Los Angeles Lakers guard Lonzo Ball has severed ties with a co-founder of Big Baller Brand. The longtime family, Alan Foster friend has a criminal past and also has now there is roughly $1.5 million missing from Ball’s personal and business accounts.
Foster owns 16.3% of Big Baller Brand.
Ball told reporters that he believes that Alan Foster: “Used his access to my business and personal finances to enrich himself. As a result, I have decided to sever all ties with Alan, effective immediately.”
“Foster developed a close friendship with the Ball family beginning around 2010, when Lonzo and Foster’s son became friends as seventh-graders. It was Foster, Lonzo’s father, LaVar Ball, has said, who helped convince him to create a shoe and apparel company featuring his three basketball playing sons rather than allow Lonzo to sign one of the guaranteed multimillion-dollar endorsement deals that had been offered by more-established shoe companies such as Nike and Adidas.” – ESPN
“I’ve always believed in the best in people. Regretfully, I put my complete trust in Alan Foster to manage my son’s business affairs,” LaVar said. “At the end of the day, family comes first, and I support Zo wholeheartedly. Together, we will make this right.”
In 2002, Foster was sentenced to more than seven years in prison after pleading guilty to one count of mail fraud and two counts of money laundering as part of a scheme that defrauded 70 investors of $4 million, according to federal court records obtained by ESPN. Foster was also ordered to pay $3.7 million in restitution to victims. – ESPN