquez did not pay off the loan and instead converted the unpaid portion of the loan into a line of credit.

Kwame Brown says he never authorized that and claims he suffered a massive financial loss due to Marquez’s actions.

In 2017, Brown says he called Marquez to talk to her about his finances but could not get her on the phone despite previously being able to get ahold of her.

After several conversations with another employee of defendants, he was told he had no money with Merrill Lynch or Bank of America. The employee told Brown that he had signed authorization documents for defendants to invest, trade or otherwise control his monies.

But Brown believes the documents bearing his name were forged. He says he hired forensic experts to look at the alleged signatures, all of which were determined to be forgeries.

Brown claims he had deposited over $17,400,000 with defendants, which he claims was mishandled or misappropriated through fraud.

The lawsuit — filed on Thursday in Los Angeles by the NBA star’s attorney, Corey Boddie — is seeking for the return of Brown’s $17 million plus further damages.

We reached out to Marquez for comment — so far, no word back.

Brown played in the NBA from 2001-2013 and, according to Basketball Reference, made just under $64 million in his career.

Leave a comment

Related Articles

Sports Minister tasks Nigerian referees on participation in FIFA/CAF-flagged competitions

The Minister of Sports Development, Sen. John Enoh, has challenged Nigerian referees...

Paris 2024: Super Falcons to have full camp by Friday afternoon

The arrival of forwards Uchenna Kanu and Chinwendu Ihezuo at the Super...

Paris 2024: Asisat Oshoala arrives Super Falcons camp in Spain

Six-time African Women Player of the Year, Asisat Oshoala, arrived at the...

Paris 2024: Pres. Tinubu has approved full budget for Olympics, says Sports Minister Enoh

The Minister of Sports Development, Sen. John Enoh, has disclosed that President...

We have to be aggressive, says Maresca as he unveils Chelsea’s plans

The new Chelsea manager, Enzo Maresca, has said he wants to create...

Paris 2024 Olympics: Super Falcons’ camp bubbles as 14 players begin training

Nigeria’s Super Falcons have begun preparations for their first appearance at the...

Former Super Eagles midfielder Seyi Olofinjana gets new role at Chelsea

Premier League giants Chelsea FC of London have appointed former Nigerian midfielder...

Morocco 2025: Nigeria draw Benin Republic, Rwanda again

The Super Eagles have been drawn in Group D of the 2025 Africa...

Just in: Erik ten Hag signs new deal at Man United

Erik ten Hag has extended his contract with Manchester United, the club...

Finidi George signs two-year contract with Rivers United

Rivers United Football Club has announced the appointment of Finidi George as...

AFCON 2025: Super Eagles to know opponents Thursday

Three-time champions and five-time runners-up, Nigeria are expected to know their opponents...

Paris 2024 Olympics: Waldrum snubs Onome Ebi, picks Ajibade, Nnadozie, Oshoala, 15 others

Head Coach Randy Waldrum has snubbed Onome Ebi, picked captain Rasheedat Ajibade,...

End of an era as Andy Murray withdraws from Wimbledon singles after back surgery

Two-time champion Andy Murray called time on his Wimbledon singles career on...

Sports Minister to NFF: Go for first-class coach for Super Eagles

The Minister of Sports Development, Sen. John Enoh, has urged the Nigeria...

President Federation Cup: Rivers Angels, El-Kanemi Warriors emerge champions

Rivers Angels of Port Harcourt won their ninth Nigeria’s National Cup title,...

Sports Minister Lauds Amusan’s Clearance by CAS, Passion, Commitment

The Minister of Sports Development, Sen. John Enoh, has expressed immense joy...

Patoranking lights up Ebute Metta, builds mini-stadium for soccer buffs

Nigerian music star, Patoranking, has once again captured the hearts of many,...

Bronny James joins LeBron with Lakers as father-son duo makes NBA history

LeBron James moved a step closer to fulfilling his dream of playing...

Again, Lookman wins Atalanta Player of the Season

Super Eagles forward Ademola Lookman has been named Player of the Season...

Sports Minister Supports Team Nigeria at African Athletics Senior Championship

The Minister of Sports Development, Sen. John Enoh, has stated that he...