Scottie Pippen said goodbye to $20 million of his fortune after a financial advisor did the former NBA star dirty. According to the Chicago Tribune, as Pippen was nearing the end of his NBA career, he invested over $20 million of his wealth with Robert Lunn, a financial advisor recommended by his teammates. Unfortunately, not long after, Pippen and his wife learned that Lunn had taken advantage of their investment.
In 2014, the Pippens took Lunn to court, where they revealed in a letter how they found out about his deceitfulness. They shared, “Our accountant notified us that there was reason to believe Mr. Lunn had taken our investments and committed bank fraud. To learn that such a substantial amount of our earnings were in the hands of a criminal was so disturbing. We felt violated and betrayed.” Lunn reportedly had forged Pippen’s signature and authorized a loan, which the Chicago Bulls star had no idea about.
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After two years in court, Lunn was sentenced to three years in prison. Although it wasn’t as long of a prison term as prosecutors hoped for, Lunn was still required to “forfeit $2.7 million and pay an additional $1.5 million in restitution.” The financial advisor got off pretty easy in retrospect because he only had to pay $400,000 back to Pippen — a significant loss for the NBA player as he had invested over $20 million.
