Darryl Cohen, an investor advisor who previously worked at Morgan Stanley, has reportedly defrauded Jrue Holiday and other NBA stars in an investment scam. A Manhattan jury convicted the advisor of wire fraud and investment advisor fraud on Tuesday, for around $5 million.
Prosecutors charged the advisor with framing a fraudulent policy, where he made his high-profile NBA clients, including Houston Rockets’ Chandler Parsons and former New York Knicks guard Courtney Lee, buy insurance policies worth more than $5 million.
Cohen reportedly arranged the sale of a $1.7 million asset for $6.2 million and kept the difference amount. He also fraudulently diverted about $500,000 from the players’ financial accounts into a basketball-related nonprofit organization under the guise of donations.
As per a report by Sportico, in a text, the convicted advisor assured one of the players that the donation “helped a lot of future prospects and a lot of underprivileged kids.” In reality, the donation was used to build “athletic training facilities in Cohen’s backyard.” In addition, Cohen allegedly used the players’ money to pay off other clients who were threatening to sue him for losing their money.
Cohen faces a sentence of up to 20 years in prison, but he can appeal to the U.S. Court of Appeals for the Second Circuit. However, Holiday is unfazed by the updates, as he scored a season-high 35 points in the last game.
Jrue Holiday drops career-high 35 points
In the Portland Trail Blazers’ last game against the Memphis Grizzlies, Jrue Holiday dropped a career-high 35 points and dished 11 assists in the team’s 122-114 win. He led the offense along with Jeremy Grant, who added 30 points and nine rebounds.
Holiday scored 13-19 from the field and drained eight shots of 11 attempts from deep. He has showcased his ability to become a volume shooter and has been perfectly discharging his duties as an offense operator for the Blazers.
READ MORE: Pat Beverley Waits 57 Days to Ridicule Trae Young After Trade to Washington
What Is Magic City in Atlanta? Hawks’ Controversial Pride Night Tribute Explained
College Sports Network has you covered with the latest news, analysis, insights, and trending stories in college football, men’s college basketball, women’s college basketball, and college baseball!
