Ex-NBA Advisor Convicted of Defrauding Jrue Holiday & Others

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.

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FAQ

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.

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