Brandon Knight victim of a money scam
According to a report from Yahoo! Wednesday night, federal investigators are probing an alleged $18 million scam involving NFL and NBA players, including former Kentucky guard Brandon Knight. The report says Knight is one of many professional athletes who were duped into purchasing fraudulent and unregistered promissory notes from Success Trade, a firm that is in hot water and was ordered to stop fundraising last week.
The damage to Knight’s bank account is unknown, but investments ranged anywhere from $50,000 to more than $500,000, and there’s a good chance he won’t be getting his money back.
Tough news for the former Cat.
22 Comments for Brandon Knight victim of a money scam
Dang..Hes had a bad year. Posterized, airball layup, and now this….
oh man i know how he feels but only in a different situation
I will never trust any type of company wanting money! Side note, Coach Calipari think about this… Rod Strickland left and you need someone new on staff… Well, Tracy Mcgrady might reretire at end of NBA season and he claims he would have came to UK, get on phone with him and see if he is interested in coaching!!!!!
If it can happen to Knight, it can happen to any of the players. Wasn’t he the one with the 4.0+ GPA?
In other news: David Stern is trying to scam DMC.
Of all the former Cats, he is one I would have least likely guessed this happen to.
5. Just because he’s smart doesn’t mean he’s money smart. I have my Doctorate and didn’t get a single class in finance or how to save. These kids get swindled by people with silky ties and smooth talk. Could sell water to a well.
6. Very true. I’ve read about countless scams in which a group of athlete investors were targeted. If I were an athlete, I wouldn’t give a dime to an investor like that sought me out because of my occupation.
It isn’t really fair to judge Knight on this in my opinion. Look at Bernie Madoff, Enron, or other scandals. I think when you see other people you know (In this case other athletes) profiting from something, it is human nature to go for it yourself. I think it is good that Knight was trying to invest his money instead of just blowing through it. He just got involved with the wrong people. Hope it didn’t get too deep into his pockets. Luckily it was now and not later in his career when he makes the serious money. He is a smart kid, he will learn from this and be better for it.
Shouldn’t have been standin’ there. If there is any truth in the world it
Is that (insert name) shouldn’t have been standing there. (John f Kennedy)
(Abraham Lincoln) (Martin Luther king jr) (Osama bin laden) (matt Damon) (Kevin ware) pretty much any situation or person counts. Try it out in your own life and report back to me as to how well it actually applies. Thanks guys I appreciate it. -Jatt Mones’
Brandon Knight is having a worse year than Hitler in 1945.
If Brandon Knight can get duped out of thousands of dollars, I can only imagine what will happen to Archie…
He needs to fire his accountant or financial adviser if they gave him the green light to invest in this.
Maybe he should have stayed in school a little longer.
People acting like hes dumb cause this happened to him. Investment bankers fooled the entire world. IE: 2008
6 and 12 have it right. You can go to the highest levels of education and still not understand finance and investing. The accountant and financial adviser should bear the blame.
Truly sad when you have a background in finance and are passionate about investing. I could reduce that 60% broke after 5 years statistic down to about 6%, but these guys just don’t know any better than what they are told. Hard to surround yourself with people you can trust when you’ve acquired new wealth.
I’m sure he will be fine, his renewed contract will make up the difference, and besides Im sure his mom has sold at least enough books to cover the loss.
If the NBA and the NCAA gave a damn about their players, they would require them to attend some basic business and finance courses to learn how to handle money responsibly. Maybe also offer some schooling on what they should look for in a financial consultant, tax attorney, etc. Perhaps they should also cover how to avoid all the leeches and hangers-on, and ho’s looking to be baby-momma’s.
i knew he should have showed up to our accounting 201 class
This is what happens when you give multi-millions to 20yr olds with one year of college education and a lifetime of hanger-ons that kissed their asses. Did you notice that the target was NBA & NFL players??? Do you know why? BECAUSE, for the most part, THEY’RE UNEDUCATED GULLIBLE IDIOTS.
What’s up with athletes and these “get rich quick” schemes? I know they only have 10 or so years to cash in, but what’s wrong with getting 8-10% in stocks, bonds, or mutual funds? If it looks too good to be true, it probably is.
watt a dumb-arse!!!!
& knight was supposed to be a straight-A student, presumably w/considerable intelligence?
I thought he was like Stephen hawking or something while he was at UK?