IT’S NOT ONLY MADOFF: ATHLETES AND INVESTMENT SCAMS.

IT’S NOT ONLY MADOFF: ATHLETES AND INVESTMENT SCAMS. This article from Sports Illustrated by Pablo Torre says that 78% of National Football League players have either gone bankrupt or are under financial stress within two years of retirement. For National Basketball Association players, an estimated 60% are broke within five years of retirement. Many of these men made millions of dollars during their careers. The biggest factor is bad investments (including real estate). Just as a number of Madoff’s victims were social friends, many of the bad investments by athletes result from investing with friends.