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Lonzo Ball cuts ties with Big Baller Brand co-owner after $1.5M goes missing, report says | NBA

Lakers guard Lonzo Ball has severed ties with Massive Baller Model co-owner Alan Foster over a lacking $1.5 million, in accordance with ESPN.

Ball advised ESPN that Foster — who owns 16.three p.c of Massive Baller Model — “used his entry to my enterprise and private funds to complement himself.”

The lacking cash roots again to October 2018 when BBB’s monetary advisor Humble Lukanga of Life Line Monetary Group despatched an e-mail detailing the absent funds.

Within the e-mail Lukanga outlined how he had been involved with Foster about finding the cash and sure bills, however he “will not present any invoices or documentation of those bills,” the e-mail learn.

“He will not even give me the quantity to the distributors he says he paid. I’VE NEVER SEEN A COMPANY OPERATE BY WITHDRAWING MILLIONS IN CASH … Solely you and Alan can withdraw money and I do know you did not take out $1.5 million {dollars} … SO WHERE IS THE MONEY???”

Foster was anticipated to provide ESPN a remark however repeated makes an attempt to achieve him garnered no response.​

Foster grew to become associates with the Ball household after his son got here to know Ball via basketball. They began creating a relationship quickly after Foster was launched from jail for mail. He was sentenced to seven years in jail when he pleaded responsible to 1 depend of mail fraud and two counts of cash laundering as a part of a scheme that defrauded 70 traders of $four million, in accordance with federal court docket information obtained by ESPN.

LaVar Ball declined to remark when ESPN contacted him for the story, however he did launch a press release.

“I’ve at all times believed in one of the best in folks. Regretfully, I put my full belief in Alan Foster to handle my son’s enterprise affairs,” LaVar Ball mentioned. “On the finish of the day, household comes first, and I assist Zo wholeheartedly. Collectively, we are going to make this proper.”

Lonzo Ball owns 51 p.c of Massive Baller Model whereas LaVar Ball owns 16.four p.c, Foster owns 16.three p.c and Lonzo Ball’s mom additionally has 16.three p.c.

He’s averaging 9.9 factors, 5.three rebounds and 5.four assists for the Lakers this season, however is probably going executed for the yr with an damage.

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