Why NBA Players Go Broke | Fraud Edition
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- čas přidán 10. 10. 2021
- 18 former NBA players allegedly committed fraud agains the NBA's insurance program. Given their behavior, it's safe to assume that many of the 18 were struggling financially.
In this video, I share a couple quick thoughts on why former professional athletes go broke so easily and address the lawsuit these particular athletes are facing.
They have been charged with health care fraud and wire fraud.
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This lineup boutta be unstoppable in the prison yard
haha Funny
omm yard finna be td up 😭😭 Dorm Finals 2022
We got the Folsom Prison Basketball Tournament. Remember the Oz boxing matches with Oreilly spicing the water bottles 😆.
😂😂😂😂😂😂😂😂
Fuckin dead 😂
Former NBA players never disappoint with their financial acumen.
You can't just make up words
@@Blernster you wouldn’t know. You are a grill
Lol
@@Blernster 1
Can’t spell acumen without men or cum
Their fraud makes it harder for real claims to go through. Disgusting!
I earned 5000$$$ from investing with one month with the help of mr Marley go joined his membership . I'm not a bots y'all 😗😙😙😙😙
@@marleymarley2511 OMG REALLY!?! 🙀🙀🙀Let me give you my SSN, DOB and Crypto Seed phrase while I’m at it.
@@Tothemoonsafely 😁
@@Tothemoonsafely I'm sorry but I can't find myself feeling sorry for an insurance company. Too bad they were so dumb tho.
@@Tothemoonsafely I can’t even tell if you’re a bot or a real person at this point with all these crypto comment scams lol
“He graduated from a nice university. How could this happen?” He graduated, but didn’t do the class work. This is very common with student athletes… they “attend” school but are passed by the professors or have someone outright do the work for them. Lots of academic cheating
The only guys that properly graduated are Tim Duncan and Shaq
@@therealdakshina1051 there are other very intelligent athletes too. They are just not as popular lol
@@thetruthsayer8347 yeah I mean jaylen brown is very intelligent. I lot of European footballers too. Lukaku, chilleni ,etc. Kobe, MJ, Lebron all transcended basketball and became very successful in business.
@Sydney12 yeah he did. He graduated and served in the navy for 2 years
I love how the ncaa keeps an eye on people buying dinner for the athletes yet looks the other way when it comes to academic impropriety.
It's easy to go broke when you buy a fleet of rapidly depreciating Bentleys, overpay for a house, party it up and put a few buns in the oven that then cost you $50k per month for the next 18 years.
A few buns? Most pro athletes are more like Antonio Cromartie- he has 14 kids with 8 different women. That was at last count.
As a big Tony Allen fan ,this breaks my heart. Guess he still knows how to get steals .
Apparently he wasn't that good at stealing
@@somedog7542 well Kobe said he was the toughest defender he faced
Fr i call him lockdown god hes most skilled defender ever, Also KD admit Tony is only dude that keep him contain
@@SaltoDaKid nah, he wasn't better than Bruce Bowen
@@somedog7542 Bruce Bowen was really situational type defender. Tony Allen was more versatile
True Tony Allen story. I was in a mall West of Boston. Super expensive stores, called "Natick Collection". It was in December, and back when the Celtics also had Rondo and a few others including Allen. Anyways, I was getting my wife a special gift for the Holidays, and into the store came I think it was Leon Powe (not sure) and Tony Allen. Now - don't get it twisted. Allen was cool. Said what's up, seemed like a nice fellow. But in with Powe were a few women and strollers. And these women were so entitled and snooty. And no lie, between the two players and the women they were there with, they bought at least 8 bags. I couldn't blame the sales associates for wanting to help them - they were just throwing money away. But the conversation I remember the most, was between Powe and Allen, where they were talking about their BMWs and Mercedes while the women were harassing the associates and chatting about the bags they were getting for their grandmas - no cares at all to using those guys money for it. They were very proud of the stuff they did to their cars, and which one was theirs, etc.
To me it was just crazy. Look - this is youtube and I'm a random guy posting on it. No need to say I'm 'this' or 'that'. Just saying that it was still crazy to see guys throw money around on people like that and how important it was to them to show that they COULD throw money away on handbags to unappreciative sycophants and 'fixing up' already super expensive cars. I mean - handbags. They dropped at least 50-60k on handbags! And you could tell that wasn't the only store they visited that afternoon. So... not at all surprised when these guys go broke. The goal and mentality is just different.
True Tony Allen story. Met him in the Aria hotel in Las Vegas few years ago and he was super cool and nice, talked basketball for a bit took a picture and shook hands. No negative energy from him.
At first it was hard to wrap my head around how these athletes go broke. But then I realized that they've been millionaires since 19 years old.
@@kennysa3586 Yeah. And the other thing, which might sound weird, is it's hard to establish what's 'normal'. What's a normal budget, what does some of it mean. A part of it really is cultural IMO. A lot of these guys grow up in environments where some things are taboo or just taught flat out wrong stuff. It's sadly never a surprise many go broke. But it's something else to see the mentality of how it happens unfold right before your eyes.
@@elonmusk9869 Not sure id you're being facetious or not... but it's CZcams so par for the course. But I'm thinking maybe it's true you did because you described the very environment that those guys rush to in order to blow through their money and accelerate losing it - Vegas. Sure, no 'negative' energy. Like I said he seemed like a nice fellow. But some of these guys looove flashing money and showing off and Vegas is like a drug.
@@kennysa3586 and they have no good parents, most of them have no male examples just mamas
Never forget that
1) Most NBA players come from low income families and are EXTREMELY financially illiterate.
2) In addition to that they are the only ones making a decent living and carry the financial burden of their entire family and sometimes friends.
3) Sadly they many of them grew up watching and learning the hustle game. Stealing and cheating is very normal when you grow up in poverty.
Facts On Facts on Facts!
My father is a plumber and mother ,a housewife yet I managed to do masters in particle physics and doing my PhD currently from Germany and I have managed to learn financial information myself.Generally,income doesn't equate to your intellectualism.Stealing and cheating is not alright or normal no matter how poor you are because you always have the opportunity to do a job.If you were visit Punjab,India or meet Sikhs ,you'll never meet a Punjabi or Sikh who is a beggar because they believe in hard work no matter the situation.Some people are just idiots and lazy whether they have 5dollars or 5 million suddenly.
@@thecryptohacker9976 😐
@@coachkeith643 yeah that's a good excuse to scam people.
@@mikkodoria4778 I don't agree with your perspective. I believe that theft is always wrong.
A fool and his money are soon parted.
-Thomas Tusser
😱😱
@@AustinBroussard what?
"A fool and his dough soon split so when you come across a fool get all that you can get"
- Dr Dre, Been There, Done That
Facts
I was surprised Tony Allen and Big Baby were in on this scam just based on the fact that they had pretty long careers in the NBA, all things considered. I guess it’s a testament to bad money management.
Never be surprised by the actions of others. Unless we live with a person we never really know them. There's way to many ppl with an indoor personality and an outdoor personality.
And because they can easily get jobs from ESPN and crap just talking bball and getting few bags thrown their way
@@FaithandNova even then you don't know someone
I lived with a friend after high school and it was fine for a while but I walked in one day and he was trying to lick his own helmet.
@@Blernster At least that doesnt harm anyone else!
@@DwayneIsKing For real, could’ve easily gotten some sports media job that pays six figures
Imagine making 7 million dollars in like 4 years being famous and then trying to scam health insurance out of 20k. People are so bad with their money.
NBA = Not Buying Asset's
These people we’re living a life that most can’t and they still wanted more???? Greed is weird
Most lost money because of terrible business deals, family, balling out etc... Desperate people do dumb things
They had a better chance of making more money getting a job as a coach at a high school or college. Putting forth a claim for $19k to only get $7k and now to have to go to federal prison and pay it back just doesn’t seem worth it.
I don’t know how they thought they would get away with this when there are at least 17 co-conspirators. Someone is going to get a speeding ticket and spill the beans. Just too many moving factors to be breaking the law like this.
That's the thing it's obvious they didn't want to work
Obviously these guys are not the sharpest tools in the shed
I don't think they'll be in prison. They might get into PC or if the case Is federal they'll tell on everybody they know in order to get out
Ikr This is the dumbest shit I’ve ever seen. I can’t believe these athletes can be this stupid
@@NH313912
Q
I thought NBA stood for Never Broke Again ? 🧐🧐 🙂
Someone else wrote NBA= Not Buying Assets lol
NOW BROKE AGAIN
In some of the players mind it might as well be called National Baller's Association...
I could say what it really stands for but I'd be banned off CZcams.
NBA Players. The pinnacle of intellectualism. This scheme is so bad, it's good....for a video 📹
Some of em could legitimately be smart but I get your point
And most go through college too.
@@Jonathan2342 it’s easy for athletes to cheat through college lol.
@@thetruthsayer8347 There are accounts of North Carolina student athletes who literally can't read their own names in the paper.
@@TheTenCentStory yup. It’s not hard to believe. I was roomies with my cousin. He was a top division 1 athlete at the time. Groupies did most of his school work. He always got a different test compared to other regular students. He got helped on those as well.
As an Asian, the most outrageous thing I learned from this video is how high the medical cost in US.
I live in a developing country, and usually dental treatment with nice, reputable dentist can cost around $ 200 - $ 500 for normal procedure. The highest price of dental service that I've heard is around $ 3000, and that was for some extensive surgery or something.
But $ 100,000 for dentist? That's really outrageous to hear...
How come doctors and hospitals in USA can get away with their outrageous gouging?
Yes the us are medical criminal
Because It’s really expensive to get a medical degree in the US. It’s not uncommon for people to spend 1 mill or more on education.
Because medical care in the USA is highly restricted by government intrusion with licensing, medical boards, medical schools, corporations and lobbying government to create cartels and monopolies by government enforcement.
It was nearly $2k for one stupid crown *after* insurance paid $1,300-aka the sum total of their financial obligation to me every year. I hate it here so much.
Because profit is more important than people. Insurance companies have been allowed to donate millions to politicians in order to get them to not create or vote against laws that would give Americans access to health care. Heaven forbid rich people are forced to make a little less money: better to let those beneath them suffer. More than 26,000 Americans die every year because they don't have health insurance. I have medications that cost $1,000 total per month after insurance. I depend on these medications to stay alive. It costs less than $100 total for the pharmaceutical companies to manufacture a 1 month supply of all of my medications
I think a lot of these guys got pretty spouses that are only with them for the money and family that's always asking for favors.
Claiming 20k wasnt going to help that. Getting locked up definitely wont. 😂
are we making assumptions and blaming women and their family? What happened to accountability dude???
Noooooo! Women marry pro athletes for TRUE LOVE. I'm sure all these drop dead gorgeous women would still be with these average-to-ugly-players even without all their fame and money.
@@JakeKoenig what does love or the lack of it, have to do with the poor financial decision making of these NBA players to commit insurance fraud? Once again another man who can’t be a mature adult and hold accountability for his own actions.
The thing that bugs me isn't even the fraud, it's the sheer incompetence of the fraud. Like... at least be plausible! Download some templates to fake the invoices! Find a crooked chiropractor to overbill you for a percentage. Claim soft tissue rehab that require no physical evidence! Charge a "masseuse" as if she were an actual masseuse!
100% sure this guys didn’t copy someone else’s homework
This could even be the “don’t make it too obvious meme”
Most of those guys made real money too. Tony Allen made 41M, big Baby 33M. Say you kept half. That's a ton of money man. If working people make 6 figures, in most places you are doing great! It's that rapper lifestyle again. Big car, big chain, etc. You can blow through 15, 20M easy buying designer clothes, needing to have the newest exotic, and a million worth of jewelry. I would think your lifestyle would slow down and relax some after 10, 15 years of doing the same thing. Now to lose your rep and possibly go to jail for a few hundred K? You have to need the money and/or feel like you're invincible.
Without proper money management and a frame of mind to spend wisely this happens to anyone with a lot or a little money. Many ppl are just not wise
@@FaithandNova I think people get stuck in this cycle of seeking validation. Holding on to those millions should be paramount for anyone touching that, first priority. Proving to strangers your rich when youre a millionaire is so silly. I think any early 20 year old will have issues with common sense, but it should shift as you get older.
Them:
“It literally can’t go tits up”
Imagine Tony beats the case and his lawyer pounds the floor in the courtroom and yells FIRST TEAM ALL-DEFENSE
Hahahahahahahaha hahahahahaha!!!
LMAO the subtle joke 9:34 ...
OMG I didn't get it the first time LOL
@@ss5899 Amazing
Explain?
@@funnyrandomvids9037 look up Effiel towering lol
@@monsterhunterunite12 high five ✋
Wait until Bill Burr hears about this. He's gonna do a bit on it of at least 15 minutes full of sports references, analogies and similes I don't understand because I'm not sports interested or American, but it'll still crack me up and get the message across.
Maan that's gonna be great. I can hear him already "they got Tony Allen's LAAAAAADYY"
It doesn't make sense to risk all your wealth on running scams, but it especially doesn't make sense when you're already rich
The problem is they aren’t already rich. I think they blew threw their money. That’s why they were willing to risk several years of their freedom for less than 2M in total.
Can we just take a second to appreciate the puns in this video? Good job, Spencer 😂
🤣 love the punchlines 🥊! Never change Spencer!
When we earn 7 figures a year and live based on a monthly income of 4 figures, we can easily live good live for the rest of our life by working only 5 years.
But the problem with most pro athletes; they live on a 7 figures when they earn 7 figures. Stupid.
You could live on 6 figures. If they make a million after taxes. That would only be 10%
@@LilDre15 that at rate, most can sustain their life for about 4 years after retirement. After that need to find another job.
I earned 5000$$$ from investing with one month with the help of mr Marley go joined his membership . I'm not a bots y'all 😗😙😙😙😙
Unfortunately, stupidity has no borders 🤭
"Participate in an Eifel Tower". lol That was Beautiful Spencer.
Yo Spencer been watching you for about a month and you inspired me to be smart with my money and invest in assets and I’ve been learning about stock market investing! Also looking into becoming a CZcamsr myself
Respect best of luck gang 🙏🏾🎯
Good luck king!
I earned 5000$$$ from investing with one month with the help of mr Marley go joined his membership . I'm not a bots y'all 😗😙😙😙😙
@@marleymarley2511 I don't care. And I think you make your money by tricking people to lose money with "mr Marley".
@@P2k23P thank you so much:)
Yeah, most professional athletes are not particularly smart.
I earned 5000$$$ from investing with one month with the help of mr Marley go joined his membership . I'm not a bots y'all 😗😙😙😙😙
@@marleymarley2511 I don't care. And I think you make your money by tricking people to lose money with "mr Marley".
@@jcsjcs2 lmfaooo these scammers are everywhere just ignore 💀💀😂😂
@@marleymarley2511 "I earned 5000$$$ from investing..."
You want other people's money, scammer, otherwise you'd have kept your "system" to yourself.
@@jcsjcs2 believe in me boi
9:35 'participate in an Eiffel tower' hahaha that was subtle
Crazy how your channel grew man last time I was here you were dropping workout videos crazy to see how far you've came
The jokes throughout this video were incredible. Really nice work!
was waiting on this, this story was insane
You need to expose Wizza and all the big influencers how they're stealing from their fans.
Coffeezilla & OrdinaryGamers has a really good series going on right now about wizza and roobet
Killing it with the puns Spencer! Great work as usual.
“Participate in an Eiffel tower” LMAO
Lmfaoo i was waiting for this video spencer 🤣🤣💀💀. Love your vids man
Noti gang
Love ur channel Spencer
I seen what you did with that good ole personification bar “players had a layup to retirement and now must rely on their Defense to keep them out of jail 🥵”
When you recognize all the players on the list, that’s where the disappointment really starts to set in.
Terrence WIlliams... the man proves yet again how sorry he is.
Another great vid exposing the reality of the life of those who some people worship... just because they are a celebrity does NOT mean they are a good person or smarter than others
Spencer got the best puns in the game
That traveling violation joke belongs in the HOF
Considering how stupid the red flags that got them caught are... I'm actually not surprised they went broke to begin with🤦
“Participate in an Eiffel Tower” 😂😂😂😂😂😂😂
Finally. I was waiting for Jamari first but you did it first so cant complaint 💜💛🚀
Loved the puns you used here and there lmao.
Its been a minute since the last go broke video. Also,the story you told...WTF!!! DID THEY REALLY THINK THEY COULD GET AWAY WITH STEALING FROM THEIR OWN WORKPLACE
Former NFL player here and if there Health Reimbursement accounts plan works like ours I would say they definitely deserve to be charged and owe any criminal or civil damages doled out but (if their plan works like ours) they shouldn’t have to repay the amount taken direct as that money was set aside specifically for each of these individuals. The amount you have access to is directly tied to the amount of time you played and accrued in the account for yourself, the league sets aside the amount based on what it owes the players. They should definitely be kicked out of the plan for fraud but technically that money was legally theirs to be used, albeit not fraudulently. I do hope they fry these guys for this, utterly stupid.
Interesting 🧐
Well-done video put all of the info into perspective!
I wonder how often this happens.
Lol you can cut the sarcasm with a knife. Love your content.
If i had 7 million... I personally don't need much. I would buy a small apartment in the nice part of town, soundproof a room and just make beats all day. I would totally hire a puerto rican female personal chef though that would be my only flex.
A true man of culture.
It's crazy how their names hold weight to open doors to other business ventures that's not easily available to others. Instead of using their names and connects they steal 🤦🏽♀️🤦🏽♀️
You got it right. I’d prefer a cottage near the lake myself
puerto rican chef would do more than cooking
@@FirdausIsmail1 My man sees my vision
Spencers humor is top tier 😂
back street hustler mentality
That eiffel tower joke was pure magic
I saw this headline and was waiting on you to cover it lol
Spence Said Oceans-11. hahahahahahah, They should have been wearing their PIKACHU-Bracelett!! YUP, I'm Done!!! Thanks Spencer!
Your content is the best. CZcams did smart recommending
What’s even sadder is that many of today’s players will soon be on the broke list even after the crazy salaries of today’s NBA. It’s all about mentality. Where you at Ben Simmons lol.
Well said sir, it’s soo sad to see these’s men do this SMH 🤦🏾♂️ it’s embarrassing. #badmoneymanagement
More sports finance videos please!
Yes this!
"...participate in an Eiffel Tower."
I'm deeeeeeeead🤣🤣🤣🤣🤣🤣🤣🤣🤣💀
I love you for making an Entourage reference
fire as always 🤘
Excellent commentary and pro tips if you’re paying attention. 👍
Everyone knows that if you're gonna cheat off someone else's paper you have to change some of the answers
"Participate in an eiffel tower" You knowww you're wrong for that 💀💀💀
I ended up on this channel inadvertently but I like your content I think I will be back! About this particular topic however I think its just how you explained it….These people never had any real experience with money management and instead of getting financial help early they spend spend spend without thinking ahead and then resort to these dumb schemes to make a few bucks. If they all go to jail all the better because this was dumb and sloppy its healthcare fraud plain and simple and this has implications for people beyond them.
Thanks for the tip cause I feel like this could have happened to me whenever I make pro so this video was helpful
This fraud is nutty. However...
The NBA did not "give them an opportunity". These players are actively sought by the NBA in order to give the NBA an opportunity to display their rare mix of talents and skills for profit.
But, yes, this is a circus of clowns.
The nba definitely provide them an opportunity. There are thousands of talented athletes that will never get the opportunity to showcase their talent just as the NBA profits from those talents so it's an equitable trade between the 2
@@d.jmamba7237
1. The NBA "provides an opportunity' in the exact same way you provide a dentist an opportunity to let you give him money to provide a service to your teeth for money.
2. There are not "thousands" of athletes capable of playing NBA caliber basketball. There are barely enough athletes in the the actual NBA capable of playing NBA basketball.
The players could form a revenue producing league a lot faster than the owner if they were permanently separated from each other.
Tub tub dem Bentleys, dey expensive! Gots to have them Bentleys! 😂🤣
With some of these players it could just simply be greed because they really aren't "broke" in the sense we think of what broke really is. Some people want money from any stream they can get it from. But SOME of these guys were simply broke.
The Puns were on point today!
Incredible. Just plain incredible.
A crap ton of puns - very well done.
Unbelievable for sure 🤦♀️
7:55 actually if $250k left and your monthly expense $20k you’ll go broke in a 1 year
"we dont need that lebron kid" - Darius Miles
He needed him that bad, that he even committed fraud. Look at LeBron now, dudes one of the all time richest athlete while this bum commits fraud for like 20k
LeGM knows how to "play" with his money because he got the right guys behind his back. even though, we all know that rich paul isnt a good guy(hes a bad dude in the industry) , LeGM is still able to manage his money with the help of his great financial advisor, maybe advisors. just look at curry, successful but im a lil bit disappointed when i found out that he jumped into NFT hell. giannis is also smart.
@@papacinoooo agree on the rich paul part
Just goes to show how insatiable the greed of people is.
As an insider to professional sports...it is not that the pitch was so Great. It is that it came from a "colleague" so, they assume it is legit just because it comes from another player
Took a nap and woke up to this playing
top 10. and accusations of fraud are not proven in court. so don't be surprised if they get off these charges, and some accountant will do prison time.
If this is federal, they won’t be getting off. The Feds have over a 95% conviction rate. They don’t bring indictments until they know they have enough to bury the defendant.
Not surprised. This level of irresponsibility is so ridiculous it's painful to watch.
If they were gonna commit fraud, they would have gotten more out of inside trading lol
The attorney's name is Ballin? That's pretty baller.
I love these series on how they lost it all , majority of how they did is stupid.
No how many regular people have liquid assets work 1 million by the time they reach 60 or 70? With money it only tends to work if you spend less than you have or make more than you spend.
I'm not going to blow the whistle on my Ex husband to the NBA... but, I will to you. When I 1st saw the headline I was like, "YES! FINALLY KARMA CAUGHT UP TO HIM!" Then, I saw his name wasn't on the list.
So... when they added the provision to the collective bargaining agreement, he was ALL OVER IT! Running from doctor to doctor, trying to get anyone to give him new knees, new teeth, new anything on the list. Knees were a big money grab, so that's what he was going for. No doc would do it, because he didn't need them. He was calling other old players, telling them they needed to do it, too. Explaining how much you could get for each surgery/procedure/service, etc. Well, he finally found a doctor in Seattle, that would give him new knees & he raked in a ton of cash.
BTW~ He was flat broke within 5 years of retirement... That's a whole long story in itself.
Long story short: Don't be a dick. It'll catch up to you. Except my ex husband, I guess he continues to get away with everything. UGH! LOL!
1:44 Spencer with the puns
If they end up being blacklisted , falling out of the graces of the NBA and shut out of any and all NBA events (play by play announcing, summer leagues, coaching, autograph appearances, oldtimer events) and who knows what else these charges and will cost them dearly.
Question, how would wages be garnered if there is jail time for those guilty? Do you mean after said sentence? Not saying that I agree with anything they did but I read somewhere someone making the argument that sentences like that are like double or tripling the punishment. Not so sure I agree but I guess I understand the argument.
The Griz retired Allen’s Jersey a few years ago I believe which was a reach to begins with. I wonder if they will take it down now.
No they didn't, they were going to do it this year in December along with Zach Randolph, that's not happening now. And why tf would they retire numbers of dudes who are not going into the HOF? That's some low self esteem franchise shyte.
@@KNByam I mean Memphis were only good when they had Z-bo , Tony Allen & Marc Gasol
@@KNByam The Bucks have retired numbers to a lot of non-HOF'ers.
@@KNByam a team will retire the number of a player that was impactful to that specific team. So u don't have to be an all time great player u just have to be one of the best for the team
New episodes 🔥🔥
Holy shit that Rick Pitino joke lmao
9:12 HOLY SHIT THAT WAS AN AMAZING BURN XD
“Traveling violation” 😂
I live in Memphis. This is weird to hear my hometown mentioned on the CZcams channels I follow.