NBA players, led by Jrue Holiday, were defrauded of $13 million by a financial adviser, a clear case of unfairness and exploitation.

NBA all-star and current Milwaukee Bucks shooting guard Jrue Holiday is one of the current and former players who were scammed of $13 million by a former financial advisor. As per a report from CNBC, Darryl Cohen, a former Morgan Stanley employee, was indicted on one count of conspiracy to commit wire fraud, one count of wire fraud and one count of investment advisor fraud, which carries a maximum sentence of five years in prison. Additionally, the Securities and Exchange Commission will be filing an additional charge of defrauding the players of $1 million.

Charles Briscoe, Brian Gilder and Calvin Darden, Jr. are also mentioned in the case in which costly life insurance policies, fraudulent donations and plans to acquire a WNBA team were included, according to MarketWatch. It is believed that Cohen misused the funds to pay off his own credit card debt and construct sports facilities in his backyard. All the four members of the illegal operation may face up to 40 years of jail time.

Damian Williams, the U.S. attorney for the southern district of New York, stated, “These defendants believed that defrauding their professional athlete clients of millions of dollars would be a layup. That was a huge mistake, and they now face serious criminal charges for their alleged crimes.” Court papers did not identify the names of the victims though an attorney representing them has named Holiday, Chandler Parsons and Courtney Lee as the affected ones.

Morgan Stanley has confirmed that Darryl Cohen was terminated from his job in 2021 and they are willing to assist with the investigation.

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