Former financial advisor, who previously worked at financial giants Morgan Stanley and Wells Fargo, has been found guilty of defrauding NBA players of millions in money and using the money to pay for luxury goods and personal expenses.
Daryl Cohen, 52, is accused by the U.S. Department of Justice of masterminding a $5 million scheme to steal from three NBA stars – Jrue holiday Chandler Parsons Courtney Lee.
Authorities claim that Cohen, along with a coconspirator, caused a trio of players between 2017 and 2020 to buy unnecessary life insurance policies at inflated prices of up to 200%. They pocketed millions and used them for home improvements, to pay credit cards, or to give as gifts.
Cohen also transferred $500,000 as “donations to Beast Basketball” from Lee Parsons’ and Lee Parsons’ accounts.
Parsons and Lee did not authorize such transactions. When confronted by Cohen, Parsons claimed that the funds were being used for underprivileged kids, but in fact, most of them were funding a home gym.
Cohen also used an agency for sports and a firm of lawyers to use fraudulently $328.125 from Parsons’s money in order to pay a MLB player that was disgruntled with him.
Cohen faces up to 25-years in prison after being convicted on one count each of wire fraud, investment adviser fraud, and a count of fraud.
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As new information becomes available, this post Ex Morgan Stanley and Wells Fargo Advisor Splurges $5,000,000 on NBA Players and Spends it On Home Renovations and Credit Cards, and More, may change.
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