Why do so many NFL players go bankrupt?

[53Fan]

Quote:

In fact, according to the NFL Players Association, at least 78 players lost a total of more than $42 million between 1999 and 2002 because they trusted money to financial advisers with questionable backgrounds.

Just last May, Atlanta hedge fund manager Kirk Wright was convicted on 47 counts of fraud and money laundering in a scheme involving more than $150 million. His client list included at least eight NFL players; former safeties Blaine Bishop (who lost $4 million, according to court documents) and Steve Atwater (who lost $2.7 million) had recruited former Broncos stars Terrell Davis and Rod Smith to Wright's firm, unwittingly making them victims too. Soon after his conviction Wright committed suicide in prison.

Incredible.

White collar crime has become so prevelant in this country, thanks in large part to our political leaders, that this sort of behavior has become routine. It's hard to trust anyone anymore. You would be wise to do extra homework on to whom you trust your money.