Ponzi schemes seem to be much more common than most people ever realized and have had a widespread effect on the sports world. First, we had Bernie Madoff’s $50 billion scheme that resulted in a partial sale of the New York Mets. Then, we learned about a contributor to a Dodgers charity who ran a Ponzi scheme. Recently, former Georgia football coach Jim Donnan has been accused of running a scheme that involved several other coaches. Now, the latest allegations have come to light in a federal trial this week.
San Francisco 49ers kicker and longtime Eagle David Akers testified in a federal trial Monday that he lost $3.7 million by investing with Triton Financial in Austin. According to The Austin American-Statesman, prosecutors claim that Triton CEO Kurt Barton continuously lied to investors about where their money would go, how it would be used and about how he had a large amount of personal wealth to back the investments in building a $50 million Ponzi scheme. Burton’s lawyers say he wasn’t running a scheme but rather he made a series of poor business decisions.
“I’ve had a lot of sleepless nights,” said Akers. “As I said, this is my family’s future. I said that to Kurt a lot of times. I said, ‘Man I’m trusting in you.’”
Akers was introduced to Barton by Ty and Koy Detmer, former quarterbacks who once played for the Eagles. He reportedly kept handing money over to Barton for various investments ranging from health clubs to insurance companies.
Even though it’s awful that Akers lost all that money, it’s hard to feel too badly for him. He could have put his money in a bank where it would have been safe and backed by a federal guarantee. Instead, he wanted to profit from his investments. Investments come with risk, and that includes trusting someone with your money. If you don’t want to put millions of dollars into another person’s hands, learn how to manage it yourself and you won’t have anyone to blame for the problem.
Thanks to The Postgame for the story
