Ex-NBA Advisor Convicted of Defrauding Jrue Holiday & Others
Key Insights
Darryl Cohen was convicted of defrauding NBA players of over $5 million.
Cohen exploited his advisory role to sell life insurance policies at massive markups.
He diverted funds to a basketball-related nonprofit for personal use, including building athletic facilities in his backyard.
Cohen faces up to 20 years in prison and may appeal the conviction.
In-Depth Analysis
Darryl Cohen, an ex-investment advisor, was found guilty by a Manhattan jury of defrauding NBA players. The scheme involved selling life insurance policies at inflated prices and diverting funds disguised as donations to a basketball nonprofit. These funds were then used for personal expenses, including constructing athletic facilities. Cohen's defense, claiming the players approved the transactions, was unsuccessful. He faces a lengthy prison sentence and potential appeals.
FAQs
Q: Who was defrauded by Darryl Cohen?
Jrue Holiday, Chandler Parsons, and Courtney Lee were among the NBA players defrauded by Darryl Cohen.
Q: What was Cohen convicted of?
Cohen was convicted of wire fraud and investment advisor fraud.
Q: What was the total amount Cohen defrauded from the players?
Over $5 million.
Key Takeaways
Investment advisors have a fiduciary duty to act in their clients' best interests.
Always scrutinize financial transactions and seek independent advice.
Diversion of funds, even under the guise of charitable donations, can be a form of fraud.
Discussion
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