LaVar Ball accused of embezzling $2.5 million in lawsuit filed by former partner Alan Foster
LaVar Ball can add a new lawsuit to his troubles, in addition to the downfall of his apparel company.
Ball is being sued by his former business partner, Alan Foster, who accuses the Big Baller Brand patriarch of embezzling $2.5 million from the company to finance a personal lifestyle.
The Blast reported details of the lawsuit on Wednesday night and says Ball is officially being sued on grounds of fraudulent concealment and breach of contract.
Foster, who was a minority owner of Big Baller Brand, spent time in prison for running a Ponzi scheme in the past. He was sued by Lonzo Ball in April for allegedly stealing $1.5 million from the New Orleans Pelicans guard. Foster reportedly was being investigated by the FBI. Six months later, Foster has filed a suit turning the tables on the Ball family.
According to The Blast, LaVar Ball approached Foster asking for his help in starting the business.
“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,” the suit states.
“LaVar is a liar who fraudulently utilized BBB and BSG to fund his personal lifestyle,” Foster alleges.
Foster claims he invested personal money into the company and that LaVar used some of the company funds for his lifestyle, including upgrades to the Ball home and money spent on luxury cars.
A counter argument to Foster’s suit is that a big part of Ball’s business was to attract attention and give off the appearance of extravagance and luxury. The expenditures were probably strategic as part of building the brand.
Foster claims he is owed money he invested into the company to help pay for Lonzo Ball’s expenses while the point guard was in college at UCLA.
The suit says Foster approached LaVar and told the outspoken father that the conduct he exhibited was called embezzlement.
A once-rising brand, Big Baller Brand has gone under and was recently selling items on clearance prices. Lonzo has since left the brand and signed with Nike.