New York Times
Four people were arrested Thursday and charged with collectively defrauding four professional men’s basketball players out of more than $13 million, according to Damian Williams, the United States Attorney for the Southern District of New York.
In one scheme, three players were allegedly persuaded to purchase more than $5 million worth of life insurance policies at an enormous markup. In another, a fourth player spent $7 million to buy a women’s professional basketball team, but prosecutors said the money never went toward a purchase. In the third scheme, a player spent $1 million to fund a player representation agency that never existed, according to the indictment.