NBA Figures in Financial Quagmire Amid Allegations of Illegal Gambling Ties
Three prominent NBA players, Chauncey Billups, Terry Rozier, and Damon Jones, were arrested on Thursday as part of FBI probes into alleged illegal gambling ties with La Cosa Nostra crime families. The shocking development raises questions about the high-stakes world of professional sports, where multi-million dollar fortunes can tempt even the most well-heeled athletes.
The NBA figures in question allegedly got involved in the scandal despite their substantial earnings - Billups and Rozier have each made over $100 million, while Jones has made around $20 million. One can't help but wonder how these individuals with such vast financial resources ended up entangled in a complex web of illicit dealings.
According to Notre Dame finance professor Richard Sheehan, "How could they possibly get into a situation where they would do this? Their lifetime income was somewhere in the vicinity of $150 million. For most people, you couldn't spend $150 million in your lifetime." The staggering disparity between earnings and net worth is baffling, with Billups and Rozier reportedly having only $35-40 million in their bank accounts.
Sheehan attributes this discrepancy to "posses" - a term he uses to describe groups of people who surround athletes, extracting money from them. Many see these athletes as walking ATMs, an unsettling notion given the immense wealth they have accumulated through sports.
The possibility of unsavory characters like the mafia also cannot be ruled out entirely. Sheehan suggests that some athletes might unknowingly get caught up in such situations due to their association with shady individuals.
Another factor could be poor financial decision-making on the part of advisors or attorneys, as Sheehan points out that simply being greedy and desperate for more money is no excuse for the mistakes these athletes have made. "I've got $40 million in the bank. But, you know, if I had $41 million, I'd feel a little better," he says wryly.
As investigations into Billups, Rozier, and Jones continue, the NBA has announced that they will cooperate fully with authorities. The league's integrity is paramount, and their swift action sends a strong message about the consequences of engaging in such behavior.
Attorneys for both defendants have denied any wrongdoing, but the evidence against them seems increasingly damning by the day. The full extent of the scandal remains unclear, but one thing is certain - the lives of these high-profile athletes will never be seen in the same light again.
Three prominent NBA players, Chauncey Billups, Terry Rozier, and Damon Jones, were arrested on Thursday as part of FBI probes into alleged illegal gambling ties with La Cosa Nostra crime families. The shocking development raises questions about the high-stakes world of professional sports, where multi-million dollar fortunes can tempt even the most well-heeled athletes.
The NBA figures in question allegedly got involved in the scandal despite their substantial earnings - Billups and Rozier have each made over $100 million, while Jones has made around $20 million. One can't help but wonder how these individuals with such vast financial resources ended up entangled in a complex web of illicit dealings.
According to Notre Dame finance professor Richard Sheehan, "How could they possibly get into a situation where they would do this? Their lifetime income was somewhere in the vicinity of $150 million. For most people, you couldn't spend $150 million in your lifetime." The staggering disparity between earnings and net worth is baffling, with Billups and Rozier reportedly having only $35-40 million in their bank accounts.
Sheehan attributes this discrepancy to "posses" - a term he uses to describe groups of people who surround athletes, extracting money from them. Many see these athletes as walking ATMs, an unsettling notion given the immense wealth they have accumulated through sports.
The possibility of unsavory characters like the mafia also cannot be ruled out entirely. Sheehan suggests that some athletes might unknowingly get caught up in such situations due to their association with shady individuals.
Another factor could be poor financial decision-making on the part of advisors or attorneys, as Sheehan points out that simply being greedy and desperate for more money is no excuse for the mistakes these athletes have made. "I've got $40 million in the bank. But, you know, if I had $41 million, I'd feel a little better," he says wryly.
As investigations into Billups, Rozier, and Jones continue, the NBA has announced that they will cooperate fully with authorities. The league's integrity is paramount, and their swift action sends a strong message about the consequences of engaging in such behavior.
Attorneys for both defendants have denied any wrongdoing, but the evidence against them seems increasingly damning by the day. The full extent of the scandal remains unclear, but one thing is certain - the lives of these high-profile athletes will never be seen in the same light again.
I'm not buying this whole "posse" explanation 
. Rich guys like Billups and Rozier should know better than to get caught up with shady characters, especially when they've got that kind of cash stashed away already 
. It's either greed or negligence, imo 
.
this is so disappointing to hear about these talented players getting caught up in something like this... 150 million dollars and they still can't manage their finances? 
it's just mind-boggling... and the fact that some of these "posses" are taking advantage of them, treating them like walking ATMs... that's just not right. 
i can only imagine how frustrating it must be for Billups, Rozier, and Jones to think they're making all this money, but still struggling financially. 
. I mean, I get it, people can make bad financial decisions, but come on, guys! You're multi-millionaires! You should know better 
.
. Are they like a team of people who just want to take advantage of athletes for their own gain? It's like, we get it, you're rich and successful, but do you have to use that power to screw over others? 
. But it's also kinda sad for these guys, 'cause their lives are gonna be all over the news now 
.
y'all think $100m ain't enough to keep a player outta trouble? 
and 45% admit to having debt > $100k (source: @sportsfinance) 
here's the breakdown of NBA player salaries:
. And then there's the "posses" thing - a bunch of shady characters sucking athletes dry like a never-ending cash cow? That's just gross 
but i guess we all need to learn from their mistakes 
maybe it's time for them to get some financial coaches or somethin? 
The NBA players involved in this scandal are making over $100 million each and yet they still have only $35-40 million in their bank accounts? That's just crazy 
.
. The NBA is right to cooperate with authorities, though - their integrity does matter.
.
. And then there's the advisors and attorneys who are supposed to be lookin out for their best interest, but instead, they just enable this mess.
. I hope they get some serious time for this, 'cause if anyone gets caught messin around with the mafia, it's gonna be them 
