If you've been disappointed with your investments lately, just be glad you're not NFL wide receiver Buster Davis. Like a lot of professional athletes, Davis was preyed on by people claiming to be investment advisors - but his story turned out even worse than most. Davis was confronted by a group called Capital Management Group Wealth Advisors back in 2007, when he was fresh out of college and was a first-round pick of the San Diego Chargers. Just 22 years old, Davis was persuaded to invest in a scheme that was going to build airplane hangars. In Idaho.
It's not clear how prosperous the hangar business is in Idaho in the best of times, but given that we were just entering a recession at the time, Davis' investment was wiped out. He sued the Capital Management partners back in March 2010, and they reached a settlement in February of this year.
If the story ended there, it wouldn't be so bad, except that the investment advisors didn't even pay out the agreed-upon settlement. The latest development is that this week, Buster Davis had a judge issue a warrant for the arrest of his financial advisor - in hopes of getting at least some of his bad investment back. Good luck, Buster.
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