UPDATE (04/03/19): After discovering over $1.5 million USD missing from his personal accounts last month, Lakers star Lonzo Ball has filed a lawsuit against Big Baller Brand co-founder and manager Alan Foster, reports ESPN.
According to the report, the lawsuit was filed on Tuesday night against Foster who Ball believes has been siphoning money from his “business and personal finances to enrich himself.” In the documents obtained by the sports publication, Ball went on to accuse Foster for embarking “on his plan to target Ball and his family” and “fleecing them of millions of dollars” by “creating a variety of corporate entities in which he gave himself ownership interests and managerial control.”
Ball also claims Foster steered him away from signing with major labels stating “it would be in his best financial interest.” This ultimately caused Ball to lose out on some large endorsement deals. Foster, who is known to have a criminal past, was sentenced to more than seven years in prison back in 2002 for money laundering.
Ball is seeking for over $2 million USD plus interest in damages. Keep it locked here for more details as the story unfolds.
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According to a report by ESPN‘s Ramona Shelburne and Paula Levigne, the LA guard has cut ties with Foster after he noticed around $1.5 million USD from his personal and business accounts have disappeared. Ball told ESPN he believes the longtime family friend, “used his access to my business and personal finances to enrich himself. As a result, I have decided to sever all ties with Alan, effective immediately.”
Foster, who is known to have a criminal past, owns 16.3% of Big Baller Brand, a label also started alongside Ball’s boisterous father LaVar Ball. The report goes on to state that Lonzo first noticed the missing amount when his financial adviser was unable to account for the $1.5 million USD.
Lonzo, acting on the advise of his adviser, then turned to his father to look more into the situation. After reviewing past e-mails and documents, LaVar was stunned. “I’ve always believed in the best in people. Regretfully, I put my complete trust in Alan Foster to manage my son’s business affairs,” LaVar said. “At the end of the day, family comes first, and I support Zo wholeheartedly. Together, we will make this right.”
Also in light of the situation, Lonzo’s agent, Harrison Gaines, posted an official statement to social media claiming he would be taking “a more active role” in his client’s career.
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— Harrison Gaines (@SlashCEO) March 22, 2019