Former Blazer Sebastian Telfair Gets Prison Time

[SlyPokerDog]

Former Portland Trail Blazers guard Sebsastian Telfair is getting prison time for his role in defrauding the NBA Health and Welfare Benefit Plan. Telfair was originally sentenced in 2019 for bilking the system out of $358,000 via fraudulent claims. He received 3.5 years of supervised release. Sportico is reporting that Telfair failed to meet the conditions of his probation: community service, meeting regularly with a probation officer and working to obtain employment. Accordingly U.S. District Judge Valerie E. Caproni decreed that Telfair would serve six months in prison, beginning in August.

In a hearing on Thursday, Telfair, according to Law360, told Caproni that “a lot of things” were “stacked against” him, and that he sometimes gets “stuck in the mud.” Telfair apologized and acknowledged he missed appointments with his probation officer. But he insisted he was trying to improve as a person, including by partaking in training so he could land a job in construction.

Caproni wasn’t persuaded, saying Telfair had done “absolutely nothing” to get a job. She bluntly told him, “You thumbed your nose at your probation officer and me over and over.” The judge, Law360 noted, also said Telfair had only submitted small dollar amounts in restitution and still owes a sizable figure.

 

[BoBoBREWSKI]

What a dipshit.

 

[kjironman1]

Former Portland Trail Blazers guard Sebsastian Telfair is getting prison time for his role in defrauding the NBA Health and Welfare Benefit Plan. Telfair was originally sentenced in 2019 for bilking the system out of $358,000 via fraudulent claims. He received 3.5 years of supervised release. Sportico is reporting that Telfair failed to meet the conditions of his probation: community service, meeting regularly with a probation officer and working to obtain employment. Accordingly U.S. District Judge Valerie E. Caproni decreed that Telfair would serve six months in prison, beginning in August.

In a hearing on Thursday, Telfair, according to Law360, told Caproni that “a lot of things” were “stacked against” him, and that he sometimes gets “stuck in the mud.” Telfair apologized and acknowledged he missed appointments with his probation officer. But he insisted he was trying to improve as a person, including by partaking in training so he could land a job in construction.

Caproni wasn’t persuaded, saying Telfair had done “absolutely nothing” to get a job. She bluntly told him, “You thumbed your nose at your probation officer and me over and over.” The judge, Law360 noted, also said Telfair had only submitted small dollar amounts in restitution and still owes a sizable figure.

Wow bad draft choice and maybe he should rethink a few things.

 

[THE HCP]

Wow

 

[THE HCP]

One of those guys that you could just tell he was going to fail….. came up from nothing man…..blew it all away

 

[SharpesTriumph]

Can't believe Boston gave us a pick that turned into Roy for him.

Odd that he's labeled as former Blazer, I guess because we drafted him. He played for other teams more recently.

 

[SharpesTriumph]

One of those guys that you could just tell he was going to fail….. came up from nothing man…..blew it all away

I wonder if he paid his dentist?

 

[Mediocre Man]

Dude made almost 20 million in his career. With some simple investments of half that, he could easily generate 250,000 to 400,000 annually

 

[SharpesTriumph]

Dude made almost 20 million in his career. With some simple investments of half that, he could easily generate 250,000 to 400,000 annually

Why would you want to live off only 250k if you have 10 million your able to spend sitting in the bank?

 

[blazerkor]

I still remember when I was in middle school or maybe early in high school, someone did a feature on him. He was like 8 or 9 years old and balling out against adults at The Rucker. It's a real shame that's the way his life went.

 

[julius]

Why would you want to live off only 250k if you have 10 million your able to spend sitting in the bank?

Because living off of 250K a year will make that 10 million last you the rest of your life.

 

[kjironman1]

Why would you want to live off only 250k if you have 10 million your able to spend sitting in the bank?

So that you 10 million turns into 20 would be my guess.

 

[THE HCP]

I still remember when I was in middle school or maybe early in high school, someone did a feature on him. He was like 8 or 9 years old and balling out against adults at The Rucker. It's a real shame that's the way his life went.

In spite of growing up in the spotlight and hype around him and his cousin…..he was actually a really cool dude. Wish he had better people surrounding him though. Never forget the whole gun thing on the plane.

 

[SharpesTriumph]

Why would you want to live off only 250k if you have 10 million your able to spend sitting in the bank?

Because living off of 250K a year will make that 10 million last you the rest of your life.

So that you 10 million turns into 20 would be my guess.

Why would I want to wait for the rest of my life if I can spend all of that $10 million dollars tomorrow!

 

[HoopsFanAZ]

I hope Telfair gets his act together after prison time.

There’s crap that we build up in our own lives — some of it circumstance, most of it our own making. At some point, we have to shovel as much of that crap out of our own barns as possible. More will take its place, but at least as adults we can choose and have zero excuse — and maybe it’s the finest kind of crap that simply is part of a helluva good life.

I hope he actually picks up the shovel.

 

[wizenheimer]

there are a couple of Oregon Muni Funds, very low risk, paying around 3.5.3.6% annually. One million = $3,000/month. So 10M would generate $30,000/month....tax free. $1,000 into your pocket, every day for all 365 days of the year. Have to really cinch up your belt and budget, but it's manageable.

 

[Mediocre Man]

Why would you want to live off only 250k if you have 10 million your able to spend sitting in the bank?

Because you are a responsible adult?

 

[blazerkor]

Because you are a responsible adult?

And that 250k is a conservative estimate of what solid wealth management firms could get you after taxes off of 10M.

 

[SharpesTriumph]

I've always wondered if there was a better way to have some of NBA players salaries, as well as other pro athletes, setup the payments better so some of their earnings are deferred or in a savings or such. Maybe 10% go to a pension.

There's really shouldn't be any of these stories of people that earned tens or hundreds of millions and a decade later are completely broke.

But also kind of sucks to be ~19 and have all that money. Most of us kind of scraped by in our 20s and built our earnings/savings then have better habits during the bulk of our careers from 30s-60s.

Most NBA players are unemployed before 30.

 

[THE HCP]

ZBO’s big contract with us was just that if I’m not mistaken.

 

[BoBoBREWSKI]

Players should live off of endorsement money, and put most of your paychecks in the bank/invest for when your career is over.

 

[PDXFonz]

Weren’t there a bunch of other names involved in this? How does Telfairs sentencing match up
against the rest?

 

[PDXFonz]

With stuff like this and reports about Malik Beasley… It’s wild to be honest, but they also say that a lot of people who win the lottery end up filing for bankruptcy.

Y'all seen that video of Delonte West asking for money at a gas station, talking about how he gave all his money away to family?

If you make it in the league you should be set as long as you are smart with your money. But it’s more common than one may expect for professional athletes to end up in a bad financial situation. I figure most of the time it’s just wild over spending.

 

[crandc]

Dude made almost 20 million in his career. With some simple investments of half that, he could easily generate 250,000 to 400,000 annually

Had he just put it in an ordinary savings account he'd be doing great. I know he has a rough day start in life but he also has an opportunity few did. Made more money than 99%. Even after conviction had chance to avoid jail.

 

[Natebishop3]

Man..... I feel bad for Bassy. He was always super cool with me. I'm sure he has changed a lot in 20 years but it's hard to reconcile the memories of that 18 year old kid with what he has done. Just tragic.

 

[SlyPokerDog]

I remember going to see this at the Hollywood theater. I had so much hope for him.

 

[SlyPokerDog]

Crazy stat:

Telfair was drafted the year after Lebron.

 

[BlazerWookee]

In spite of growing up in the spotlight and hype around him and his cousin…..he was actually a really cool dude. Wish he had better people surrounding him though. Never forget the whole gun thing on the plane.

Yeah, he was way too short to be a shooting guard.

 

[inconceivable]

Dude made almost 20 million in his career. With some simple investments of half that, he could easily generate 250,000 to 400,000 annually

Yup, a simple portfolio can spit out 7% compound annual growth rate with reasonable risk

Stocks (60%)
$3 mil in the SP500
$2 mil in international index fund
$1 mil in US small value index fund

Bonds (40%)
$3 mil US treasury bonds
$1 mil international bonds

That can spit out 7% compounded annual growth rate over the long term. Account for 3% inflation and you can live off of 4% every year, adjusted for inflation, for eternity, and still have $ left for your heirs when you die.

Summary: with $10mil usd invested in a simple portfolio of stocks and bonds, you can live off of $400k / year adjusted for inflation for life.

 

[Five Second Violation]

Does anyone else find it pretty ironic that John Nash and Steve Patterson were brought in to clean up Portland's Jail Blazer image, and one of the very first guys they draft ends up being the only one to actually do prison time?