Big Baller Brand and Lonzo Ball are suing Gregory Alan Foster, a co-founder of the Lakers guard’s shoe and clothing line, alleging fraud and breach of fiduciary duties, in hopes of recovering more than $2 million in damages.
The complaint, which was filed Tuesday to the Los Angeles County Superior Court, alleges that Foster conspired to take millions of dollars and used those funds to buy property in Ethiopia. It adds that Foster mishandled tax filings and failed to distribute profits from Big Baller Brand to Ball. When confronted with these accusations, Foster threatened “to publicly disseminate false and misleading information” about the family, the lawsuit says.
According to the complaint, Foster made cash withdrawals totaling at least $1.5 million between May 2016 and September 2018, but refused repeated requests to explain why he withdrew the money or account for the missing funds. Foster’s company, Marathon Consulting Inc., also allegedly received payments of $475,000 from Big Baller Brand between February 2017 and July 2018. The complaint says Foster initiated those payments and notated that they were for “expense reimbursements.”
Ball and Big Baller Brand are not just alleging that Foster took money. Their complaint also says Foster arranged for loans to be taken out under Ball’s name and that of a company, Family Matters LLC., affiliated with Ball, that included “exorbitant financing charges that were paid in whole or in part to Foster without Ball’s knowledge or consent.” As an example, the complaint cites eight loans arranged by Foster whose financing fees add up to nearly $950,000.
Source: Loan Digest (loandigest.net)
Should’ve done a background check before hiring him
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