Lonzo Ball is suing the co-founder of Big Baller Brand, claiming the guy used his standing with the Ball family to fleece him out of millions of dollars.
Ball and Big Baller Brand filed a lawsuit today against Alan Foster, who the Ball family cut ties with last week and publicly accused of financial impropriety.
According to court documents obtained by The Blast, Ball claims Foster never disclosed that he had previously been convicted of mail fraud and money laundering and sentenced to seven years in federal prison.
The Los Angeles Lakers guard claims that Foster became close to the Ball family and “fleeced them out of millions of dollars by, among other things, creating a variety of corporate entities, in which he gave himself ownership interests and managerial control. Foster used these entities, some of which appear to be nothing more than shell entities, to directly and indirectly, funnel substantial amounts of Ball family money to himself.”
Ball claims a financial advisor discovered Foster allegedly took $1.5 million in cash withdrawals from May 2016 until September 2018.
In addition, Ball claims to have discovered another $475,000 in cash withdrawals were transferred to a company he claims Foster controlled.
Furthermore, Ball claims that Foster arranged for substantial loans to be taken out by Ball in order to “acquire or refinance assets all purportedly for the benefit of Ball.” Instead, Ball claims the loans were “obtained from non-traditional lenders and included exorbitant financing charges that were paid, in whole or part, to Foster without Ball’s knowledge or consent.”
Lonzo Ball claims when Foster was confronted with the allegations, he responded by “threatening to disseminate false and misleading information concerning Ball and his family.”
He is suing for at least $2 million in damages.