Former NBA Player, Scottie Pippen: Scammed By His Adviser

How many stories have we heard of famous people being scammed by their adviser? Too many, right? Well, unfortunately former NBA Player, Scottie Pippen was scammed by his own adviser…

When former NBA player Scottie Pippen found an adviser who was strongly recommended by the team, he trusted the man with $20 million of his fortune. But less than a year later he learned from an accountant that the adviser, who had previously worked at well-known financial firms, may have committed bank fraud, according to the Chicago Tribune. His former adviser, Robert Lunn, was eventually found guilty of fraud. On Tuesday, he was sentenced to three years in prison for multiple schemes, including forging a $1.4 million loan in Pippen’s name.

Pippen’s experience offers lessons for anyone searching for an adviser, even if their savings don’t add up to millions of dollars, financial experts say. “It’s worth spending a little time to research who you’re dealing with,” says Gregor Matvos, an associate professor of finance for the University of Chicago Booth School of Business, who co-authored a report on misconduct by financial advisers.

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