Financial expert questions why NBA figures allegedly developed illegal ties to the game despite million-dollar fortunes

Chauncey Billups, Terry Rozier and Damon Jones were arrested Thursday morning as part of FBI investigations into alleged illegal gambling with ties to La Cosa Nostra crime families.

The allegations come despite the fact that both Billups and Rozier have earned more than $100 million each in career earnings, while Jones has earned around $20 million.

With so much money made, it’s fair to wonder how NBA figures allegedly got caught up in the scandal.

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“How could they get into a situation where they would do this? Their lifetime income was around $150 million. For most people, you couldn’t spend $150 million in their lifetime,” Notre Dame finance professor Richard Sheehan said in a recent interview with News Digital.

Billups is accused of winning $50,000 playing at least one poker game, while Rozier allegedly counted “tens of thousands” of dollars after his friend’s bets following Rozier’s early exit from a game.

Sheehan said the net worth of Billups and Rozier he had seen, which was much less than their career earnings, didn’t add up.

“However, the numbers that I had seen in terms of his net worth were in the neighborhood of $35 and $40 million. Still, it’s not bad at all, but I look at $150 million in income, subtract taxes, subtract expenses, whatever. And as a finance professor, I look at that and say, ‘His wealth should be twice as much as $35 or $40 million.’ Easy, it should be twice as much. And it’s not,” Sheehan said.

Sheehan blamed the possibility of “possessions” clinging to athletes, resulting in athletes giving them money.

“A lot of people in athletes’ worlds would see them as basically walking ATMs,” Sheehan said.

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He also speculated about the possibility of poor financial decisions by advisors and lawyers because of the large discrepancy between earnings and net worth.

“The other possibility is simply that they have had dealings with unsavory characters like the mafia, who perhaps they knew nothing about at the time and that has led them into compromising positions where they feel they need to do something,” Sheehan said, effectively reiterating the poker scheme allegations.

However, there is one last possibility: pure stupidity and greed.

“‘I have $40 million in the bank. But, you know, if I had $41 million, I’d feel a little better.’ If you can honestly do that, then that’s a story. If you need to take shortcuts, then it’s really stupid because your future income, in terms of sports, your future income goes to zero, and you can end up spending a good amount of time in a jail cell,” Sheehan said.

Billups, Rozier and Jones, the last defendant in both cases, were charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. The NBA announced that Billups and Rozier were immediately suspended from their teams, “and we will continue to cooperate with relevant authorities.”

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“The integrity of our game remains our top priority,” the NBA said.

Lawyers for Billups and Rozier have denied wrongdoing.

“Anyone who knows Chauncey Billups knows that he is a man of integrity; men of integrity do not deceive or defraud others,” said a statement from attorney Chris Heywood.

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