{"id":11438,"date":"2019-10-02T10:40:54","date_gmt":"2019-10-02T17:40:54","guid":{"rendered":"https:\/\/ftllp.net\/?p=11438"},"modified":"2024-11-01T18:57:20","modified_gmt":"2024-11-02T01:57:20","slug":"lavar-ball-accused-of-embezzling-2-5-million-from-the-family-companies","status":"publish","type":"post","link":"https:\/\/dev.creativespikedigital.com\/lftc\/news\/sports\/lavar-ball-accused-of-embezzling-2-5-million-from-the-family-companies\/","title":{"rendered":"LaVar Ball Accused Of Embezzling $2.5 Million From The Family Companies"},"content":{"rendered":"\n

LaVar Ball<\/strong> has been sued by his ex-business partner who is accusing the basketball father of embezzling over $2.5 million from the family-owned companies and exploiting his own children for personal wealth and fame.<\/p>\n\n\n\n

According to new legal documents, obtained by The Blast, Alan Foster<\/strong> is suing Lavar Ball alleging he diverted and spent company money, to fund his own extravagant lifestyle.<\/p>\n\n\n\n

Foster was a co-owner of famous ‘Big Baller Brand’<\/strong> and another sports and entertainment company set up by LaVar and his wife called, ‘Ball Sports Group.’<\/p>\n\n\n\n

According to Foster, “In early 2016, in furtherance of LaVar\u2019s intense desire to share in, or rise above, the glory and spotlight of his sons, LaVar approached Alan and asked for his business guidance on how to monopolize and gain fortune and fame from the names and likenesses of his three sons. In response, Alan suggested that the two men brand the \u201cBall\u201d family name in order to create basketball and entertainment-related businesses. LaVar loved Alan\u2019s idea and wanted to make sure that he was the biggest star in the family, notwithstanding the fact that he was broke, had no savings, poor credit and zero business acumen.”<\/p>\n\n\n\n

“LaVar is a liar who fraudulently utilized BBB and BSG to fund his personal lifestyle,” the docs state.<\/p>\n\n\n\n

Foster claims in the legal documents, he invested a substantial amount of his own money to launch the brands. The products including clothing, shoes, and a reality show featuring the family.<\/p>\n\n\n\n

According to the documents, Foster says after the companies started to make money, LaVar Ball misappropriated more than $2.5 million in company assets to fund his extravagant lifestyle. He accuses LaVa of spending millions upgrading the $6 million Ball Estate and purchasing $1 million in luxury cars.<\/p>\n\n\n\n

Some of those expenditures include cars, specifically a Rolls Royce Dawn, a Bentley Mulsanne and two other vehicles.<\/p>\n\n\n\n

Also, he says Ball made upgrades to his home including, artificial turf, furniture, painting the home, carpet, redoing the swimming pool, custom BBB chandeliers, a home theater and new air conditioning.<\/p>\n\n\n\n

As we reported, NBA star Lonzo Ball, sued the same ex-partner Alan Foster for similar allegations<\/strong><\/a> saying he took money out of the companies accounts. Foster claims Lonzo was pressured to file the suit by his father.<\/p>\n\n\n\n

In fact, he was tight with Lonzo and the Laker’s star often referred to Foster as his \u201csecond father.\u201d Lonzo even called Alan \u201cuncle\u201d and Alan referred to Lonzo as \u201cnephew.\u201d<\/p>\n\n\n\n

In the counterclaim, Foster says, “thorough investigation into the facts behind this litigation reveals that LaVar intentionally misled Lonzo about Alan\u2019s alleged theft of BBB funds in an effort to (a) cover up the fact that LaVar stole from, and continues to steal from, Ball Sports Group, Inc. (\u201cBSG\u201d) and Big Baller Brand, LLC (\u201cBBB\u201d), which he uses as his personal piggy banks.”<\/p>\n\n\n\n

Foster also says in the documents, Lonzo wasn’t even a shareholder in the company when it was formed.<\/p>\n\n\n\n

During this time, he claims Lonzo hired a financial advisor named Lameck \u201cHumble\u201d Lukango who Alan and LaVar fired due him due to issues with finances.<\/p>\n\n\n\n

After the firing, he says Humble sent a “self-serving email lodging false accusations that money was taken from the BBB checking account and that Alan refused to provide a backup of where the cash went, suggesting that Alan was involved in some nefarious activity. LaVar and Lonzo were aware of Humble\u2019s accusations in the email and never questioned Alan\u2019s integrity.”<\/p>\n\n\n\n

They say Alan “seeks to set the record straight, clear his name, expose LaVar\u2019s scheme to cover up his theft of over $2.6 million of BBB and BSG\u2019s money, and hold LaVar and Lonzo to their contractual obligations to Alan, who spent hundreds of thousands of his own money to fund BBB, BSG and Lonzo\u2019s lifestyle while he attended UCLA, before he was thrust into riches with his NBA salary.”<\/p>\n\n\n\n

The suit, filed by Bryan Freedman<\/a><\/strong> and Brian Turnauer<\/a>,<\/strong> says Alan “approached LaVar about his fraud and embezzlement, LaVar became nervous, mumbled his words, feigned surprise and made up excuses.” Alan insisted, he says, that LaVar and he “sit down and calculate the amount owed to him. He informed LaVar that his conduct was called embezzlement.”<\/p>\n\n\n\n

\n

Documents do not lie. But LaVar does. This will be the first time that LaVar Ball will wish that he shut his mouth<\/p>\nBryan Freedman<\/cite><\/blockquote>\n\n\n\n

According to the docs, some of the money loaned to the family was given to Lonzo during this time was to make it more comfortable while baller attended college.<\/p>\n\n\n\n

In the suit, Alan says he “loaned to LaVar, Tina and Lonzo hundreds of thousands of dollars from his personal savings for various things, including over $130,000 on Lonzo\u2019s living expenses.”<\/p>\n\n\n\n

“During Lonzo\u2019s first semester at UCLA, he complained to LaVar and Alan that his dorm room had poor air conditioning and he hated UCLA\u2019s meal plan,” the documents state.<\/p>\n\n\n\n

So, Foster says, “Lonzo and LaVar asked Alan if he would rent an apartment or condominium for Lonzo, pay for Lonzo\u2019s personal trainer…including furnishings and laptops. Plus, pay for Lonzo’s food bills.<\/p>\n\n\n\n

During the same time, the suit claims, Alan brokered the sale of Lonzo\u2019s UCLA sweet sixteen uniforms, and UCLA shoes for an approximate $80,000. A portion of which was used as a down payment for a Mercedes AMG G-Wagon.<\/p>\n\n\n\n

Powerhouse entertainment attorney Bryan Freedman,<\/strong> when asked about the case, told The Blast, “it should come as no surprise for anyone to learn that LaVar Ball misappropriated more than $2.5 million in company assets to fund his extravagant lifestyle. Without any evidence whatsoever, he wrongfully accused Alan Foster of theft in an attempt to cover up his own wrongdoing.<\/p>\n\n\n\n

Freedman said in a parting shot, “Documents do not lie. But LaVar does. This will be the first time that LaVar Ball will wish that he shut his mouth.\u201d<\/p>\n\n\n\n

Foster is suing Lavar and Lonzo for Fraudulent Concealment, and Breach of Contract.<\/p>\n\n\n\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

LaVar Ball has been sued by his ex-business partner who is accusing the basketball father of embezzling over $2.5 million from the family-owned companies and exploiting his own children for personal wealth and fame. According to new legal documents, obtained by The Blast, Alan Foster is suing Lavar Ball alleging he diverted and spent company money, to fund […]<\/p>\n","protected":false},"author":1,"featured_media":16215,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[468,197,416,104,469,6,122],"tags":[471,470,201,473,472],"class_list":["post-11438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alan-foster","category-basketball","category-brian-elliot-turnauer","category-bryan-j-freedman","category-lavar-ball","category-sports","category-yahoo","tag-ball-sports-group","tag-big-baller-brand","tag-nba","tag-shoes","tag-ucla"],"acf":[],"yoast_head":"\nLaVar Ball Accused Of Embezzling $2.5 Million From The Family Companies - Liner Freedman Taitelman + Cooley LLP<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LaVar Ball Accused Of Embezzling $2.5 Million From The Family Companies\" \/>\n<meta property=\"og:description\" content=\"LaVar Ball has been sued by his ex-business partner who is accusing the basketball father of embezzling over $2.5 million from the family-owned companies and exploiting his own children for personal wealth and fame. 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