Wednesday, November 11, 2009

Millionare Players Are Targets For Scams

While NHL players are debating on the safety on the ice, some players are also speaking out about the ways players have fallen victim to scam artists as well as false investment schemes.

Tom Reed of the Columbus Dispatch has a great article that highlights budding NHL superstar Rick Nash putting up with as well as some risky business investments.
At least twice a month, Nash estimates, he is asked to invest in projects ranging from real-estate development to restaurants.
I can only imagine that with a sudden windfall of money arriving with a huge athlete contract also rises the people who are in most need of it.

According to the article, the most common way for athletes who suddenly find themselves missing a lot of cash are blaming unscrupulous agents and money managers.
"Somebody is always asking to invest in this and help in that," Nash said. "It's tough to be the bad guy, so it's nice to have someone you can trust, an adviser who can help you with decisions."
And even then, players are still focused on playing hockey and not about the backgrounds of the people they get involved with. Players, according to defenceman Mike Commodore, are not as knowledgeable about financial issues to the point that most advisers can talk over the heads of many NHL players - leading them to even bigger risks.
"It's easy to get in bad habits when you are young," said Commodore, 30. The financial adviser "talks to you, and you have no idea what he's saying. You don't pay attention; you don't check (investments) online. More often than not, things will work out fine, but they could blow up in your face."
With the economy as rough as it is, multi-millionaire players should be on constant guard for those who want to get a piece of their pie.

[Via: Columbus Dispatch]
Post a Comment