Pro Athletes Taken Advantage of by Darryl M. Cohen
Pro Athletes and Wealthy Individuals Not Immune to Deceptive Advisers and Top Firms.
Pro athletes and any wealthy individual can be deceived and cheated by unethical or criminal Financial Advisors, regardless of whether they work in very small, or very large, international, and respected investment firms. Pro athletes, including Lauren Holiday, Jrue Holiday, Chandler Parsons, and Courtney Lee, were all deceived by a Morgan Stanley Financial Advisor, Darryl M. Cohen. In total, nearly $10 million was steered into questionable investments, as these high profile clients trusted the respected firm they were working with and a Financial Advisor that had come to them as highly recommended. Darryl M. Cohen was advising 70 current and former pro athletes, so there seemed to be no reason to suspect that he was going to cheat them.
Wealthy individuals have a sense of security when working with large, well known investment firms like Morgan Stanley, but that can turn out to be a false sense of security. Every investor needs to be watch their investments closely and question anything that looks suspicious, as well as have separate, trusted people who review their investments. An Ernst & Young report in 2021 found that professional athletes reported nearly $600 million in fraud-related losses from 2004 to 2019, and stated, “the incidence of fraud in sports is trending in the wrong direction.”
If you think you have been deceived or cheated by a Financial Advisor or Investment Firm, you should seek out a respected legal firm like Aidikoff, Uhl, and Bakhtiari, that specializes in stock broker fraud and securities arbitration cases, for a professional consult and the potential recovery of your losses.
In a New York Times article, written by David W. Chen, this case was explained in detail. Read a summary of this article.