Friday, October 30, 2020

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.

“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.”

- Advertisement -

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.

- Advertisement -
- Advertisement -

MUST READ

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Former Blue Bell Creameries CEO indicted for fraud linked to 2015 listeria outbreak

The former president and CEO of Blue Bell Creameries L.P., a Texas ice cream company, was indicted Tuesday on wire fraud charges in connection with a scheme...

Macau to sign agreement with World Bank Group over money laundering risk assessment

Secretary for Security Wong Sio Chak was granted powers by the Chief executive to sign a Reimbursable Advisory Services Agreement Concerning Risk Assessment of...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks