The following article was written by Spencer Wingate.
Retired NBA All-Star Vin Baker has filed a complaint in Middlesex County Court claiming his financial advisor lost his life savings of $86 million. Baker hired Brodeur and Company Certified Public Accountants to manage his finances in 1997. Donald S. Brodeur Jr. was in charge of managing Baker’s money and investments. His company caters to professional athletes and claims to manage their finances and provide investment advice.
In his lawsuit, Baker claims Brodeur and Company did just the opposite. He says they left him with no resources to meet his financial obligations or live. From 1997 to 2009 the company managed his finances, but Baker says he was eventually left without any money or investments.
The lawsuit references five specific incidents of inadequate oversight by Brodeur and Company. The references include a restaurant that resulted in Baker’s assets being liquidated, a real estate development that went under, a substantial settlement he was forced to pay his former agent, a charities fund being questioned, and a failed museum development.
Baker is represented by Neal Moskow with Ury and Moskow. The case will be interesting to follow to see if this is another example of an athlete mismanaging his finances or a third-party taking advantage of an athlete’s prominent position.