From the Magazine: Sports stars often fall victim to financial fraudsters. That’s where he comes in.
Chase Carlson wasn’t looking for work. He found it anyway. It was a Saturday night in January, and Carlson, an investment fraud lawyer from Miami, was attending the Pegasus World Cup, a horse race held north of the city. One of the world’s most lucrative races, the Pegasus doubles as a giant party — the Kentucky Derby meets South Beach, with velvet rope VIPs like Bella Thorne and a closing concert from Snoop Dogg.
Carlson says that, over the past half-decade, he has represented more than 30 athletes — such as Miami Heat forward Udonis Haslem and retired NFL cornerback Asante Samuel — who have lost fortunes by trusting inept or crooked advisers. He has recovered, he says, nearly $9 million on behalf of his clients. Some of these settlements and judgments have been publicly reported; others have not; and still other cases are ongoing.
Some advisers steer their clients toward foolish investments. Others straight-up steal. Some do both. A 2018 report from the financial firm Ernst & Young estimated that from 2004 through 2017, athletes across all sports alleged fraud-related losses of nearly $500 million. Carlson’s true love was cars — specifically, the 1973 Chevy Impala he bought in 2000 at age 16, using money he saved from working at a supermarket. Carlson had the two-door hardtop repainted and its interior refurbished, and he installed custom wheels. Then something odd started happening. “I couldn’t drive two blocks without people flagging me down, wanting to buy it from me,” Carlson says. “Everybody wanted Impalas. The most famous rapper in town, Trick Daddy, had one in his videos.
First, they’re much younger than the typical person with significant income. In the NBA, for instance, the average annual salary is $6.5 million. But the average player is only 26.4 years old.
Delmas was stunned to learn from investigators that Parthemer had transferred $200,000 from his bank account into accounts connected to Club Play and the prospective strip club. Parthemer did “a great job of putting numbers together and making me happy,” Delmas told investigators, “knowing I don’t know where to go or I don’t know how to go about it, getting the truth out of this information.”
“I went from the inner city to making about $10,000 a week,” Holt says. “There were so many things that people asked me to invest in, like opening a nightclub. I didn’t have any knowledge about the liquor business. But you’re looking at the girls, thinking, ‘Maybe I can get free bottles or something.’ Chase was the first one who asked me, ‘Why are you going high-risk?’ ”
Hodge Brahmbhatt seemed credible. He told athletes he would put their savings into “ultraconservative” investments, the better to create wealth for “their kids and grandchildren.” He lived in a $2.6 million mansion in Potomac, Md., a redbrick Colonial with seven bedrooms, 7 1/2 bathrooms, two kitchens and a home theater.
If they’ll steal from Mike Tyson,” Carlson says, “they’ll steal from anyone. In 2013, Finra barred Brahmbhatt from the securities industry for life. The next year, it found that the Success Trade notes were bogus, part of a Ponzi scheme orchestrated by company head Fuad Ahmed, an acquaintance and former co-worker of Brahmbhatt’s at Stratton Oakmont, the brokerage featured in the film “The Wolf of Wall Street.
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