The case of a Georgia man who was found guilty of defrauding former NBA players, including Dwight Howard and Chandler Parsons, out of $8 million is a stark example of the dangers athletes face in managing their wealth. In professional sports, many athletes earn large sums of money in a short period of time, but often lack financial experience or knowledge. This makes them easy targets for fraudsters or unscrupulous financial advisors.
Brian Windhorst, ESPN Senior Writer
A Georgia man was convicted Friday on five counts by a federal jury in Manhattan of defrauding former NBA players Dwight Howard and Chandler Parsons of a combined $8 million in 2021.
Calvin Darden Jr. was found guilty of fraud, bank fraud, money laundering and two different conspiracy counts. Darden was involved in multiple schemes with former NBA agent Charles Briscoe, who pleaded guilty to his role in the case last year.
Prosecutors presented evidence that Howard sent Darden a $7 million payment for what the former All-Star thought was part of an effort to purchase WNBA team the Atlanta Dream.
Parsons was tricked into a fraudulent investment in the development of the career of former No. 2 draft pick James Wiseman. Government lawyers have indicated they plan to argue for a sentence of 11 to 14 years for Darden, who was also convicted of a multimillion fraud scheme in 2016.
The jury, which took five hours to reach the verdict after a two-week trial, was presented evidence that Darden used $6.1 million of Howard’s $7 million on two cars including a Lamborghini, $110,000 on a piano, $90,000 on watches and to help purchase a $3.7 million home in Atlanta. Howard testified against Darden during the trial.
Briscoe received three months of home detention and three years of supervision for one count of wire fraud last November.
The case was part of a sweeping series of charges and arrests made by the Southern District of New York last year. Next year, a former Morgan Stanley financial adviser, Darryl Cohen, is set to stand trial as part of a scheme that the government alleges defrauded Boston Celtics star Jrue Holiday among others.
In this case, the man who was found guilty used the trust placed in him by NBA players to steal their funds through a fraudulent scheme. Losing such a large sum of money is devastating to the victims, even those who have made millions of dollars from their careers. However, cases like this are not just about money; they are also about abuse of trust. Athletes who trust someone with their financial future, especially when it comes to investments and wealth management, can face a deep sense of betrayal when that person turns out to be dishonest.
This case also highlights the importance for athletes, and anyone with significant wealth, of having strict financial oversight and working with reputable professionals. Additionally, early financial education for athletes can help prevent situations like this.
Overall, this scam is a reminder that while success on the sports field can generate great wealth, safeguarding and protecting that wealth requires just as much caution and protection from outside threats.
thank you The Associated Press contributed to this report.