What Do Tom Brady, Usain Bolt, Stephen Curry, Mike Tyson, John McEnero, and Dennis Rodman Have in Common?

They were all victims of financial mismanagement, where their money was stolen or misappropriated by the companies or individuals they entrusted to manage it. Olympic runner Usain Bolt is the latest among this group to experience this misfortune - he recently had nearly 13 million dollars taken from him over a 13-year period. Tom Brady lost 650 million with FTX, Steven Curry lost 160 million with FTX, and Mike Tyson and Kareem Abdul Jabar (Elvis Presley) have had undisclosed amounts of money stolen or misappropriated. John McEnroe lost two million investing in a painting fraud, while Dennis Rodman has been liable for 3.5 million stolen by his financial advisor Peggy Ann Fulford.

These types of fraud typically fall into one of two categories: fraudulent activities such as theft or embezzlement; or Ponzi schemes where non-existent returns are promised, but only payouts come from other people's investments. In both cases, recovery of funds can be difficult if the money has already been spent.

So how can we learn these celebrity lessons regarding our investments and choosing the right advisors? Here are some tips to keep in mind:

1. Never invest in something you don't understand – research it if uncertain!
2. It's important to have measures like custodians that provide administrative oversight and accountability for your investments (like Pershing Fidelity Schwab). You should be able to look at statements and tax forms with their name on them that verify they are managing your funds correctly.
3. Make sure you have easy contact access with your advisor – emails, phone numbers, texts, etc – so you can stay updated on your accounts activity quickly if anything arises that looks suspicious. Logging into our client portal once a month is also recommended so you can watch for any irregularities early on before they become larger problems.