Baller Alert It's a lifestyle!
Los Angeles Lakers guard Lonzo Ball has filed a lawsuit against the co-founder of Big Baller Brand, just days after the family severed business ties over $2 million in missing money.
In court documents obtained by The Blast, Ball said Alan Foster, who knew the family for nearly a decade, never disclosed his criminal history, which included convictions for mail fraud and money laundering, as well as a seven-year sentence.
The tensions between the Ball family and Foster erupted after Ball’s financial advisor noticed financial irregularities within the withdrawals from May 2016 to September 2018. After further investigation, the adviser found that Foster had allegedly swiped $1.5 million in cash withdrawals during that time, with an additional $475,000 transferred to a company controlled by Foster.
In the docs, Ball said Foster “fleeced [the Ball Family] out of millions of dollars by, among other things, creating a variety of corporate entities, in which he gave himself ownership interests and managerial control. Foster used these entities, some of which appear to be nothing more than shell entities, to directly and indirectly, funnel substantial amounts of Ball family money to himself.”
On top of that, Ball said Foster encouraged him to take out loans for his benefit, but as it turns out, the loans were “obtained from non-traditional lenders and included exorbitant financing charges that were paid, in whole or part, to Foster without Ball’s knowledge of consent.”
When the financial issues hit the fan, Ball said Foster “threatened to disseminate false and misleading information concerning Ball and his family.” As a result, the baller is suing for $2 million in damages.
