When athletes finally make it to the professional level, they're immediately surrounded by people they don't know but are forced to trust. And young athletes in their twenties who don't have any money-management skills whatsoever are ripe for being taken advantage of. That's what happened to Carmelo Anthony, but now he's fighting back.Melo filed a $2 million lawsuit against his former business manager, Larry W. Harmon and his firm, Larry Harmon & Associates P.A. The suit alleges that Harmon breached their contract by transferring $1.75 million of Anthony's money without his knowledge or consent to a company formed by Harmon, most of it in 2008, according to the Associated Press. There was another $265,000 invested in companies that Melo had no knowledge of or given consent to.
"I intend to aggressively represent Carmelo Anthony," Melo's attorney, Robert W. Hirsh, told the Associated Press. "The evidence which I have reviewed strongly suggests that Carmelo Anthony's former business manager plundered his assets. It is reprehensible that professional athletes are so often victimized."
The discrepancies were found after Melo fired Harmon and hired a new management company, Gelfand, Rennert & Feldman. During the firm's audit of Melo's assets, there were missing documents and transactions that were miscoded to hide where the money was going. Harmon has not commented on the allegations.
Quibian Salazar-Moreno covers the sports world for Black Voices. He's a freelance journalist based in Denver who also covers the video game industry, iPhone games world, the music industry and a bunch of other things. Follow him on Twitter at http://www.twitter.com/q_salazar 
Comments: (4)
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By: ADMR on 8/20/2009 7:01PM
What kind of Business Manager was that??? - Be Careful who u TRUST Folks.
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By: life long learner on 8/24/2009 10:36AM
I only have $3.00,and i can manage my own money.I do not need a lawyer or accountant
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By: eric on 8/24/2009 5:49AM
I feel for Melo, but on the other hand "WHEN" will blacks finally learn not to put their money in the hands of white people...then get ripped off! Hope he learns!
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By: kingdavidlives on 8/25/2009 2:36PM
These celebs get in trouble because they are ignorant of basic financial and life principles and put total trust in people by giving them Power of Attorney to basically do as they see fit.
They need to listen to Oprah, who listened to Bill Cosby when he said to not give Power of Attorney. You sign your checks!
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