Clinton Portis was a multi-time Pro Bowler during his NFL career and was paid over $43 million in salary, excluding endorsments and other income, before his retirement. But he sadly joins the list of other pro athletes who made it big only to lose almost everything within a few short years of the end of their playing career. The reason for this trend is in no small part due to same causes that robbed Portis of a significant chunk of his money, unscrupulous financial planners. Of the assets Portis does have remaining, $10 million is from two judgment against his former advisors for inducing him to invest in dubious business ventures such as a casino. Unfortunately, pro athletes are at great risk to predatory financial advisors due to the young age and vast wealth they are handed without having to prove any monetary responsibility. While the the various leagues have begun to make progress in educating rookies about their finances, the fact that the crooked planners were on an approved NFL list shows that much still needs to be done. Let us hope that change comes sooner than later.
See AJ Perez, Clinton Portis owes nearly $5 million, counts mother as creditor, USA Today, December 19, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
