Professional athletes lose a lot of money to fraud.
Research from Ernst & Young estimates the losses at almost $600 million from 2004 to 2018. And those are just the amounts publicly claimed by athletes.
David Byrne wants to help change that.
As a lifelong sports enthusiast and Washington Wizards fan, Byrne started BrightLights after reading countless stories about athletes losing millions of dollars to schemes and con artists.
The self-proclaimed “financial detective” previously worked as a financial advisor and became a financial regulator after the 2008 stock market crash. Now he combines the knowledge from both professions as a private consultant detecting fraud in the finances of top NBA players.
While he can’t disclose the names of his clients, he says they include top NBA rookies and veterans.
Check out what Byrne does, the red flags he looks for, and what he thinks you should do to protect your own investments.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
