Cau­tion­ary tale for ath­letes with sud­den wealth

The Hamilton Spectator - - BUSINESS - THE AS­SO­CI­ATED PRESS RALEIGH, N.C. —

A North Carolina fi­nan­cial plan­ner’s prison sen­tence for steal­ing from pro foot­ball play­ers of­fers a cau­tion­ary tale to young ath­letes set to make mil­lions af­ter the NFL draft.

The in­stant mil­lion­aires may know where they’ll be play­ing pro­fes­sional foot­ball, but they’re still fig­ur­ing out how to man­age their new-found wealth.

Pro leagues and ath­letes’ unions of­fer ed­u­ca­tion on how to avoid scams.

But le­gal schol­ars say there are lim­its to their abil­ity to reg­u­late fi­nan­cial ad­vis­ers, and they say play­ers need to do their home­work. The NFL Play­ers As­so­ci­a­tion runs a reg­istry for fi­nan­cial ad­vis­ers, but it’s vol­un­tary.

North Carolina fi­nan­cial plan­ner Michael Rowan was re­cently sen­tenced to prison for steal­ing nearly $3 million US from clients.

Sev­eral NFL play­ers also sued his firm, al­leg­ing they were steered to ques­tion­able in­vest­ments.

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