NBA Star Lost Battle With Bank Over Half A Million Loan
NBA star Richard Jefferson better have saved his money over the years in the league because a creditor he owes more than half a million to has filed docs demanding all the cash in his bank account to satisfy the debt.
Western Alliance Bank sued Jefferson last year for allegedly taking out a $500,000 loan and refusing to pay it back. The NBA star informed the bank he never took out the loan and demanded documents proving he signed for the loan.
The NBA star fired back and counter-sued his ex-business manager Theodore Kritza — who worked with him from 2004 through 2014. He claimed that when he was trying to purchase a home he first became aware of the Western Alliance loan taken out in his name.
He accused his ex-manager of deceiving him, defrauding him and violating the duty to provide loyalty to him and demanded $500,000 in damages.
Jefferson also said the manager stole $2 million from him. He said he discovered the fraud back in 2013, and informed not only his bank, but the FBI. The feds then came to his aid and had him call Kritza and listened in on the phone call where Jefferson said he got his ex-manager to admit that he used the line of credit from the bank without Jefferson’s permission.
The Cleveland Cavaliers player said that during the phone call his ex-manager broke down in tears, admitted he stole the money and made mistakes – and kept trying to make deals with the cash but they all kept falling apart. Jefferson said the manager asked for forgiveness and asked if he could make amends.
He claimed the FBI is not done with their investigation and during the time of the investigation he was slapped with the lawsuit by Alliance Bank, and after being sued he tried to get the recorded call and other evidence collected but was shut down by the FBI due to the ongoing investigation.