Darren McFadden sues finance advisor for using $ for Bitcoin venture, lost out on $237 Mill

[Ronnie Lott]

yes. its up to no one but yourself to be responsible and be able to do rudimentary shyt like logging in and seeing how much money you have 12 times a year

It’s not that simple

 

[Grifter]

The former University of Arkansas running back said he discovered the fraud when Vick tried to sell him a building allegedly bought with McFadden's own funds.

 

[Mensch Fontana]

but he never invested in the bitcoin the guy stole the money!!!

Dude is dumb as fukk, couldve invested that shyt and then took some off the top, run dmc wouldnt een notice

 

[John Reena]

Jalen Rose advice always rings out in my head:

Don’t put ur money into something you don’t understand!!!

 

[Black Bolt]

If you’re dealing with enough to disposable income to make big and long term investments, you would want somebody who really knows what they’re doing advising you right?

Not too sound arrogant I'd do it myself, I'm somewhat competent on that front. A pro athlete should be speaking with accredited wealth managers & investment advisors not accountants. Unless being an accountant means something different in America.

 

[R.E.N. Spells Ren]

I always say the safest bet for these athletes would be to use a financial advisor in a big shop. A big shop dealing with many multimillionaire clients isn't going to risk their entire portfolio for McFadden's $10M. The likes of Morgan Stanley, Merrill Lynch aren't going to rip you off. The only examples you might find are of advisors who leave these shops and convince the client to come with them. Athletes just need to be firm and remember that the reason they chose that big shop in the first place was for the security of not having to micromanage their finances to ensure they're not getting ripped off.

Many of these guys make enough money to ensure that they're taken care of for the rest of their lives and their kids get a debt free start to life at least (no school loans). A financial advisor, with just a few meetings a year, can help them determine just how rich they really are so they're spending accordingly. A 21 year old instant millionaire who came from nothing usually just wants to spend their non-working time enjoying life. If later they want to take a more active role in learning the financial ropes, they certainly can do that, too.

 

[R.E.N. Spells Ren]

His financial advisor took the funds he wanted allocated for purchasing the 3 milli worth of bitcoins and did some other shyt with it. That investment would have been worth 237 million today.

Where are you reading this?

 

[Reece]

I wish these dudes would stop going to 'financial advisors' and just sit on the money until they get out of the league and take some finance classes. In fact, why don't some ex players go study finance and create an advisory firm to serve players in the league to help avoid these snakes?

Because the average person is dumb. Very dumb. This is why smart but immoral people make tons of money. Because people are dumb.

 

[KushSkywalker]

Damn he woulda caked up with 3 million on bitcoin LAWWWDDD

 

[Reece]

Nothing wrong with having a financial advisor. He just shouldn’t be a nikka from the projects. You should be dealing with someone from one of top bulge bracket firms. They should be a fiduciary. And you need to make sure that the advice they’re giving you is in your best interests and not to steer you into vehicles that their firms are getting kickbacks from to promote to their clients.

And you DEFINITELY shouldn’t give anyone power of attorney over your accounts

Invest in index funds.

Invest in real estate.

Invest in some cryptos.

Invest in some MLP’s.

Invest in corporate/government bonds.

Call it a day.