Skip to Content

WoW Insider is getting ready for BlizzCon!

What is it with ex-athletes and mortgage fraud?

More
Text SizeAAA

Filed under: Real Estate, Fraud, Mortgages

The collapse of the real estate market has brought to light a lot of nefarious activity that might have gone unchecked had home prices continued to rise.

And for whatever reason, more than a few retired professional athletes are getting caught up in it. Take a look:
  • Earlier this month, former Phoenix Sun Grant Gondrezick pleaded guilty to mortgage fraud charges related to transactions involving 24 homes in the suburbs of Houston. He faces up to five years in prison, a fine of up to $250,000, and more than $1 million in restitution. Gondrezick's NBA career was cut short by drug problems.

  • Former Houston Rocket Dirk Minniefield was also charged in the case as a participating real estate agent, but he pleaded not guilty. Drug problems also hampered his NBA career.
  • Current Chicago Bulls point guard Lindsey Hunter was a partner in a company that was investigated by the FBI for mortgage fraud. He has not been charged with any crime, and his lawyers have maintained that he was a silent partner and was unaware of wrongdoing and terminated his involvement when he became aware of untrue representations.
  • Former Denver Broncos and New York Giants wide receiver Arthur Marshall was indicted on 22 counts of mortgage fraud and money laundering earlier this summer.
There are more cases like these, but they also reflect an interesting and rarely address problem: Many professional athletes find themselves in dire financial straits shortly after retiring. Sports Illustrated has reported that eight out of 10 NFL players are bankrupt or broke within two years of leaving the league -- that report recently inspired an epic rant from get out of debt guru Dave Ramsey.

When you combine poverty with a lack of non-athletic job skills, you have a recipe that will lead to criminal behavior in a certain segment of the population.
Subscribe to Walletpop
Vote Now For the Readers' Choice Best in Food Awards
Nominations have been received and vetted for the best-of-breed in gourmet grocers, online gourmet ...
Zingerman's Bakehouse: Artisan Bread and Pastry from Ann Arbor
Zingerman's Bakehouse of Ann Arbor, Michigan, is nominated for a Luxist Award in the best bread ...

Your Frugal Tips

dollar bill in sandwichBeing frugal is now hip, but many don't even know where to start. Share your best money-saving secrets here!

    AOL Safeguards

    Jason Cochran
    Jason Cochran Filed under: Bargains, Extracurriculars, Transportation, Travel, Celebs & Money

    On board the new Oasis of the Seas: Is it worth the money?

    So here I am, writing this from off the coast of Florida as part of the first two-day preview cruise of the magnificent Oasis of the Seas. Royal Caribbean has launched the largest cruise ship in the ...
    Geoff Williams
    Geoff Williams Filed under: Credit cards

    Citigroup holds its customers hostage

    Across the nation, Citibank credit card holders are receiving what pretty much amounts to a ransom note: We're going to raise your rates, says the letter, in so many words, but if you spend more ...
    Bonnie McCarthy
    Bonnie McCarthy Filed under: Budgets, Kids and Money, Saving Money, Technology

    Family budgets: Make movie night safe again with family-friendly review sites

    Around my house, we don't make the decision to pile into the car and head over to our local Cineplex as easily as we once did. It costs a lot of money these days to see talking animals, wild things ...
    Madhusmita Bora
    Madhusmita Bora Filed under: Transportation

    Shop the friendly skies? The airlines are hoping you'll buy while in the sky

    Along with sandwiches and soda, you may one day be able to buy tickets to Lion King and Animal Kingdom while cruising 35,000 feet above ground. A New York Times story reported that the airline ...

    Featured Partner

    What is Your Home Worth?



    Headlines from WalletPop Partners