Wednesday, April 14, 2021

LaVar Ball accused of embezzling over $2.5 million


Big Baller Brand co-founder Alan Foster countersued LaVar Ball for fraudulent concealment and breach of contract, accusing him of embezzling millions of dollars from the company, according to The Blast.

Per the report, Foster has accused LaVar of embezzling more than $2.5 million from the family-owned companies “to fund his own extravagant lifestyle.”

“In early 2016, in furtherance of LaVar’s intense desire to share in, or rise above, the glory and spotlight of his sons, LaVar approached Alan and asked for his business guidance on how to monopolize and gain fortune and fame from the names and likenesses of his three sons,” the lawsuit says, via The Blast.

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“In response, Alan suggested that the two men brand the ‘Ball’ family name in order to create basketball and entertainment-related businesses. LaVar loved Alan’s idea and wanted to make sure that he was the biggest star in the family, notwithstanding the fact that he was broke, had no savings, poor credit and zero business acumen.”

Per the report, Foster alleges that LaVar used the money to upgrade their home and purchase new cars.

The Ball family cut ties with Foster in March after $1.5 million allegedly went missing from Lonzo’s personal and business accounts, which prompted them to sue the former family friend for fraud. The FBI reportedly opened an investigation into Foster, too, over the Ball family’s claims.

Foster previously owned 16.3 percent of the Big Baller Brand. He was convicted in 2002 of running a fraudulent stock scheme that yielded nearly $4 million, and served more than five years in prison. He has also pleaded guilty to mail fraud and money laundering, and spent five more months in prison for violating his probation.

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