A former financial advisor at Morgan Stanley and Wells Fargo has been convicted of defrauding three NBA players-Jrue Holiday, Chandler Parsons, and Courtney Lee-of $5 million.
From 2017 to 2020, Daryl Cohen, 52, orchestrated a scheme that forced the athletes to buy life insurance policies with markups exceeding 200%. The excess premiums were diverted to personal expenses, including home renovations, credit card payments, and gifts.
Cohen transferred $500,000 from Lee and Parsons’ accounts to 'Beast Basketball,' falsely claiming it supported underprivileged youth. In reality, the funds helped build a private gym at his residence.
He also used $328,125 from Parsons’s account to repay a disgruntled MLB player via a law firm and sports agency he controlled.
Cohen was found guilty on two counts: wire fraud and investment advisor fraud. He faces up to 25 years in prison.