Ex-NBA Player Kwame Brown Sues Financial Adviser For Stealing $17.4 Million From Him
Former #1 overall pick Kwame Brown came straight out of high school to be selected by the Washington Wizards, but his career never lived up to the hype. Along with having a subpar career that lasted until the 2012-2013 season, the former Los Angeles Lakers forward has been dealing with issues off the court as well.
Brown is currently suing his financial advisors for fraud and claiming they stole $17.4 million of his money. That’s a lot of dough.
“According to court documents obtained by The Blast, Brown — who was the #1 pick of the 2001 NBA Draft straight out of high school — is suing Merrill Lynch, Bank of America and a financial advisor named Michelle Marquez.”
Kwame claims he was a client of the defendants from 2004 until 2017. They were hired to handle all his financial matters, but only with his consent, which didn’t happen.
“The suit claims Marquez began overseeing his account and, on several occasions, began investing Brown’s money into various projects and trading stocks without his permission.
Brown claims Marquez even opened several bank accounts under his name, without his knowledge and without giving him access to the accounts. He believes she was depositing his money into those accounts and began investing and trading his money while collecting a commission for herself.
According to the lawsuit, Brown claims he took out a $1.1 million loan in 2006 and instructed Marquez to pay off the balance of the loan right away. In 2015, Brown says he learned Marquez did not pay off the loan and instead converted the unpaid portion of the loan into a line of credit.”
Brown says he tried feverishly to get a hold of the defendants in 2017, but his calls went unanswered. He was then told he had no money with Merrill Lynch or Bank of America. An employee told him that he had signed authorization documents for defendants to invest, trade or otherwise control his monies.
Browns says his name was forged.
“Brown claims he had deposited over $17,400,000 with defendants, which he claims was mishandled or misappropriated through fraud.
The lawsuit — filed on Thursday in Los Angeles by the NBA star’s attorney, Corey Boddie — is seeking for the return of Brown’s $17 million plus further damages.”
Kwame made just under $64 million in his career.