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Newz Forum: BASKETBALL: Pippen reportedly wins $11.8M judgment from financial adviser

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posted on Nov, 24 2004 @ 05:15 PM
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CHICAGO -- Former Chicago Bulls star Scottie Pippen won an $11.8 million judgment against a Chicago financial adviser who sank the basketball player's money into questionable investments, according to court papers.
 

Pippen entrusted Robert Lunn and his firm, Lunn Partners LLC, with $17.5 million, the Chicago Tribune reported in Wednesday's editions.

The seven-time All-Star was referred to Lunn by other advisers, Pippen attorney Bob Cummins said. He added that Pippen was considering legal action against others involved in managing his affairs.

"This has really been quite a rip-off," Cummins said.

Lunn and Lunn's attorney could not be reached for comment, the Tribune reported.

According to the lawsuit, filed in Cook County Court in April, Lunn invested more than $7 million of Pippen's money into real-estate ventures with a developer that filed for bankruptcy protection in October 2003. Lunn also failed to disclose that he had extensive business relationships with the developer, the Tribune reported.

Pippen also lost $1.7 million and is liable for an additional $5 million after Lunn involved him in a poorly structured deal in a Gulfstream airplane, court papers said.

Lunn has not paid any of the Oct. 1 judgment, Cummins said Tuesday.

"Mr. Pippen may not be the only person chasing Mr. Lunn," Cummins said. "We're going to have to figure out how big the pie is."

Pippen announced his retirement in October following 17 years in the NBA.

source

CBS




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