Truth & Rumors > NBA
Bulls star sues financial advisers
Ben Gordon sued his former financial advisers Wednesday, alleging they charged him excessive fees and improperly borrowed $1 million of his money to invest in a real estate deal for themselves. The Bulls guard said in the lawsuit that he signed a deal with California-based Larry Harmon & Associates in 2004 that called for him to pay a fee of $4,000 to $6,000 per month for financial consulting. Gordon alleges that when he hired new financial advisers, it was discovered Harmon and his company had been charging Gordon a fee of 1.5 percent of his total income.
Ben Gordon, Jonathan Daniel/Getty Images
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Comments (14) Add A Comment
i took my first sip of coffee this morning and i instantly had to take a po op
slipperyflipper
Helena , MT
Total Comments (23)
1.5% of assets under management is pretty standard.
patdoggy
Boston , MA
Total Comments (188)
Yeah I thought 1.5 was standard 2!!!!
MacaDamien
Milwaukee , WI
Total Comments (993)
WOW. Borrowing 1 mil....... I wish I had friends like that.
SANDMAN
Total Comments (191)
1.5 maybe standard but the borrowing $1,000,000 to invest in a real estate deal for themselves sounds funny
Coop1974a
Total Comments (317)
I wish I was in the position to not notice sums of that amount being (mis)placed. Makes me think of Courtney Love not knowing that her dog walker was making 209g per year off her drugged out ****.
Bocephus
Total Comments (26)
1.5% of assets under management is pretty standard but 1.5% of his TOTAL INCOME is not standard.
I would have only charged his .75% because his account would have been more that all my other clients combined.
JaY - D
Sacramento , CA
Total Comments (12)
Don't Hire Scottie!
duany
Chicago , IL
Total Comments (515)
Makes me think of Courtney Love not knowing that her dog walker was making 209g per year off her drugged out ****.
Bocephus | 09/20/07
Why can't I ever luck into a job like that?
SANDMAN
Total Comments (191)
I WOULD WATCH OVER MY OWN MONEY. I DONT NEED ANY ADVICE AS TO WHAT TO DO WITH MY MONEY.
myspace.com/feelthef…
Cleveland , OH
Total Comments (16)
Standard is not the issue, they should have been upfront from the start that they will be charging 1.5% as part of the agreement for the advices. By not mentioning it, they clearly took advantage of Ben G.
And besides, investing 1M without knowledge of the owner is just wrong, what if the deal went dead and they ended up losing the 1M over the bad judgment in investment... Tsk tsk tsk, this is a crime ladies and gentlemen. Ben G should sue their ****
Scofield
Total Comments (21)
I hope Ben Gordon wins that battle!
Dinero
Glen Allen , VA
Total Comments (348)
No money, mo' problems.
walteralstonsrevenge
Ithaca , NY
Total Comments (138)
sign here stupid...read the contract or could'nt you!
MIKE OZ
Total Comments (67)
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