The new thing is professional athletes who have their money stolen by their parents. One hockey player had to declare bankruptcy in the middle of a large contract. His parents bought a giant mansion in Malibu for themselves with his money. They took out these loans with usurious amounts due and he didn’t even know about them.
Jack Johnson, Columbus Blue Jackets defenseman. He signed a big contract when he was with the Los Angeles Kings, but turned control of his finances over to his parents. They borrowed against the entirety of his contract, spent it all on themselves, and now Johnson is basically playing out his career for the Jackets for free.
I will give the Blue Jackets credit, though. When Johnson became aware of his financial problem, the club stepped up to provide him with legal representation, and tax and accountant advice to try to salvage something of his finances.
As you might imagine, Johnson wants nothing to do with his family and has no contact with them except through his attorneys. It’s very sad and I do feel sorry for him. The last people you would expect to screw you are your parents.
And then there are some parents (Mychal Thompson) who “give” their pro athlete sons an allowance and make sure they don’t squander it.