Carmelo Anthony is suing his former business manager, alleging he misappropriated more than US$2 million of the Denver Nuggets star’s assets.
The lawsuit, filed in US District Court in Sacramento, California, on Monday, alleges that Anthony’s former business manager, Larry Harmon, and employees of Larry Harmon & Associates breached their fiduciary duties by transferring US$1.75 million of Anthony’s money without his knowledge or consent to a company formed by Harmon, most of it last year.
Another US$265,500 was discovered to have been invested in third parties without Anthony’s knowledge or consent between 2005 and last year, according to the lawsuit, which seeks recovery of the approximately US$2 million, plus punitive damages.
PHOTO: EPA
“I intend to aggressively represent Carmelo Anthony,” his attorney, Robert Hirsh, told reporters. “The evidence which I have reviewed strongly suggests that Carmelo Anthony’s former business manager plundered his assets.”
Reached at his office in Roseville, California, Harmon said he was unaware of the lawsuit.
He declined to comment on the allegations in the lawsuit or on his dealings with Anthony.
The discrepancies were discovered after Anthony ended his business relationship with Harmon and hired a new manager to manage his assets earlier this year, according to the lawsuit. That new financial management firm, Gelfand, Rennert & Feldman, discovered the financial discrepancies.
The lawsuit alleges that significant documents were missing when Harmon transferred Anthony’s records to his new business manager.
“Further, portions of the books and records are miscoded in a deliberate attempt to hide moneys converted by defendants,” according to the lawsuit.
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