Lonzo Ball suing Big Baller Brand co-founder Alan Foster

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first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersESPN was first to report that the family first learned last year that $1.5 million was missing from the BBB coffers, which the lawsuit alleges was invested in Ethiopian assets, so Foster could embezzle it and not pay taxes on the cash. It also accuses Foster of starting other companies in Wyoming (where BBB is incorporated) without Ball’s knowledge, botching tax filings, and overcharging for loan referral fees with questionable authenticity.Related Articles Lonzo Ball has since cut ties with Foster, removing him as manager of the company, which recently hosted an All-Star Game for young prospects but whose future is very much in doubt. The company has struggled with customer service and deliveries.According to the lawsuit, Foster has refused to account for the missing money to Ball.Per the ESPN report, Foster owned 16.3 percent of the company, while Lonzo owns 51 percent. LaVar owns 16.4 percent and Lonzo’s mother Tina Ball owns 16.3 percent.Ball traveled with the Lakers on their latest road trip despite being shut down for the year with a left ankle injury. Teammates believe Ball is positioning himself to sign a contract with an established apparel company during the offseason. Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers practice early hoping to answer all questions How athletes protesting the national anthem has evolved over 17 years Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Lakers, Clippers schedules set for first round of NBA playoffs A power schism within Big Baller Brand is headed to the courtroom.Lakers guard Lonzo Ball and Big Baller Brand are suing company co-founder Alan Foster, accusing him of fraud and improperly taking $1.5 million from company accounts to use for his own ends. Filed Tuesday to California Superior Court, the suit seeks more than $2 million in damages.Obtained by The Orange County Register, the court filing lays out the narrative of Foster, who previously pled in 2002 and served almost a decade in prison, as a con artist who intentionally got close to the Ball family for a “fraudulent scheme” to shave off the spoils of Lonzo Ball’s basketball career.The document accuses Foster of misrepresenting himself to the Ball family, particularly patriarch LaVar Ball, who he met in 2010. After Lonzo Ball was drafted by the Lakers in 2017, the lawsuit alleges that he trumped up his business credentials to the family to get them to start Big Baller Brand instead of signing with an established company, then benefited from his control over the corporate accounts. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img

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