Three years after the launch of LaVar Ball’s Big Baller Brand, the company may be closing its doors for good upon learning its co-founder and longtime family friend, Alan Foster, had been unable to account for almost $2 million.
On Friday, ESPN’s Ramona Shelburne announced Lonzo Ball’s decision to sever business ties with Foster, who he claimed: “used his access to my business and personal finances to enrich himself.” Foster worked as a business manager for Big Baller Brand after nine years of friendship with the family.
However, things came to a screeching halt after Ball’s financial advisor found some financial inconsistencies within transactions between BBB and Foster’s Marathon Consulting business. “Over $1.5 million has disappeared, and he has wired over $474,000 to himself through Marathon Consulting. So close to $2 million has touched Alan’s hands but $1.5 million of it has disappeared in cash and can’t be tracked,” the adviser told Ball last fall.
Ball left it up to LaVar to handle, but as time went on with no solution, Ball’s adviser resigned. Four months later, ESPN asked Ball about Foster’s criminal history, which forced the baller to do his own digging.
Eventually, Ball learned that their business manager was a convicted fraudster who pleaded guilty to one count of mail fraud and two counts of money laundering after scamming 70 investors out of $4 million. Ball then turned over the documents to his father, and by Friday, Foster was ousted.
Problem is, according to Bleacher Report, Foster owns 16.3 percent of Big Baller Brand, as he served as a co-designer and manager of the apparel line and business. As a result, the Ball family may be looking to close down for good.
According to ESPN, the family discussed the possibility over the weekend. Apparently, they’re considering shutting down any business ventures linked to Foster, starting with the apparel line. However, at this time, the march is still available on the brand’s site.