Sometimes I struggle about whether to post stuff like this..I wonder…who cares? Is this relevant?
Well dammit it was relevant to me! This hurt. I remember the glory days with he and Gary Payton..they were two players that made up my childhood obsession with basketball. Baker played so well…AT FIRST…that I forgave him for replacing Shawn Kemp (I was an emotional teen).
86 million dollars is a whole lot of chips and queso. So what exactly were Baker’s financial managers doing for him?
From Court House News:
In his complaint, Baker says the firm agreed to provide him services “including but not limited to, a) management of Baker’s money and investments, b) coordination of his professional advisors, accounting and financial services and c) otherwise ‘manage’ Baker’s financial activities and condition.”
Baker adds: “On numerous occasions between 1997 and 2009, Brodeur and B&C made overt representations to Baker concerning the appropriateness and sufficiency of their services, including statements to the effect that:
“a) ‘you are being taken care of’;
“b) ‘I/we have everything control’;
“c) ‘your investments are being watched’; and
“d) don’t worry, I/we have everything covered.’”
But Baker says: “During the time that Brodeur and B&C acted as Baker’s manager, virtually all of Baker’s earnings were spent and/or his investments lost all or nearly all of their value, such that Baker’s home was foreclosed and he was forced to liquidate substantial assets for little or no value, leaving him without resources to meet his financial obligations and living expenses.”
I have defended athletes to no end when it comes to this kind of thing (see my comments on Terrell Owens) where firms promise they have everything under control and all you have to worry about is playing the sport…but how do you lose 86 million dollars? During those 12 years that he’s claiming they represented him, how often did he check in out the status of his cash? I’m so confused!
I’m not a lawyer but this looks like a tough case for Baker to win. Plus, even if he wins, if the money is lost it’s almost always gone forever. These firms are almost never worth even a percentage of the amount of money they lose for clients even when they’ve done due diligence.
Where is Baker now? Well, I’m glad you asked. Some googling shows that he is an assistant coach at a high school in Connecticut. You are very welcome.