Former Trail Blazer Craig Smith says he had just $85 in bank despite millions made

[SlyPokerDog]

The 6-foot-7 Smith was raised in Inglewood and was a standout at Fairfax High School. He was drafted by the Minnesota Timberwolves in 2006 and traded to the Clippers in 2009. He joined the Portland Trail Blazers in 2011 and now is a free agent.

Smith's total income from six years in the National Basketball Assn. was $9.4 million, according to the website Basketball-Reference.com.

He told me, and he alleges in a pair of lawsuits filed in Los Angeles County Superior Court, that he discovered in 2012 that he had only $85 in an account at City National Bank.

Smith's lawsuits allege that his then-business manager, Noah Lookofsky, forged Smith's signature to transfer more than $2 million to his own accounts from Smith's accounts at City National and U.S. Bank.

Smith is suing the two banks for allegedly failing to notify him of unusual activity involving his accounts. Representatives of both institutions declined to comment.

Read the rest of the story here - http://www.latimes.com/business/la-fi-lazarus-20150522-column.html

 

[MARIS61]

I blame the salary cap.

 

[riverman]

More tragedies concerning the Rhino's of the world! I hope he gets it all back and more. I liked his game.

 

[Haakzilla]

I blame the salary cap.

...I blame Inglewood!

 

[BlazerDuckSeahawkFan94]

...I blame Inglewood!

Always up to no good!

 

[handiman]

$85, damn. That must make him the wealthiest rhino in the world.

 

[PDXFonz]

Craig Smith, the only NBA player to ever @ me on twitter. Hope he gets what is rightfully his. Also F people who make a living off of others misfortunes, what did Dante say about them?

 

[handiman]

Also F people who make a living off of others misfortunes, what did Dante say about them?

A fool and his money are soon parted?

 

[Sinobas]

Hey, that's enough to get one of these! Amazon product ASIN B00HPMCO6O

 

[Sinobas]

Oh shit nevermind, $5 dollars shipping.

 

[MARIS61]

While having $2 million embezzled by his manager, he apparently squandered over $7 million in 6 years on his own.

This is a guy who was a standout in high school and spent 4 years at Boston College after a year of prep school at Worcester Academy. All 3 schools profited greatly from his presence, all 3 schools knew he was likely to become a professional athlete upon graduation, but none of them felt any duty to educate him about handling personal finances.

I think he should sue all 3 schools for not only their deliberate failure to provide a basic education but also for any profits they made from his attendance.

 

[rasheedfan2005]

While having $2 million embezzled by his manager, he apparently squandered over $7 million in 6 years on his own.

This is a guy who was a standout in high school and spent 4 years at Boston College after a year of prep school at Worcester Academy. All 3 schools profited greatly from his presence, all 3 schools knew he was likely to become a professional athlete upon graduation, but none of them felt any duty to educate him about handling personal finances.

I think he should sue all 3 schools for not only their deliberate failure to provide a basic education but also for any profits they made from his attendance.

yes he should blame shift and deny all personal responsibility. go generation entitled!

 

[MARIS61]

He paid for an advanced education that it's clear he never received.

Open and shut case of fraud.

 

[barfo]

He paid for an advanced education that it's clear he never received.

Open and shut case of fraud.

You can lead a rhino to water, but you can't make him drink.

barfo

 

[bodyman5000 and 1]

Oh shit nevermind, $5 dollars shipping.

If he signs up for prime he'll get free shipping for a month. Has to be careful and cancel or they will charge his card after 30 days. That could ruin him.

 

[jlprk]

Also F people who make a living off of others misfortunes, what did Dante say about them?

A fool and his money are soon parted?

The Inferno was written in Latin, where it said, A sucker is born every minute. Seriously, I hope he finally grabs this problem by the horns.

 

[rasheedfan2005]

He paid for an advanced education that it's clear he never received.

Open and shut case of fraud.

Agreed. Im suing my college tomorrow for not giving me 5 million to squander

 

[PDXFonz]

Man y'all are cold, nobody else cares that the Rhino is endangered?

 

[WillG]

You can lead a rhino to water, but you can't make him drink.

barfo

You can lead a Rhino to Education, but you can't make him Think . . .

 

[jlprk]

After what happened to the white rhino I hope this guy reproduces before he stops eating.

 

[BlazerWookee]

...what did Dante say about them?

"Just helping my teammates. That’s what it is about 100 percent. I believe they would give it up for me, all it was seeing the opportunity and taking advantage of it.”

 

[PtldPlatypus]

While having $2 million embezzled by his manager, he apparently squandered over $7 million in 6 years on his own.

This is a guy who was a standout in high school and spent 4 years at Boston College after a year of prep school at Worcester Academy. All 3 schools profited greatly from his presence, all 3 schools knew he was likely to become a professional athlete upon graduation, but none of them felt any duty to educate him about handling personal finances.

I think he should sue all 3 schools for not only their deliberate failure to provide a basic education but also for any profits they made from his attendance.

You assume too much. If he paid approximately half his earnings in taxes, then that would mean he "squandered" a little over 2.5M. Of course, we have no idea what other assets he might hold (real estate, securities, etc.), or what purchases he might have made for other members of his family, so really it's unreasonable to state that he "squandered" anything.

Honestly, having $2M in liquid assets after a 9.4M career would be pretty damn good.

 

[jlprk]

Nobody pays half their earnings to taxes. That's an urban myth, just a political slogan.

No one pays even a fourth.

 

[KeepOnRollin]

Nobody pays half their earnings to taxes. That's an urban myth, just a political slogan.

No one pays even a fourth.

@magnifier661 would beg to differ.

Actually I am getting taxed 40.5% from the Feds and 11% from the state. That's 51.5%. If I made 199k, I would make more money than I do now.

 

[magnifier661]

@magnifier661 would beg to differ.

It's the truth. Jlpk did too many drugs in the 60's

 

[riverman]

It's the truth. Jlpk did too many drugs in the 60's

But he saved his money

 

[EL PRESIDENTE]

Nobody pays half their earnings to taxes. That's an urban myth, just a political slogan.

No one pays even a fourth.

not quite 50% but close. :MARIS61:

 

[barfo]

It's the truth. Jlpk did too many drugs in the 60's

For some reason I'm reminded of cookware.

A kettle, maybe a pot...

barfo

 

[magnifier661]

For some reason I'm reminded of cookware.

A kettle, maybe a pot...

barfo

Why yes... But my drugs expand the mind! I see unicorns instead of visions of Hilary Clinton in a thong

 

[riverman]

Why yes... But my drugs expand the mind! I see unicorns instead of visions of Hilary Clinton in a thong

so then, you're projecting this image of her in a thong because of drug influenced unicorns?