Originally written on Celtics Town  |  Last updated 11/14/12
Two years ago, I was living in an apartment with some friends who decided to get a dog. I was totally behind the decision at the time, but the dog had an unfortunate tendency to eat anything and everything including my leather wallet with $40 inside. As you might imagine, I was livid. $40 was, well, $40, and it made up an unfortunately large percentage of my net worth.Jason Terry’s net worth is considerably higher than mine will EVER be, but if his allegations against his former financial advisers are true, he lost a heck of a lot more than $40 through the advisers’ involvement in Ponzi schemes. Via Courthouse News Services:Boston Celtics guard Jason Terry claims in court that his financial advisers cost him $2.4 million by putting his money into risky investments, some of which were Ponzi schemes.Terry sued Suntrust Banks, Martin Kelly Capital Management, William C. Crafton Jr., Adam Fein, and CSI Capital Management, in Federal Court. [...][From the complaint] “Crafton specifically told plaintiff that plaintiff could, at any time, get out of the investments Crafton placed plaintiff in because he said very investment he placed plaintiff in was a very safe, liquid asset.“However, contrary to his express representations, defendant Crafton placed plaintiff in high-risk, alternative investments, which were Ponzi schemes or other fraudulent investments run, managed, controlled, operated and/or created by individuals with whom Crafton had a personal relationship, business dealings or kickback agreements. These investments were unsuitable and illiquid and Crafton had some financial interest and undisclosed relationship with each investment that was never disclosed to plaintiff.”According to the story, Terry hired Crafton when he was still in Dallas, impressed with Crafton’s roster of professional athletes. Terry wanted to invest his money conservatively, and Crafton promised to do just that. But, according to the allegations, Crafton didn’t hold up his end of the deal, and now Terry is filing suit for, well, you saw the number.It should be noted that this isn’t the first time Crafton has been accused of investing an athlete’s money in Ponzi schemes. The Courthouse News Service reported back in August that three Philadelphia Eagles and a professional women’s soccer player all claimed to have lost a considerable amount of money to Crafton, and Terry’s allegations are strikingly similar to theirs. Terry has been with Crafton since before the Eagles’ players lawsuit, but it wouldn’t be a surprise if their case brought his attention to his own.I’m far, FAR from a legal/financial expert (I mean, I work in the Wal-Mart deli when I’m not in class or writing here at Celtics Town), but Terry is a very intelligent individual, and he has a financial background, representing the Mavericks as a player rep in the latest NBA lockout. It would be foolish to speculate on a court case, but it DOES seem unlikely that a smart guy like Terry would file suit frivolously.Follow Tom on Twitter: @Tom_NBA. But don’t ask him for financial advice.
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Report: Three teams achieve separation in Aldridge chase

WATCH: Serena Williams wags finger at Wimbledon crowd, says, 'Don’t try me'

Report: Rajon Rondo headed to Sacramento Kings

Dez Bryant deal with Cowboys could be announced Monday

Brandon Saad, Ryan O’Reilly sign long-term contracts with Columbus, Buffalo

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Mavs solidify future, sign Wesley Matthews, DeAndre Jordan

A-Rod, Yankees settle dispute over home run milestone bonus

Report: Robin Lopez, Knicks finalizing four-year deal

Becky Hammon will coach Spurs' Summer League team

Jimmy Butler on Derrick Rose: ‘I don’t think we have any issues’

Yankees get A-Rod's 3,000th hit ball for $150,000 donation

The top American sports moments since the last Fourth of July

Nine former college football rivalries that need to come back

The most patriotic uniforms in American sports

Jeanie Buss: Brother Jim will step down if Lakers don't make deep run within two seasons

DeAndre Jordan to Dallas: The Los Angeles Clippers are literally mad men

Remember when the Cincinnati Bearcats were the scariest team in America?

Are the Angels now the worst organization in baseball?

Five reasons the Browns should play Johnny Manziel

Blue Jays need rookies to keep producing for success in 2015

WATCH: Sean Doolittle gets cup check from teammate

University of Florida developing high-tech smart mouth guard

Pat McAfee is the best punter in NFL history

NBA News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

Russell Wilson 'would definitely consider' playing for Mariners

Solo, Rapinoe among USWNT stars up for World Cup awards

LBS on Sports Jeopardy! Here's how how it went

College football's 35 most patriotic helmets

A brief history of non-star All-Stars

With Love retained, the Cavs can take care of LeBron

Grading the deal: Davis commits to Pelicans

Obama Administration: Change name if Redskins move to D.C.

Deciding what the All-Star Game means

Odell Beckham Jr. offered professional baseball contract

Orioles keep finding a way to win

Lloyd sends USWNT to World Cup final

Today's Best Stuff
For Bloggers

Join the Yardbarker Network for more promotion, traffic, and money.

Company Info
Help
What is Yardbarker?

Yardbarker is the largest network of sports blogs and pro athlete blogs on the web. This site is the hub of the Yardbarker Network, where our editors and algorithms curate the best sports content from our network and beyond.