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#pounditTuesday, May 17, 2022

Articles tagged: Alan Foster

LaVar Ball responds to Alan Foster’s embezzlement lawsuit claims

LaVar Ball Lakers

LaVar Ball issued a statement on Thursday in response to the lawsuit filed by his former business partner, Alan Foster.

Foster filed a suit that alleges Ball embezzled $2.5 million from Big Baller Brand to finance his personal life of luxury. Foster was sued in April by Lonzo Ball for allegedly stealing $1.5 million from the New Orleans Pelicans guard. Foster said in his suit that he invested money into Big Baller Brand and personally covered many of Lonzo’s college expenses via a loan.

Here is LaVar’s response, via TMZ Sports.

“Alan Foster’s claims are not only unfounded and devoid of any truth, but are an egregious attempt to turn the attention away from the millions of dollars that he embezzled from the Ball Family and the Ball Family Business. Not only will LaVar Ball and his family continue to vigorously pursue their civil action against Foster seeking civil damages, but will also continue to cooperate with law enforcement in order to seek justice for his egregious actions.”

“The Ball family are all united in relentlessly pursuing Foster for his grave injustices, and will always fight to protect the respected Ball family name, despite Foster’s futile attempt to defile it.”

Foster’s filing was a countersuit to Lonzo’s lawsuit, which is why the statement references pursuing civil action seeking damages against Foster. A report in April said Foster was being investigated by the FBI.

Foster has previously served prison time for running a fraudulent stock scheme.

LaVar Ball accused of embezzling $2.5 million in lawsuit filed by former partner Alan Foster

LaVar Ball Lakers

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.

Lonzo Ball sues Big Baller Brand co-founder Alan Foster for fraud

Lonzo Ball

Lonzo Ball is taking legal action against a Big Baller Brand co-founder.

Ball filed a lawsuit in Los Angeles on Tuesday in which he alleges Big Baller Brand co-founder Alan Foster defrauded them and stole $1.5 million from him. The suit alleges Foster, who spent time in federal prison for running a Ponzi scheme, schemed to get close to the Ball family to take advantage of them, knowing about the basketball prowess of the three brothers.

Foster, who owns around 16 percent of the shoe/apparel company, allegedly stole $1.5 million from Lonzo. TMZ Sports says Lonzo is asking for over $2 million from Foster.

The negative news surrounding the Ball family and Big Baller Brand has been trickling out over the past 1.5 weeks. We learned in March that Ball was breaking ties with Foster after believing he stole $1.5 million from him. That piece of information was the first in many steps of Ball distancing himself from the brand. He hinted on Instagram at a move to Nike. He even covered up his Big Baller Brand tattoo.

Though the Big Baller Brand was a great idea and had a lot of momentum, their poor logistics, personnel decisions, and execution kept them from developing into the vision LaVar once held.