LaVar Ball Accused Of Embezzling $2.5 Million And Exploiting His Children To Gain Personal Fame And Fortune By BBB Co-Founder Alan Foster
Former Big Baller Brand co-founder Alan Foster is going to war with the Ball family and it looks like things can get ugly.
Last April, Lonzo Ball field a lawsuit against Foster, who once spent time in prison for defrauding investors of millions of dollars, after he accused the longtime family friend and business partner of stealing $1.5 million from his business and personal accounts.
Los Angeles Lakers guard Lonzo Ball has severed ties with a co-founder of Big Baller Brand over concerns that the longtime family friend has a criminal past and also has not adequately accounted for the whereabouts of roughly $1.5 million from Ball’s personal and business accounts.
Ball told ESPN that he believes that Alan Foster, a friend of Lonzo’s father for almost a decade who owns 16.3 percent of Big Baller Brand, had “used his access to my business and personal finances to enrich himself. As a result, I have decided to sever all ties with Alan, effective immediately.”
According to legal documents obtained by The Blast, Foster has now filed a countersuit against Lonzo and LaVar where he accuses the elder Ball of embezzling millions of dollars from the company to fund his own lavish lifestyle.
Via The Blast
According to new legal documents, obtained by The Blast, Alan Foster is suing Lavar Ball alleging he diverted and spent company money, to fund his own extravagant lifestyle.
According to the documents, Foster says after the companies started to make money, LaVar Ball misappropriated more than $2.5 million in company assets to fund his extravagant lifestyle. He accuses LaVar of spending millions upgrading the $6 million Ball Estate and purchasing $1 million in luxury cars.
In the lawsuit, Foster claims LaVar exploited his children to gain personal fame and fortune.
According to Foster, “In early 2016, in furtherance of LaVar’s intense desire to share in, or rise above, the glory and spotlight of his sons, LaVar approached Alan and asked for his business guidance on how to monopolize and gain fortune and fame from the names and likenesses of his three sons. In response, Alan suggested that the two men brand the “Ball” family name in order to create basketball and entertainment-related businesses. LaVar loved Alan’s idea and wanted to make sure that he was the biggest star in the family, notwithstanding the fact that he was broke, had no savings, poor credit and zero business acumen.”
LaVar has tried to resurrect the BBB brand in recent months but has found it hard to get Lonzo on board.
We’ll have to wait and see if Foster has enough receipts on LaVar to prove his accusations in court.