Gregg Marshall, Billy Packer are Ponzi Scheme Victims
- Thread starter Smashcat
- Start date
Lynn Marshall is going to want blood.
Blood-y Mary too.
Rich people are targets for this stuff.
One of the problems is that these people don't make their wealth being financial experts. They are celebrities, though, and get to meet "neat" people who like to cut them in on "deals".
I've seen this stuff whip through communities big and small for years. Somebody gets local coach hero to sign up for something. Everybody signs on because, well, coach is a known quantity. Coach gets some big checks, before the thing goes broke. Meanwhile, someone else gets bigger checks and moves on to the next deal after the dam breaks.
I find it slightly comical, that with all the education and warnings that are given to athletes, that both Marshall, and Packer, got caught up in this scheme.
Leagues invest resources in educating athletes on how to invest their money and avoiding scams. Then, coaches go and do the very things that 18-21 year olds are coached to not do.
I know I'm rambling, I just thinks it a combination of sad and comical. It's sad that people are getting scammed. It's also sad to see people who should know better get scammed.
It's also slightly comical when rich people get greedy and invest in something they clearly don't know anything about.
It's not necessary. They are rich and there are plenty of proven investments in this country that will allow them to grow their wealth without getting scammed.
One of the problems is that these people don't make their wealth being financial experts. They are celebrities, though, and get to meet "neat" people who like to cut them in on "deals".
I've seen this stuff whip through communities big and small for years. Somebody gets local coach hero to sign up for something. Everybody signs on because, well, coach is a known quantity. Coach gets some big checks, before the thing goes broke. Meanwhile, someone else gets bigger checks and moves on to the next deal after the dam breaks.
I find it slightly comical, that with all the education and warnings that are given to athletes, that both Marshall, and Packer, got caught up in this scheme.
Leagues invest resources in educating athletes on how to invest their money and avoiding scams. Then, coaches go and do the very things that 18-21 year olds are coached to not do.
I know I'm rambling, I just thinks it a combination of sad and comical. It's sad that people are getting scammed. It's also sad to see people who should know better get scammed.
It's also slightly comical when rich people get greedy and invest in something they clearly don't know anything about.
It's not necessary. They are rich and there are plenty of proven investments in this country that will allow them to grow their wealth without getting scammed.
stonethecrow
Sophomore
She has a particular set of skills.........and drinkin' is one of 'em!
I mostly agree with that but this kind of thing won't happen to someone who realizes that if it sounds too good to be true, it probably is too good to be true. Most people are scammed because of greed and pride. They think they are smart enough not to fall for something and greed blinds them to the truth.
I was on a Federal Grand Jury where we looking to indict one of Bobby Bowden's sons for a Ponzi scheme that took multiple coach's for millions. I went off of the grand jury before we indicted him so I do not know what the outcome was. His son was not the Principal but he was getting reimbursed based on people he brought into the scam. He took his own dad for a couple of million.
Haha! Lynn says...
I have a certain set of skills. I will mock you, I will stand on my seat and yell at you, I will curse you out! And I WILL drink you under the table!
Why people let others handle their money is beyond me. Buy solid dividend paying stocks like AT&T, etc. It's not that hard.
I had to laugh because my biggest loss ever was buying a TON of AT&T back before they broke up the company in 2001. When the details emerged, the stock tanked and I sold at a rock bottom price. I have NO idea what would have happened if I had held. I never looked back. After that, became a trader and quit investing.
That's why you buy when they get trounced. I bought at 32 and bought rds.b in the 39's and 40's and am killing it. Day trading is a sure way to eventually go dead broke.
I know we are off topic but SOME daytraders do well. I've been doing it consistently for years. Most do go broke. My friend Dan, who graduated from Harvard Law, and I have been doing it successfully for years. But, admittedly, I had some bad years when I was learning how to do it right.
