Ex-NBA Player Kwame Brown Sues Financial Adviser For Allegedly Stealing $17.4 Million

May 11, 2018 at 11:10 am by Terez in Kwame Brown, NBA

Brown is currently suing his financial advisors for fraud and claiming they stole $17.4 million of his money. “According to court documents obtained by The Blast, Brown — who was the #1 pick of the 2001 NBA Draft straight out of high school — is suing Merrill Lynch, Bank of America and a financial advisor named Michelle Marquez.”

Kwame claims he was a client of the defendants from 2004 until 2017 and they were hired to handle all his financial matters, but only with his consent, which didn’t happen. “The suit claims Marquez began overseeing his account and, on several occasions, began investing Brown’s money into various projects and trading stocks without his permission. Brown claims Marquez even opened several bank accounts under his name, without his knowledge and without giving him access to the accounts. He believes she was depositing his money into those accounts and began investing and trading his money while collecting a commission for herself. According to the lawsuit, Brown claims he took out a $1.1 million loan in 2006 and instructed Marquez to pay off the balance of the loan right away. In 2015, Brown says he learned Marquez did not pay off the loan and instead converted the unpaid portion of the loan into a line of credit.” – TO