You've heard the story before: a pro athlete with a lot of money puts his trust in someone that he really doesn't know, but figures what's the worse that can happen. All of a sudden, the athlete gets taken for a lot of money before he catches on.This story involving Miami Dolphins defensive end Jared Odrick is just a bit different than the rest. Odrick was ripped off by an investment advisor. Here comes the twist.
The advisor was cleared by the NFLPA. Yes, the union that is supposed to protect people like Odrick from such predators green-lighted the guy that ripped him off for a substantial amount of money.
Odrick has filed a lawsuit with the Financial Industry Regulatory Authority, according to the Miami Herald, and claims he was one of more than 50 people swindled by Success Trade, the investment firm referred to Odrick.
“They cleared this guy,” said Jeffrey Erez, who is representing Odrick in the suit. “That’s what the horrible part is. Jared’s a good kid. He did exactly what he was supposed to do.”
The “guy” to which Erez referred is Jinesh “Hodge” Brahmbhatt, a suburban Washington-based investment advisor who until recently was a registered stock broker at Success Trade Securities, Inc., the subject of several fraud-related investigations.
The “they” to which Erez referred is the NFL Players’ Association, which Erez claims gave Brahmbhatt “the stamp of approval” when Odrick inquired about him before investing. An email requesting a comment from George Atallah, an NFLPA spokesman, was not immediately returned Saturday.
I feel bad for him and all people who get screwed like that. The answer is to have much more severe penalties for white-collar crimes. On the other hand, before giving someone the reins to your money, you have must do your due diligence. Hopefully, everything works out for Odrick and he learns something from this.
